According to the firm, GM's stock has surged by 85% since November 2023, thanks to strong North American performance and aggressive shareholder returns, including a $10 billion accelerated share repurchase in late 2023 and an additional $6 billion buyback in mid-2024.
First, the U.S. inventory buildup is expected to create pricing pressures next year. Second, delays in ramping up electric vehicle production and continued losses from GM’s autonomous vehicle division, Cruise, are expected push earnings headwinds into 2025. International business challenges are also adding to the pressure.
Bernstein has slightly increased its capital expenditure forecast to the higher end of GM’s guidance, further reducing its 2025 FCF estimate to $6 billion.
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