# 제너럴 모터스 (GM)
> 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.
Canonical: https://valuechain.wiki/general-motors · Updated: 2026-07-12T04:49:58.105+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 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).

## Financials & segments
- 총매출: 약 $1,850억 (FY2025, -1.3%; EV 재편 영향 -$79억)
- 고객 집중도: 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).
- 사업부문: GM 북미 (GMNA), GM 인터내셔널 (GMI), GM 파이낸셜, 크루즈(축소)

## Annual stock return (as of 2026-07-10)
- 2021: +40.8%
- 2022: -42.4%
- 2023: +7.9%
- 2024: +49.8%
- 2025: +54.2%
- 2026 YTD: -3.8%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 제너럴 모터스 | node | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| 글로벌파운드리 | benef1 | · | -17.1% | +12.5% | -29.2% | -18.6% | +97.8% |
| LG전자 | benef1 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 삼성SDI | benef1 | -19% | +15.8% | -45.7% | -40.2% | +75.7% | +11.3% |
| 상하이자동차(SAIC) | benef1 | -12.1% | -16.2% | -6.8% | +29.1% | -17.2% | -28.4% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| LG이노텍 | benef2 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| 미디어텍 | benef2 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| LS일렉트릭 | benef2 | -19.2% | +11.4% | +37.4% | +234.2% | +145% | +79.6% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| Asahi Kasei | benef2 | -1.1% | -9.3% | +18.7% | -2.9% | +47.1% | +24.6% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Qualcomm | benef2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| 유미코아 | benef2 | -27.5% | +5.9% | -37.1% | -51.4% | +111.6% | +2.4% |
| CATL | benef2 | +67.4% | -21.4% | -40.6% | +74.5% | +39.4% | +1.2% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| LG디스플레이 | benef2 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| 롯데에너지머티리얼즈 | benef2 | +31.5% | -32.9% | -49.3% | -30% | +75.8% | -8.4% |
| POSCO홀딩스 | benef2 | +13.9% | +19.9% | +43% | -37.3% | +38.3% | -8.8% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef2 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| LG화학 | benef2 | -29% | +9.7% | -36.6% | -45.3% | +31.2% | -14.4% |
| SKC | benef2 | +18.1% | -31.9% | -19.7% | +104.3% | -25.4% | -19.2% |
| 엘앤에프 | benef2 | +139.2% | +22.4% | -30.3% | -38.6% | +43.4% | -20.4% |
| 나노신소재 | benef2 | +56.8% | +66.4% | +13.9% | -30.9% | +5.5% | -32.8% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 천보 | benef2 | +40.4% | -7.3% | -65% | -55.6% | +59.1% | -37.6% |
| 피엔티 | benef2 | +62.2% | +11.6% | -17.8% | +12.2% | +31.1% | -39.8% |
| 에코프로비엠 | benef2 | +79.2% | +23.9% | +113.5% | -38.6% | +77.1% | -47.6% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| Soitec | benef3 | -3.7% | -13.4% | -2.3% | -37.4% | -68.9% | +271.9% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| UMC | benef3 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 알파벳 (구글) | benef3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| Yunnan Energy (Enjie) | benef3 | +92.8% | -38.6% | -72.6% | -29.2% | +76.4% | +7.5% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| SMIC | benef3 | -29.6% | -7.4% | -18.3% | +169.9% | +98.4% | +5.6% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| Tinci Materials | benef3 | +68.3% | +5.6% | -61.4% | -0.7% | +124.2% | -1% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| 닛토덴코 | benef3 | -4.3% | -2.9% | +51.3% | +14.7% | +26% | -5.9% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 룽바이커지(容百科技) | benef3 | +96.6% | -39.1% | -63.6% | +12.3% | +47.7% | -12.9% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| LG에너지솔루션 | benef3 | · | · | -26.9% | -7.6% | +13.1% | -18.1% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 코스모신소재 | benef3 | +121.4% | +48.7% | +128.9% | -60.4% | -3.4% | -22.5% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| 롯데케미칼 | benef3 | -22.5% | -3.6% | -24.4% | -56.1% | +50.1% | -25.4% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 포스코퓨처엠 | benef3 | -17.7% | +97.6% | +16.3% | -43.6% | +56.5% | -32% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에코프로머티리얼즈 | benef3 | · | · | · | -52.5% | -4.9% | -43.6% |
| 에코프로 | benef3 | -5.1% | +94.5% | +309.5% | -39.2% | +172.1% | -47.1% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |
| 엔켐 | benef3 | · | -37.4% | +173.9% | -20.5% | -26.1% | -76.7% |

미국 최대 완성차로, 전동화 전환의 비용과 속도가 실적을 가르는 국면이다. 논지의 핵심은 과도기 부담 — 매출의 84%를 책임지는 북미 내연·픽업이 현금을 벌지만, EV 캐파 재편에 2025년 $79억을 비용 처리하고 얼티엄 일부 지분을 LG엔솔에 넘기는 등 EV 전략을 재조정 중이다. 그래프 파급은 GM의 EV 발주가 LG(셀·구동·양극재)·삼성SDI 배터리와 엔비디아·퀄컴·GF 반도체 공급단으로 번지는 경로이며, 공급단이 본주보다 먼저 움직이는 전형적 발주 허브다. 자율주행은 크루즈 중단 후 슈퍼 크루즈로 흡수해 리스크를 줄였다. (analysis as of 2026-07-10)

## Money in · revenue from (3)
### 북미 딜러·소비자 (GMNA: 픽업·SUV) (high)
- metric: 금액 $154.3B · FY2025 GMNA 매출
- 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.
- [mentions] 모건스탠리(Investing.com 인용) (EN, research, published 2026-02-10) https://www.investing.com/news/analyst-ratings/morgan-stanley-upgrades-general-motors-stock-rating-to-overweight-on-strong-execution-93CH-4395366: "모건스탠리 비중확대·목표가 $90 — 'EV 겨울'이 픽업 중심 전통 완성차에 유리"
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GMNA 매출 1,543.17억달러(-2.0%); 총매출 1,850.19억(-1.3%), EV 재편 영향 -79억"
- [confirms] ZDNet Korea (KO, news, published 2026-01-09) https://zdnet.co.kr/view/?no=20260109100148: "GM, 4Q EV 구조조정·중국 합작 비용 71억달러(약 10조원)"

### GM 파이낸셜 (딜러·소비자 금융) (high)
- metric: 금액 $17.1B · FY2025 GM 파이낸셜 매출
- 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GM 파이낸셜 매출 170.60억달러(+7.5%)"

### 해외 딜러·소비자 (GMI 국제) (high)
- metric: 금액 $13.4B · FY2025 GMI 매출
- 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GMI 매출 134.27억달러(-3.3%); 크루즈 축소로 매출 사실상 소멸($1M)"

## Money out · pays to (7)
### LG화학 (양극재) (high)  → /lg-chem.md
- metric: contract 24.7조원 · 양극재 매입
- note: LG화학과 EV용 양극재 24.75조원 중장기 공급계약(2024.02~2035.12).
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313001195: "상대방 : General Motors / EV용 양극재 중장기 공급계약 / 2024.02.07~2035.12.31 / 계약금액총액 24,749,237,818,187원."
- [confirms] LG (KO, ir, published 2022-07-26) https://www.lg.co.kr/media/release/27323: "GM sources cathodes from LG Chem (KRW 24.75tn through 2035)."

### 삼성SDI (high)  → /samsung-sdi.md
- metric: 금액 $3.5B · JV 투자
- note: 인디애나 뉴칼라일 배터리 셀 JV(약 $3.5B, 초기 27GWh→36GWh, NCA 각형, 2027 양산 목표).
- [confirms] 삼성SDI (EN, ir, published 2024-08-28) https://www.samsungsdi.com/sdi-now/sdi-news/3942.html: "The two companies will invest approximately $3.5 billion... New Carlisle, Indiana... 27GWh initially, targeting mass production in 2027, expected to rise to 36GWh."

### LG전자 (high)  → /lg-electronics.md
- note: 차세대 전기차 플랫폼용 구동모터·인버터를 LG마그나(LG전자 51% JV) 멕시코 공장에서 조달.
- [confirms] ZDNet Korea (KO, news, published 2024-10-24) https://zdnet.co.kr/view/?no=20241024172914: "올해 100조원가량의 전장 수주 잔고를 기록하고 있다."
- [confirms] 매일산업뉴스 (KO, news, published 2024-08-01) https://www.imsn.kr/news/articleView.html?idxno=10268: "LG마그나 멕시코 신규공장은 9월부터 모터 신규제품을 양산할 계획. GM의 신규 전기차 플랫폼 수주양산에 집중할 계획."

### LG에너지솔루션 (high)  → /lg-energy-solution.md
- 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000011/gmq42025pressreleaseandfin.htm: "FY2025 total revenue $185,019M; $7.9B charges related to strategic realignment of EV capacity."
- [confirms] General Motors (EN, ir, published 2025-07-14) 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: "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."
- [confirms] LG에너지솔루션 (EN, ir, published 2022-01-26) https://news.lgensol.com/company-news/press-releases/881/: "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."

### NVIDIA (high)  → /nvidia.md
- note: 차세대 ADAS/자율주행에 DRIVE AGX(블랙웰, 최대 1,000 TOPS) 채택, 공장 AI에 옴니버스·코스모스 사용(GTC 2025). 금액 미공개.
- [confirms] NVIDIA IR (EN, ir, published 2025-03-18) 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: "GM will use NVIDIA DRIVE AGX for in-vehicle hardware for future ADAS and NVIDIA Omniverse with Cosmos to train AI manufacturing models."

### 글로벌파운드리 (high)  → /globalfoundries.md
- note: 뉴욕 몰타 팹에 GM 전용 캐파 회랑을 확보한 장기 직접 공급 계약(2023) — 차량용 칩 미국 생산.
- [confirms] GlobeNewswire (GF) (EN, ir, published 2023-02-09) 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: "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."

### Qualcomm (mid)  → /qualcomm.md
- note: 스냅드래곤 콕핏·텔레매틱스·스냅드래곤 라이드(울트라 크루즈) 칩 채택(2021 확장 발표).
- [confirms] Green Car Congress (EN, news, published 2021-01-27) https://www.greencarcongress.com/2021/01/20210127-qualcommgm.html: "Qualcomm is working with GM to power digital cockpits, next generation telematics and future ADAS using Snapdragon Automotive platforms."

## Investments (1)
### 상하이자동차 (SAIC-GM 합작) (high)  → /saic-motor.md
- note: 중국 사업을 SAIC와 50:50 합작(상하이GM)으로 운영.
- [confirms] Gasgoo (EN, news, published 2026-01-15) https://autonews.gasgoo.com/articles/news/saic-motors-2025-sales-surpass-45-million-driven-by-self-owned-brands-and-nevs-2008158559647072256: "SAIC-GM NEV deliveries +85.1% in 2025."

## 질문별 엔드포인트
- 누가 제너럴 모터스의 고객인가? 제너럴 모터스의 매출은 어디서 오는가? → https://valuechain.wiki/general-motors/customers.md
- 제너럴 모터스의 주요 공급사는 어디인가? 제너럴 모터스의 비용은 누구에게 가는가? → https://valuechain.wiki/general-motors/suppliers.md
- 제너럴 모터스 주가가 움직이면 누가 수혜를 보는가? 제너럴 모터스의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/general-motors/ripple.md
- 증권가가 보는 제너럴 모터스: 목표주가와 투자의견은? → https://valuechain.wiki/general-motors/consensus.md

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._