General Motors vs Hyundai: Revenue, Profit and Business Model
General Motors reported $185B of revenue in FY2025 and $2.7B of net income. Hyundai reported ~$132.2B of revenue in FY2025 and ~$6.7B of net income.
Latest financial snapshot
General Motors
- Latest revenue
- $185B (FY2025)
- Net income
- $2.7B
- Net margin
- 1.5%
- Revenue growth
- +2.4% a year, FY2016–FY2025
Hyundai
- Latest revenue
- ~$132.2B (FY2025)
- Net income
- ~$6.7B
- Net margin
- 5.1%
- Revenue growth
- +12.2% a year, FY2021–FY2025
Financial summary
General Motors
GM's finances are funded by internal-combustion trucks and SUVs. In 2025 it generated $185.0 billion of revenue, $12.7 billion of EBIT-adjusted, and $10.6 billion of adjusted automotive free cash flow, but EV write-downs cut net income attributable to stockholders 55% to $2.7 billion. Q1 2026 revenue was $43.6 billion with $2.6 billion of net income; Q2 2026 revenue was $48.0 billion with $1.3 billion of net income, $3.9 billion of EBIT-adjusted, and North America margins back inside GM's 8-10% target. GM returns large amounts of cash to shareholders and approved a new $6.0 billion buyback alongside a 20% higher quarterly dividend in January 2026.
Hyundai
Hyundai's revenue has grown every year since 2020, from ~$83.5 billion (KRW 117.6 trillion) in 2021 to ~$132 billion (KRW 186.25 trillion) in 2025. Profit peaked in 2023 and 2024, when operating profit topped ~$9.94 billion (KRW 14 trillion) on a rich SUV mix and a weak won. In 2025 operating profit fell 19.5% to ~$8.14 billion (KRW 11.47 trillion) and net profit fell 21.7% to ~$7.36 billion (KRW 10.36 trillion), mostly because of U.S. tariffs. Q2 2026 revenue was a record ~$34.9 billion (KRW 49.22 trillion), up 1.9%, but operating profit dropped 20.8% to ~$2.02 billion (KRW 2.85 trillion), leaving H1 2026 operating profit at ~$3.81 billion (KRW 5.37 trillion) against ~$5.14 billion (KRW 7.24 trillion) a year earlier. The company paid a total 2025 dividend of KRW 10,000 per share, and its 2026 guidance calls for 1-2% revenue growth and a 6.3-7.3% operating margin, which its CFO said in July it may miss on volume.
Revenue and profit by year
General Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $185B | $2.7B | 1.5% | -1.3% | Source |
| FY2024 | $187.4B | $6B | 3.2% | +9.1% | Source |
| FY2023 | $171.8B | $10.1B | 5.9% | +9.6% | Source |
| FY2022 | $156.7B | $9.9B | 6.3% | +23.4% | Source |
| FY2021 | $127B | $10B | 7.9% | +3.7% | Source |
| FY2020 | $122.5B | $6.4B | 5.2% | -10.7% | Source |
| FY2019 | $137.2B | $6.7B | 4.9% | -6.7% | Source |
| FY2018 | $147B | $8B | 5.4% | +1.0% | Source |
| FY2017 | $145.6B | -$3.9B | -2.7% | -2.4% | Source |
| FY2016 | $149.2B | $9.4B | 6.3% | — | Source |
Hyundai
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$132.2B | ~$6.7B | 5.1% | +6.3% | Source |
| FY2024 | ~$124.4B | ~$8.9B | 7.1% | +7.7% | Source |
| FY2023 | ~$115.5B | ~$8.5B | 7.4% | +14.4% | Source |
| FY2022 | ~$100.9B | ~$5.2B | 5.2% | +20.9% | Source |
| FY2021 | ~$83.5B | ~$3.5B | 4.2% | — | Source |
Where the revenue comes from
General Motors
- North America Vehicle Sales
Largest profit pool
Revenue comes from wholesale sales of Chevrolet, GMC, Cadillac, and Buick vehicles, with trucks and large SUVs driving a disproportionate share of profit.
- GM Financial
Captive finance
Revenue comes from retail loans, leases, dealer floorplan financing, commercial lending, and related finance products that support GM vehicle sales.
- International Vehicle Sales
International operations
Revenue comes from vehicle sales and operations outside North America, including South America and select global markets.
- China Joint Ventures
Equity-method exposure
GM participates in China through joint ventures, making performance visible through equity income rather than fully consolidated vehicle revenue.
- Software, Services, and Parts
Recurring and aftermarket
Revenue comes from OnStar, Super Cruise, connected services, parts, accessories, fleet services, and other software-enabled vehicle products.
Hyundai
- SUVs and Passenger Vehicles
Core revenue engine
Tucson, Santa Fe, Palisade, Sonata, Elantra, and other global models generate volume, dealer traffic, and cash flow across major regions.
- Hybrids and Electrified Vehicles
Growth and transition
Hybrid, plug-in hybrid, battery-electric, and fuel-cell vehicles support Hyundai's transition while giving buyers powertrain choice during uneven EV adoption.
- Genesis Luxury
Premium margin contributor
Genesis sedans and SUVs lift brand perception and average transaction prices while competing with Lexus, Mercedes-Benz, BMW, and Audi.
- Parts, Services, and Mobility
Recurring and adjacent
After-sales service, parts, connected services, fleet offerings, robotics, and future mobility investments extend Hyundai beyond one-time vehicle sales.
Business model and strategy
General Motors
How it makes money
GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender. GM North America (GMNA) is the profit engine: full-size pickups such as the Chevrolet Silverado and GMC Sierra and large SUVs such as the Tahoe, Suburban, Yukon, and Cadillac Escalade carry far higher margins than small cars or current EVs.
Growth strategy
GM's growth strategy has shifted from an all-EV push to flexibility. It still sells EVs on its Ultium-based platforms, such as the Chevrolet Equinox EV and Cadillac Lyriq, but after 2025 it cut EV capacity, kept investing in gas trucks and SUVs, and plans lower-cost lithium manganese-rich (LMR) cells with LG Energy Solution.
Competitive advantage
GM's clearest advantage is scale in U.S. full-size pickups and SUVs: it has led the full-size pickup segment for six straight years, selling about 940,000 in 2025. That franchise, a national Chevrolet, GMC, Buick, and Cadillac dealer network, and GM Financial's captive lending give it cash flow and pricing power that newer EV-only rivals do not have.
Hyundai
How it makes money
Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets. Three layers sit on top of that core: the Genesis luxury brand, which lifts average transaction prices; a finance division (Hyundai Capital and Hyundai Capital America) that earns interest and lease income on vehicle loans; and after-sales parts and service.
Growth strategy
Hyundai's growth strategy rests on four moves: localising production in the United States, India and other big markets to avoid tariffs; expanding hybrids across its range while keeping EV investment flexible; pushing Genesis higher in luxury; and building software, autonomous driving and robotics. In the U.S.
Competitive advantage
Hyundai's edge is breadth plus speed. It can offer gasoline, hybrid, plug-in, battery-electric and hydrogen versions of key models, which matters as EV demand stalls in some markets and hybrids take more than a quarter of its U.S. sales.
Questions about General Motors vs Hyundai
Which company has higher revenue — General Motors Company or Hyundai Motor Company?
General Motors Company reported $185.0B (FY2025), while Hyundai Motor Company reported ~$132.2B (FY2025). By last reported revenue, General Motors Company is the larger business, with Hyundai Motor Company reporting a smaller revenue base.
What is the market cap of General Motors Company vs Hyundai Motor Company?
General Motors Company's market capitalisation stands at $74.9B, while Hyundai Motor Company's is $52.0B. General Motors Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hyundai Motor Company.
Which is more financially efficient — General Motors Company or Hyundai Motor Company?
General Motors Company generates $1.19M / employee in revenue per employee, while Hyundai Motor Company generates $1.08M / employee. General Motors Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do General Motors Company and Hyundai Motor Company make money?
General Motors Company and Hyundai Motor Company generate revenue in fundamentally different ways. General Motors Company: GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender. Hyundai Motor Company: Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets.
Which company is valued higher relative to revenue — General Motors Company or Hyundai Motor Company?
On a price-to-sales (P/S) basis, General Motors Company trades at 0.4x P/S and Hyundai Motor Company at 0.4x P/S. General Motors Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hyundai Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is General Motors Company bigger than Hyundai Motor Company?
By last reported revenue, General Motors Company ($185.0B (FY2025)) is the larger company compared to Hyundai Motor Company (~$132.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the General Motors vs Hyundai overview