# Who are General Motors's customers? Who does General Motors earn revenue from?
Canonical: https://valuechain.wiki/general-motors · Facet: customers · Updated: 2026-09-24T12:56:01.93579+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: General Motors discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 3 dated sources, 1 of them primary filings (as of 2026-09-24).

### 북미 딜러·소비자 (GMNA: 픽업·SUV) (high)
- metric: Amount $154.3B · FY2025 GMNA 매출
- note: 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.
- [mentions] Morgan Stanley (via Investing.com) (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: "Morgan Stanley Overweight, target $90 — 'EV winter' favors pickup-heavy legacy automakers"
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GMNA revenue $154,317M (-2.0%); total $185,019M (-1.3%), EV realignment -$7.9B"
- [confirms] ZDNet Korea (KO, news, published 2026-01-09) https://zdnet.co.kr/view/?no=20260109100148: "GM took $7.1B of Q4 EV-restructuring and China-JV charges"

### GM 파이낸셜 (딜러·소비자 금융) (high)
- metric: Amount $17.1B · FY2025 GM 파이낸셜 매출
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GM Financial revenue $17,060M (+7.5%)"

### 해외 딜러·소비자 (GMI 국제) (high)
- metric: Amount $13.4B · FY2025 GMI 매출
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-27) https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm: "GMI revenue $13,427M (-3.3%); Cruise wound down to ~$1M"

Reverse side: https://valuechain.wiki/general-motors/suppliers.md · Ripple: https://valuechain.wiki/general-motors/ripple.md

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Full node: https://valuechain.wiki/general-motors.md · JSON: https://valuechain.wiki/general-motors.json