通用汽車預期今年北美營運利潤率提升、EV重組帶來正面效益

美國老牌車企通用汽車（General Motors, GM）正因穩健的車型供應、日益擴大的軟體與服務業務以及中國市場的重整而表現強勁。公司亦已重新調整其電動車（EV）策略，以配合對預期內增長緩慢的觀點。平衡表強勁且對提升股東價值的堅定承諾，進一步增添樂觀預期。

過去六個月，通用汽車的股價約上漲42%，跑贏整體市場以及包括福特（Ford）在內的同業。福特同期間漲幅22%，而斯泰蘭蒂斯（Stellantis）卻下跌21%。

近期的短期阻礙，包括關稅以及EV重置資本支出，可能會削減GM的獲利。但即便如此，長期成長故事是否仍然保持強勁，或是現在就該賣出通用汽車？讓我們更深入地探討。

通用汽車已建立強大的動能，多項因素明顯在其有利。2025年，該公司在美国成為銷量最佳的車企，全年度市佔率達約17%，創下十年新高，這也是其連續第四年市佔成長。

Furthermore, GM has responded decisively to slower-than-expected EV demand. The company sold its stake in the Ultium Cells Lansing plant and pivoted some assembly capacity from EVs back to internal combustion engine (ICE) vehicles. While GM took $7.6 billion in charges in the second half of the year to reduce EV capacity, these actions are expected to lower fixed costs. Importantly, warranty expenses are trending in the right direction, and EV-related losses are set to decline, improving overall profitability.

GM expects its North America EBIT margins in the 8-10% range this year, up from 6.8% in 2025. This recovery is projected to be driven by lower costs, a better product mix, and the elimination of one-time headwinds that weighed on 2025 results.

Beyond vehicles, GM’s software and services business is becoming an increasingly important profit driver. Advanced offerings such as OnStar and Super Cruise delivered record subscriptions in 2025. OnStar reached 12 million subscribers, including more than 120,000 Super Cruise subscribers, representing nearly 80% year-over-year growth. Deferred revenues from software and services are expected to rise to about $7.5 billion by the end of this year, nearly 40% higher than 2025 levels. This growing recurring revenue base strengthens long-term earnings visibility.

View Comments