{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","ticker":"GM","updated_at":"2026-07-12T04:49:58.105+00:00","canonical":"https://valuechain.wiki/general-motors","citable":"밸류체인 그래프 기준 제너럴 모터스의 직접 연결 기업은 8곳(관계 기준 공급 7·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 53곳에 닿는다. 링크의 근거 출처는 15건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, General Motors is directly linked to 8 companies (7 supply, 0 revenue, 1 investment relationships) and reaches 53 companies within two hops; the links are backed by 15 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"임의소비재 · S&P 500","kicker_en":"Consumer Discretionary · S&P 500","lead":"쉐보레·캐딜락·GMC를 보유한 미국 최대 완성차로, 전동화 전환의 비용과 속도가 이익을 좌우하는 국면이다(S&P 500). FY2025 매출 약 $1,850억의 84%가 북미에 쏠려 있고, EV 캐파 재편에 $79억을 비용 처리하며 전환의 과도기 부담을 드러냈다. 자율주행은 크루즈 로보택시를 2024년 말 접고 개인차 자율주행(슈퍼 크루즈)으로 흡수했다. 그래프상 이 회사는 LG(얼티엄 셀즈·LG마그나·LG화학 양극재)·삼성SDI 배터리와 엔비디아·퀄컴·글로벌파운드리 반도체로 지출이 번지는 EV 공급망의 발주 허브다.","lead_en":"The largest U.S. automaker, owning Chevrolet, Cadillac and GMC, in a phase where the cost and pace of electrification drive earnings (S&P 500). 84% of FY2025 revenue of ~$185B is in North America, and it took $7.9B of EV-capacity realignment charges, exposing the transition's interim burden. In autonomy, it wound down the Cruise robotaxi at end-2024 and absorbed it into personal autonomy (Super Cruise). In graph terms it is an ordering hub of the EV supply chain, spending rippling to LG (Ultium Cells, LG Magna, LG Chem cathode) and Samsung SDI batteries and NVIDIA, Qualcomm and GlobalFoundries chips.","segments":{"fy":2025,"parts":[{"desc":"이익의 중추 — 매출 $1,543억(83%), 고마진 픽업·SUV가 현금을 벌지만 EV 전환 과도기 부담","name":"GM 북미 (GMNA)"},{"desc":"국제 매출 $134억(7%) — 중국 가격전쟁·NEV 경쟁으로 성장 압박","name":"GM 인터내셔널 (GMI)"},{"desc":"매출 $171억(+7.5%) — 유일 성장 부문, 할부·리스 금융이 자동차 역성장 상쇄","name":"GM 파이낸셜"},{"desc":"로보택시 2024년 말 중단, FY2025 매출 사실상 소멸 — 개인차 자율주행(슈퍼 크루즈)으로 흡수","name":"크루즈(축소)"}],"total":"약 $1,850억 (FY2025, -1.3%; EV 재편 영향 -$79억)","concentration":"EV 세액공제 종료 후 전환 과도기 — 북미 픽업·SUV가 현금을 벌지만 4Q EV 판매 -43%, EV 구조조정·중국 합작에 $71억 비용 처리(4Q). GM 파이낸셜만 +7.5%로 성장. 크루즈 로보택시는 2024년 말 중단($10B+ 투자 흡수)."},"segments_en":{"fy":2025,"parts":[{"desc":"The profit backbone — revenue $154.3B (83%), high-margin pickups/SUVs generate cash amid the EV-transition interim","name":"GM North America (GMNA)"},{"desc":"International revenue $13.4B (7%) — growth pressured by China's price war and NEV competition","name":"GM International (GMI)"},{"desc":"Revenue $17.1B (+7.5%) — the only growing segment, financing offsetting the automotive decline","name":"GM Financial"},{"desc":"Robotaxi halted at end-2024, FY2025 revenue near zero — absorbed into personal autonomy (Super Cruise)","name":"Cruise (wound down)"}],"total":"~$185.0B (FY2025, -1.3%; EV-realignment impact -$7.9B)","concentration":"A transition interim after the EV tax-credit lapse — North American pickups/SUVs generate cash but Q4 EV sales fell 43%, with $7.1B of Q4 charges for EV restructuring and the China JV. Only GM Financial grew (+7.5%). 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The thesis is the interim burden — North American ICE and pickups (84% of revenue) generate cash, but it took $7.9B of EV-capacity realignment charges in 2025 and is re-tuning EV strategy, including selling part of its Ultium stake to LGES. In graph terms GM's EV orders ripple to LG (cells, drive units, cathode) and Samsung SDI batteries and NVIDIA, Qualcomm and GF chips, a classic ordering hub where suppliers move before the stock. Autonomy risk was cut by winding down Cruise into Super Cruise.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"LG화학 (양극재)","counterparty_slug":"lg-chem","confidence":"high","metric":{"type":"contract","unit":"KRW","as_of":"2024-02","value":24749237818187,"period":"양극재 매입"},"note":"LG화학과 EV용 양극재 24.75조원 중장기 공급계약(2024.02~2035.12).","note_en":"₩24.75T long-term EV cathode supply contract with LG Chem (Feb 2024–Dec 2035).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-13","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313001195","title":"LG화학 사업보고서 (2025.12)","title_en":"LG Chem Annual Business Report (FY2025)","excerpt":"상대방 : General Motors / EV용 양극재 중장기 공급계약 / 2024.02.07~2035.12.31 / 계약금액총액 24,749,237,818,187원.","excerpt_en":"Counterparty: General Motors; long-term EV cathode supply contract, 2024.02.07–2035.12.31; total ₩24,749,237,818,187."},{"stance":"confirms","publisher":"LG","publisher_en":"LG","kind":"ir","lang":"ko","published_at":"2022-07-26","url":"https://www.lg.co.kr/media/release/27323","title":"LG화학, GM과 25조원 양극재 공급계약","title_en":"LG Chem signs KRW 25tn cathode deal with GM","excerpt":"GM sources cathodes from LG Chem (KRW 24.75tn through 2035).","excerpt_en":"GM sources cathodes from LG Chem."}]},{"direction":"revenue","counterparty":"북미 딜러·소비자 (GMNA: 픽업·SUV)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":154317000000,"period":"FY2025 GMNA 매출","share_of_revenue_pct":83},"note":"이익의 중추인 북미 도매 매출 — FY2025 GMNA 매출 1,543억달러(전사 83%)로 쉐보레·GMC·캐딜락·뷰익 차량을 딜러·미 정부에 도매한다. 고마진 풀사이즈 픽업·SUV가 현금을 벌지만, EV 세액공제 종료 후 EV 판매가 급감(4Q -43%)하며 전환 과도기 부담을 드러냈다.","note_en":"The North American wholesale revenue that is the profit backbone — FY2025 GMNA revenue was $154.3B (83% of the group), wholesaling Chevrolet, GMC, Cadillac and Buick to dealers and the U.S. government. High-margin full-size pickups and SUVs generate the cash, but EV sales fell sharply after the tax-credit lapse (Q4 -43%), exposing the transition's interim burden.","sources":[{"stance":"mentions","publisher":"모건스탠리(Investing.com 인용)","publisher_en":"Morgan Stanley (via Investing.com)","kind":"research","lang":"en","published_at":"2026-02-10","url":"https://www.investing.com/news/analyst-ratings/morgan-stanley-upgrades-general-motors-stock-rating-to-overweight-on-strong-execution-93CH-4395366","title":"모건스탠리, GM 투자의견 비중확대 상향·목표가 $90 — 'EV 겨울'이 전통 완성차에 유리","title_en":"Morgan Stanley upgrades GM to Overweight, target $90 — 'EV winter' favors legacy automakers","excerpt":"모건스탠리 비중확대·목표가 $90 — 'EV 겨울'이 픽업 중심 전통 완성차에 유리","excerpt_en":"Morgan Stanley Overweight, target $90 — 'EV winter' favors pickup-heavy legacy automakers"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm","title":"제너럴 모터스 10-K FY2025","title_en":"General Motors 10-K FY2025","excerpt":"GMNA 매출 1,543.17억달러(-2.0%); 총매출 1,850.19억(-1.3%), EV 재편 영향 -79억","excerpt_en":"GMNA revenue $154,317M (-2.0%); total $185,019M (-1.3%), EV realignment -$7.9B"},{"stance":"confirms","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2026-01-09","url":"https://zdnet.co.kr/view/?no=20260109100148","title":"GM, 전기차 사업 축소 비용만 10조원","title_en":"GM takes ~KRW 10tn ($7.1B) in EV-downsizing charges","excerpt":"GM, 4Q EV 구조조정·중국 합작 비용 71억달러(약 10조원)","excerpt_en":"GM took $7.1B of Q4 EV-restructuring and China-JV charges"}]},{"direction":"revenue","counterparty":"GM 파이낸셜 (딜러·소비자 금융)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":17060000000,"period":"FY2025 GM 파이낸셜 매출","yoy_pct":7.5},"note":"유일하게 성장한 부문 — FY2025 GM 파이낸셜 매출 170.6억달러(+7.5%)로, 차량 할부·리스 금융이 완성차 판매를 뒷받침하며 자동차 부문 역성장을 상쇄하는 안정 이익원이다.","note_en":"The only growing segment — FY2025 GM Financial revenue was $17.06B (+7.5%); vehicle installment and lease financing supports vehicle sales and is a stable earnings source offsetting the automotive decline.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm","title":"제너럴 모터스 10-K FY2025","title_en":"General Motors 10-K FY2025","excerpt":"GM 파이낸셜 매출 170.60억달러(+7.5%)","excerpt_en":"GM Financial revenue $17,060M (+7.5%)"}]},{"direction":"revenue","counterparty":"해외 딜러·소비자 (GMI 국제)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":13427000000,"period":"FY2025 GMI 매출","share_of_revenue_pct":7},"note":"중국 SAIC 합작 밖의 국제 매출 — FY2025 GMI 매출 134.3억달러(전사 7%). 중국 가격전쟁·NEV 경쟁으로 성장이 눌리며, 수출·현지생산 믹스가 실적을 가른다.","note_en":"International revenue outside the China SAIC JV — FY2025 GMI revenue was $13.4B (7% of the group). China's price war and NEV competition weigh on growth, and the export/local-production mix drives results.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm","title":"제너럴 모터스 10-K FY2025","title_en":"General Motors 10-K FY2025","excerpt":"GMI 매출 134.27억달러(-3.3%); 크루즈 축소로 매출 사실상 소멸($1M)","excerpt_en":"GMI revenue $13,427M (-3.3%); Cruise wound down to ~$1M"}]},{"direction":"cost","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-08","value":3500000000,"period":"JV 투자"},"note":"인디애나 뉴칼라일 배터리 셀 JV(약 $3.5B, 초기 27GWh→36GWh, NCA 각형, 2027 양산 목표).","note_en":"Battery-cell JV in New Carlisle, Indiana (~$3.5B; 27GWh initial to 36GWh; NCA prismatic; 2027 mass production).","sources":[{"stance":"confirms","publisher":"삼성SDI","publisher_en":"Samsung SDI","kind":"ir","lang":"en","published_at":"2024-08-28","url":"https://www.samsungsdi.com/sdi-now/sdi-news/3942.html","title":"삼성SDI·GM, 미국 배터리 합작법인 확정","title_en":"Samsung SDI and GM finalize US battery JV","excerpt":"The two companies will invest approximately $3.5 billion... New Carlisle, Indiana... 27GWh initially, targeting mass production in 2027, expected to rise to 36GWh.","excerpt_en":"~$3.5B JV in New Carlisle; 27GWh to 36GWh; 2027 production."}]},{"direction":"cost","counterparty":"LG전자","counterparty_slug":"lg-electronics","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"차세대 전기차 플랫폼용 구동모터·인버터를 LG마그나(LG전자 51% JV) 멕시코 공장에서 조달.","note_en":"Sources EV drive motors and inverters from LG Magna's (LG 51% JV) Mexico plant for its next-gen EV platform.","sources":[{"stance":"confirms","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2024-10-24","url":"https://zdnet.co.kr/view/?no=20241024172914","title":"LG전자 전장 수주잔고 100조원 달성","title_en":"LG Electronics VS order backlog reaches KRW 100tn","excerpt":"올해 100조원가량의 전장 수주 잔고를 기록하고 있다.","excerpt_en":"VS order backlog around KRW 100tn this year."},{"stance":"confirms","publisher":"매일산업뉴스","publisher_en":"Maeil Industry News","kind":"news","lang":"ko","published_at":"2024-08-01","url":"https://www.imsn.kr/news/articleView.html?idxno=10268","title":"LG전자 컨콜: LG마그나 멕시코 양산·GM 공급","title_en":"LG earnings call: LG Magna Mexico ramp, GM supply","excerpt":"LG마그나 멕시코 신규공장은 9월부터 모터 신규제품을 양산할 계획. GM의 신규 전기차 플랫폼 수주양산에 집중할 계획.","excerpt_en":"LG Magna's new Mexico plant ramps motor production for GM's new EV platform."}]},{"direction":"cost","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"얼티엄 셀즈 JV로 배터리 셀 조달 — 워런(1)·스프링힐(2, $2.3B·LFP 전환)·랜싱(3, $2.6B, 지분 LG엔솔에 매각 합의). 미국 EV 셀 공급의 중핵.","note_en":"Battery cells via the Ultium Cells JV: Warren, Spring Hill ($2.3B, pivoting to LFP) and Lansing ($2.6B; GM agreed to sell its stake to LGES).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-27","url":"https://www.sec.gov/Archives/edgar/data/1467858/000146785826000011/gmq42025pressreleaseandfin.htm","title":"GM FY2025 실적 (8-K/10-K)","title_en":"GM Q4 2025 press release and financials","excerpt":"FY2025 total revenue $185,019M; $7.9B charges related to strategic realignment of EV capacity.","excerpt_en":"FY2025 revenue $185.0B; $7.9B EV-capacity realignment charges."},{"stance":"confirms","publisher":"General Motors","publisher_en":"General Motors","kind":"ir","lang":"en","published_at":"2025-07-14","url":"https://news.gm.com/home.detail.html/Pages/news/us/en/2025/jul/0714-Ultium-Cells-upgrade-Tennessee-plant-low-cost-EV-battery-cell-production.html","title":"얼티엄 셀즈, 테네시 공장 LFP 전환","title_en":"Ultium Cells to upgrade Tennessee plant for LFP","excerpt":"Ultium Cells will upgrade its Spring Hill facility to scale production of low-cost LFP cells, building on the $2.3 billion investment announced in 2021.","excerpt_en":"Spring Hill upgrading to LFP cells atop the $2.3B investment."},{"stance":"confirms","publisher":"LG에너지솔루션","publisher_en":"LG Energy Solution","kind":"ir","lang":"en","published_at":"2022-01-26","url":"https://news.lgensol.com/company-news/press-releases/881/","title":"GM·LG에너지솔루션, 26억 달러 투자해 랜싱에 3번째 얼티엄셀즈 공장","title_en":"GM and LG Energy Solution Investing $2.6 Billion to Build 3rd Ultium Cells Plant in Lansing","excerpt":"Ultium Cells, a joint venture of LG Energy Solution and General Motors, announced a $2.6 billion investment to build its third battery cell plant.","excerpt_en":"Ultium Cells JV announced a $2.6B third plant."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"차세대 ADAS/자율주행에 DRIVE AGX(블랙웰, 최대 1,000 TOPS) 채택, 공장 AI에 옴니버스·코스모스 사용(GTC 2025). 금액 미공개.","note_en":"Adopts NVIDIA DRIVE AGX (Blackwell, up to 1,000 TOPS) for ADAS/AV and Omniverse/Cosmos for factory AI (GTC 2025); no dollar figure disclosed.","sources":[{"stance":"confirms","publisher":"NVIDIA IR","publisher_en":"NVIDIA IR","kind":"ir","lang":"en","published_at":"2025-03-18","url":"https://investor.nvidia.com/news/press-release-details/2025/General-Motors-and-NVIDIA-Collaborate-on-AI-for-Next-Generation-Vehicle-Experience-and-Manufacturing/default.aspx","title":"GM·엔비디아, 차세대 차량·제조 AI 협력","title_en":"GM and NVIDIA collaborate on AI for vehicles and manufacturing","excerpt":"GM will use NVIDIA DRIVE AGX for in-vehicle hardware for future ADAS and NVIDIA Omniverse with Cosmos to train AI manufacturing models.","excerpt_en":"GM adopts DRIVE AGX in-vehicle and Omniverse/Cosmos for manufacturing AI."}]},{"direction":"cost","counterparty":"글로벌파운드리","counterparty_slug":"globalfoundries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"뉴욕 몰타 팹에 GM 전용 캐파 회랑을 확보한 장기 직접 공급 계약(2023) — 차량용 칩 미국 생산.","note_en":"Long-term direct supply agreement (2023) with a dedicated, exclusive capacity corridor for GM chips at GF's Malta, NY fab.","sources":[{"stance":"confirms","publisher":"GlobeNewswire (GF)","publisher_en":"GlobeNewswire (GF)","kind":"ir","lang":"en","published_at":"2023-02-09","url":"https://www.globenewswire.com/news-release/2023/02/09/2605304/0/en/GlobalFoundries-and-GM-Announce-Long-Term-Direct-Supply-Agreement-for-U-S-Production-of-Semiconductor-Chips.html","title":"GF·GM, 미국산 반도체 장기 직접 공급 계약","title_en":"GlobalFoundries and GM announce long-term direct supply agreement","excerpt":"GF will manufacture for GM's key chip suppliers at GF's facility in upstate New York, establishing a dedicated capacity corridor exclusively for GM's chip supply.","excerpt_en":"Dedicated exclusive GF capacity corridor for GM chips at Malta, NY."}]},{"direction":"investment","counterparty":"상하이자동차 (SAIC-GM 합작)","counterparty_slug":"saic-motor","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"중국 사업을 SAIC와 50:50 합작(상하이GM)으로 운영.","note_en":"Runs its China business via a 50:50 JV with SAIC (SAIC-GM).","sources":[{"stance":"confirms","publisher":"Gasgoo","publisher_en":"Gasgoo","kind":"news","lang":"en","published_at":"2026-01-15","url":"https://autonews.gasgoo.com/articles/news/saic-motors-2025-sales-surpass-45-million-driven-by-self-owned-brands-and-nevs-2008158559647072256","title":"SAIC 2025년 판매 450만대 돌파 — 자체 브랜드·NEV가 견인","title_en":"SAIC Motor's 2025 sales surpass 4.5 million, driven by self-owned brands and NEVs","excerpt":"SAIC-GM NEV deliveries +85.1% in 2025.","excerpt_en":"SAIC-GM NEV deliveries +85.1%."}]},{"direction":"cost","counterparty":"Qualcomm","counterparty_slug":"qualcomm","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"스냅드래곤 콕핏·텔레매틱스·스냅드래곤 라이드(울트라 크루즈) 칩 채택(2021 확장 발표).","note_en":"Snapdragon cockpit, telematics and Snapdragon Ride (Ultra Cruise) chips (relationship extended 2021).","sources":[{"stance":"confirms","publisher":"Green Car Congress","publisher_en":"Green Car Congress","kind":"news","lang":"en","published_at":"2021-01-27","url":"https://www.greencarcongress.com/2021/01/20210127-qualcommgm.html","title":"GM·퀄컴, 디지털 콕핏·ADAS 협력 확장","title_en":"GM and Qualcomm extend digital cockpit and ADAS relationship","excerpt":"Qualcomm is working with GM to power digital cockpits, next generation telematics and future ADAS using Snapdragon Automotive platforms.","excerpt_en":"Qualcomm powers GM cockpits, telematics and ADAS."}]}]}