Recent Updates — GM
General Motors entered into a Master IPU Agreement with Procura Auto Parts LLC to secure critical inventory against supply chain disruptions. The program allows the company to issue irrevocable payment undertakings backed by a syndicate of banks, including JPMorgan Chase and Banco Santander, up to a $4.5 billion facility limit. Funds are advanced to suppliers who hold inventory for GM until needed, with payments due no later than August 6, 2029. Interest accrues at SOFR plus 1.55%, plus a 0.25% fee on unutilized amounts during the twelve-month availability period starting August 7, 2026. This arrangement is accounted for as a product financing transaction. General Motors designs, builds, and sells trucks, passenger vehicles, and parts globally.
General Motors reported 2026 second-quarter revenue of $48.0 billion and EBIT-adjusted of $3.9 billion. The company raised its full-year 2026 EBIT-adjusted guidance to $14.0 billion - $16.0 billion and EPS-diluted-adjusted guidance to $12.00 - $14.00. The Board of Directors declared a quarterly cash dividend of $0.18 per share, payable September 17, 2026, to holders of record on September 4, 2026. General Motors operates in the automotive industry and manufactures gasoline-powered and electric vehicles.
At its 2026 Annual Meeting, General Motors shareholders approved an amendment to the 2020 Long-Term Incentive Plan that increases the number of shares available for issuance and incentive stock options by 27 million and extends the plan's term to June 3, 2036. Shareholders also elected 10 directors, ratified Ernst & Young LLP as the company's independent auditor, and approved named executive officer compensation on an advisory basis.
Jonathan McNeill will retire from the General Motors Board of Directors following the company's 2026 Annual Meeting on June 2, 2026. His departure will result in the Board's size being reduced from 11 directors to 10 directors.
General Motors Company has released its consolidated earnings results for the first quarter of 2026. The company's financial highlights and supplemental materials are provided in a news release attached to the filing as Exhibit 99.1.
General Motors entered into an amended and restated $2.0 billion 364-day unsecured revolving credit facility intended for the exclusive use of General Motors Financial Company, Inc. The facility matures on March 22, 2027, and includes covenants requiring the company to maintain at least $4.0 billion in global liquidity and $2.0 billion in U.S. liquidity.