Ryan Brinkman

Mary noted GM leverages both U.S.-designed and China-sourced products across developing markets, with China exports helping reach price-sensitive segments. Indicated continued portfolio sourcing flexibility.

Mary highlighted GM as one of the only profitable Western OEMs growing share in China, with new premium products and top-rated software. Declined to project future equity income targets given macro softness.

Paul said credits were roughly split between CAFE and GHG. CAFE penalties zeroed out with immediate savings. GHG still pending regulatory process. Purchased credits amortize over remaining life creating a lag between cash and P&L impact.

Mary highlighted improved performance in Brazil and South America despite heavily subsidized Chinese competition. Also exporting Lyric and Vistac into Europe where both won German car of the year awards. Sees Europe as a growth opportunity.

Paul declined to comment on specific EBIT numbers but reiterated expectation that 2026 will be better than 2025. Would not validate Ryan's estimate of $14.5B from combining Korea tariff resolution and regulatory credit tailwinds.

Susan Sheffield said predominantly prime portfolio with charge-offs flat YoY at 1.2%. Even subprime segment performing consistently. Strong balance sheet positioned to weather potential unemployment increases. Breadth of products at multiple price points supports customer affordability.

Paul said $2B of tariff impact is Korea; trade deals with Mexico, Canada, Korea will be important. The 30% mitigation actions are structural and won't go away if tariffs are reduced. Too early to extrapolate current run rate into the future but expects net tariff to decline over time.

Paul said GM doesn't anticipate needing to build cash for tariff risks. Liquidity target already accounts for a range of risks. Business as usual on capital allocation and buybacks.

Mary declined to discuss individual product margins but emphasized Wuling's reputation as an efficient low-cost producer. GM sources some Wuling vehicles for other international markets.

Farley gave a Q4-2027 capacity timeline (mostly Kentucky 1) and described strong inbound interest, calling energy a key element of the bridge to 8% margin.

Farley highlighted Pro Europe profitability, first-year VW one-ton van scale benefits. Renault B-segment EV partnership critical for passenger car profitability. EU/UK regulatory approach to CO2 vs jobs is key variable for European passenger car market.

Croley explained parts tariff credit effective date shifted from May 3 to Nov 1, creating ~$1B delta. One-time hit; credit available going forward. House confirmed Q4 came in stronger than expected driven by $1.5B cost improvements (vs $1B target) and pricing.

Frick confirmed sufficient F-Series inventory (88-day supply at end of Q3 vs segment avg 78) to insulate retail sales from Novelis Q4 impact. Expects to end year at 55-59 days.

Frick highlighted Puma EV strong launch, 2.5+ point European commercial share gain, and improved profitability on strength of ICE/hybrid/electric portfolio flexibility.

House described balanced Credit picture: higher auction values from used car scarcity offset by potential SAR contraction and consumer health uncertainty in H2.