General Motors Company

Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 20245 Form 10-K, other than as set forth below in this Item 1A.

The U.S. Government has introduced new tariffs applicable to the automotive industryGeopolitical conflicts and has signaled tariff policy may shift furinstability in ther in the coming months. Such tariffs, Middle East and tariffs imposed by oother governments,regions could have a material aadverse ely affect on our financial condition and results ofbusiness. We operations.

The U.S. Govere in a global environment has introduced new tariffs and tariff-related measures, including tariffs specifthat is subject to politically related to the automotive and economic industrstability, and has indicated thatrmed conflicts, and other potentigeopolitical tariff measures and modifications to existing tariffs continue to be under consideration. For example, on October 17, 2025, trisks, including in particular, the U.S. Governmentongoing announced certain modifications to tariffs relevant to td potential conflicts in the automotive industryMiddle East, including tariffs related to imports of heavy-duty trucks and, separately, to parts for passenger vehicles hose involving Iran and lneight-duty trucks. Refer to the "Overview" section in Item 2. MDA for a description of how we expect theboring countries. These tariff modifications will impact our results of operations. Addregional conflicts and related geopolitionally, certain tariffs are subject to pending legal challenges. In thecal tensions may result in a number of adverse respects, the U.S. tariff environment remains highly dynamic and the specific tariffs applicable consequences for our operations, including disruptions to goods imported by GM and oour suppliers into the U.S. continue to evolve. Import tariffs charged by other countries in which GM does business may also change.

We believe the tariffs currently in place will have a $3.5 billion to $4.5 billion impact on our 2025 EBIT-adjusted results, but we cannot predict with complete precision the breadth of tariffsy chain and logistics networks, restrictions on transactions involving certain territories, entities, or individuals, and relatincreased costs that will ultiof raw mately impact GM this yearrials, commodities, energy, and beyond. As a result, the ultimate impact of tariffs on our businessother inputs. In addition, the could exceed our current estimates, which could have a material adverse effect on our financial condition, results of operanflicts in the Middle East have caused significant disruptions and cash  in the normal flows, and our expected financial of oil, refined petroleum products, and results. Our efforts to mlated commoditigate the impact of tariffs includes, resulting, but not limited to, making chang in increases to our U.S. production planthe price of oil and reducing or pausing certain imports, may not be successful, and we do not expect such actions to fully offset the impact of tariffs in the near term. We have made and may neegasoline. The increased prices of oil and gasoline will increase energy and to make addiransportational changes to costs across our global production footprint supply chain and workforce, which could require significant capital expenditures and, if prolonged, could result in asset impairments and other charges, including restructuring chargshift consumer preferences toward smaller, more fuel-efficient vehicles, any of which could be material. Fweaken the demand for example, we recently announced plans to increase vehicle our higher margin vehicles, such as full-size ICE SUVs and engine production in tpickup trucks. The U.S. Evolvforegoing tariffs globally, along with other trade barriers and trade restrictions, may lead to supply chain disruptions, potentially risks could have a material adverse effect on our business, resulting in increased producs of operation costs and the s, finability to receive certain critical parts. ncial condition, and cash flows.

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GENERAL MOTORS COMPANY AND SUBSIDIARIES