GM Outlines 2026–2030 Growth Plan at JP Morgan Conference

General Motors (GM) highlighted its financial resilience, operational momentum and digital transformation plans at the September 23, 2026 JP Morgan U.S. All Stars Conference, led by Chief Financial Officer Paul Jacobson. The company emphasized a strong cash flow trajectory, driven by improved profitability in electric vehicles (EVs), lower warranty costs and a new full-size pickup truck launch in December 2026. While 2026 will face a shortfall of about 35,000 trucks due to a generation transition, GM anticipates a recovery in 2027, supported by scaling production, higher EV margins and accelerating digital revenue growth—including subscription services expected to reach $11 billion by 2030. By 2028, the company expects further volume gains, particularly in trucks, as it ramps up capacity, with autonomous driving capabilities like GM’s ‘Eyes Off’ system also under development. Cash flow has improved significantly over the past decade, averaging $3 billion annually in the first half of the decade and exceeding $10 billion in the last five years, with free cash flow projected to remain robust amid a $125 billion balance sheet and capital expenditures of $10 billion to $12 billion annually. GM’s market capitalization stood at $73.2 billion as of the conference, with a trailing P/E ratio of 42 and a dividend yield of 0.86%. The company also secured a $4.5 billion purchasing facility with JP Morgan and has onshored over $5 billion in investments. Digital revenue, including deferred and recognized services, is growing at double-digit rates, with Super Cruise subscription attachment rates at 30% to 40%, expected to double next year as chip shortages ease. GM remains disciplined on pricing, maintaining discounts 150 to 250 basis points below industry averages, while warranty expenses remain around 2% of revenue, aiming to align with Toyota’s 1.2% benchmark. In the U.S., GM sold over 700,000 affordable vehicles last year with starting MSRPs under $30,000, and the company targets a seasonally adjusted annual rate of 16 million units. Share repurchases have accounted for over 37% of GM’s outstanding shares since 2013.