GM Announces Record-Breaking Profits With Expectations of Even Better Performance Ahead, Though Potential Uncertainty Arises Due to Trump’s Policies.

General Motors announced a record-high adjusted net income for 2024 on Tuesday, just a year after the costly United Auto Workers (UAW) strike. The company anticipates even stronger operational performance in the coming year.

However, GM acknowledged that policy shifts under the Trump administration could create challenges that might affect its profit outlook. Uncertainty over potential tariffs on imports from Canada and Mexico—key suppliers for GM’s U.S. factories—could disrupt its supply chain and increase production costs. Additionally, GM’s assembly plants in both countries export vehicles to the U.S. market.

President Trump’s stance on federal support for electric vehicles and Environmental Protection Agency (EPA) emission regulations could also slow GM’s transition from gasoline to electric vehicles over the next decade. These changes may further impact the company’s efforts to reduce current EV losses.

GM declined to disclose specific strategies for managing these potential challenges.

“We’re engaged in broad discussions with the administration, internal teams, partners, and suppliers to assess our response if circumstances change significantly,” GM CFO Paul Jacobson stated Monday evening. “We have a detailed strategy, but I won’t share specifics. Our goal is to remain cautious and avoid overreacting.”

Jacobson also refrained from commenting on the automaker’s position regarding environmental policies, including Trump’s proposal to remove the $7,500 tax credit for EV buyers.

For 2024, GM posted an adjusted net income of $12.1 billion, surpassing its previous record of $11 billion in 2022.

Despite a fourth-quarter net loss—driven by restructuring costs in China and the cancellation of its driverless robotaxi project—the company still reported an annual net income of $6 billion.

Even with these setbacks, GM’s 45,000 UAW employees received record profit-sharing bonuses of up to $14,500, equivalent to more than two months’ wages.

“Simply put, 2024 was a fantastic year for GM,” Jacobson said. “When we achieve results like these, everyone benefits.”