GMGeneral Motors Company

General Motors earns from large pickups and SUVs in North America, while electric vehicles still cost it money.

The profit structure is deliberately skewed: full-size pickups and SUVs supply nearly all of it, while passenger cars and foreign markets contribute little or lose money. That concentration makes the company dependent on one segment and on the fuel prices that affect it.

The electric programme advanced more slowly than announced: demand fell short of forecasts and battery costs exceeded them, and plans were revised repeatedly. The company returned to hybrids as a transitional answer, having publicly rejected them a few years earlier.

The finance arm lending to buyers is a meaningful part of profit and a source of credit risk in a downturn. A separate factor was the Cruise autonomous programme, which cost billions and was wound down. GM pays a small dividend and buys back stock very actively.