General Motors vs Renault: Revenue, Profit and Business Model
General Motors reported $185B of revenue in FY2025 and $2.7B of net income. Renault reported ~$65.5B of revenue in FY2025 and a net loss of ~$12.4B.
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
Renault
- Latest revenue
- ~$65.5B (FY2025)
- Net income
- ~-$12.4B
- Net margin
- -18.9%
- Revenue growth
- +8.6% 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.
Renault
Renault's revenue grew from ~$47.1 billion (EUR41.66 billion) in 2021 to ~$65.4 billion (EUR57.92 billion) in 2025 under the Renaulution value-over-volume plan. Group operating margin peaked at 7.9% in 2023, eased to 7.6% in 2024, and fell to 6.3% (~$4.1 billion (EUR3.63 billion)) in 2025 because of price pressure. The FY2025 net loss of ~$12.4 billion (EUR10.93 billion) came mainly from accounting changes and impairments on the Nissan stake, not from operations. In H1 2026, revenue rose 9.5% to ~$34.2 billion (EUR30.25 billion), operating margin was ~$1.81 billion (EUR1.6 billion) (5.2%), net income was ~$791 million (EUR0.7 billion) and automotive free cash flow was ~$738 million (EUR653 million). Renault confirmed 2026 guidance of about a 5.5% operating margin and about $1.13 billion (EUR1 billion) of automotive free cash flow.
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 |
Renault
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$65.5B | ~-$12.4B | -18.9% | +3.0% | Source |
| FY2024 | ~$63.5B | ~$849.8M | 1.3% | +7.4% | Source |
| FY2023 | ~$59.2B | ~$2.5B | 4.2% | +13.1% | Source |
| FY2022 | ~$52.4B | ~-$400M | -0.8% | +11.2% | Source |
| FY2021 | ~$47.1B | ~$1B | 2.1% | — | 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.
Renault
- Vehicle salesMajority
Sales of Renault, Dacia, Alpine, EV, hybrid, and light commercial vehicles.
- Financing and services
Meaningful
Sales financing, leasing, mobility, service contracts, and related customer finance.
- Parts and aftersales
Meaningful
Replacement parts, accessories, maintenance, and dealer-network aftersales.
- Partnerships and technologySmaller
Powertrain, platform, and alliance-linked strategic activities.
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.
Renault
How it makes money
Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Mobilize Financial Services (formerly RCI Bank and Services) adds loans, leases, insurance and dealer financing.
Growth strategy
Renault's current strategy is futuREady, presented by CEO Francois Provost on March 10, 2026. It rests on four priorities (growth, tech, resilience and trust) and plans 36 new models by 2030, faster technology roadmaps, wider use of AI in operations, and a new relationship with suppliers. Product launches shown with the plan included the Dacia Striker and the Renault Bridger concept.
Competitive advantage
Renault's main edge is cost-disciplined value. Dacia reuses proven group platforms and builds in lower-cost plants in Romania and Morocco, and the Sandero was the best-selling passenger car in Europe across all channels in H1 2026.
Questions about General Motors vs Renault
Which company has higher revenue — General Motors Company or Renault S.A.?
General Motors Company reported $185.0B (FY2025), while Renault S.A. reported ~$65.5B (FY2025). By last reported revenue, General Motors Company is the larger business, with Renault S.A. reporting a smaller revenue base.
What is the market cap of General Motors Company vs Renault S.A.?
General Motors Company's market capitalisation stands at $74.9B, while Renault S.A.'s is $8.6B. General Motors Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Renault S.A..
Which is more financially efficient — General Motors Company or Renault S.A.?
General Motors Company generates $1.19M / employee in revenue per employee, while Renault S.A. generates $668k / 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 Renault S.A. make money?
General Motors Company and Renault S.A. 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. Renault S.A.: Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe.
Which company is valued higher relative to revenue — General Motors Company or Renault S.A.?
On a price-to-sales (P/S) basis, General Motors Company trades at 0.4x P/S and Renault S.A. at 0.1x P/S. General Motors Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Renault S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is General Motors Company bigger than Renault S.A.?
By last reported revenue, General Motors Company ($185.0B (FY2025)) is the larger company compared to Renault S.A. (~$65.5B (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 Renault overview