Shares of GM closed down 1.7% following Q1 2026 results, with the market reacting neutrally as the company raised EBIT-adjusted guidance on the back of an accounting benefit but reported lower revenue year-over-year amid ongoing cost pressures and lean inventory.

• Q1 EBIT-adjusted margin was 10.1%, including a 1.5-point boost from a Supreme Court tariff adjustment; underlying margin netted to 8.6%.
• Revenue declined by approximately $400 million year-over-year, driven by lower EV wholesale volumes; ICE wholesales were flat overall.
• GM raised full-year EBIT-adjusted guidance by $500 million to a range of $13.5–15.5 billion, attributable to the one-time tariff benefit.
• Inventory in the U.S. ended the quarter at 516,000 units (down 6% y/y); lean supplies constrained retail sales, especially for full-size pickups (down 9% y/y).
• Management cited elevated costs linked to geopolitical events (war in Iran) and flagged ongoing caution on guidance changes until more clarity emerges.