Here’s what Wall Street experts are saying about GM and Ford ahead of earnings

General Motors (GM) is scheduled to report quarterly results before market open on Tuesday, April 29, with a conference call scheduled for 8:30 am EST, while Ford (F) is scheduled to report after market close on Monday, May 5, with a conference call scheduled for 5:00 pm EST. What to watch for:

GM SALES: In April, GM reported Q1 U.S. sales up 17% to 693,363 units. “For the quarter, GM led the U.S. automotive industry in total, retail, and fleet sales. GM continues to be the market leader in full-size pickups and SUVs. We expect GM to be again the #2 seller electric vehicles in the U.S. with sales up 94% in the quarter,” the company said. “GM’s sales growth outpaced every other major automaker, and the driving force is our portfolio. We’re the industry leader in trucks and affordable small SUVs, Cadillac is growing significantly in luxury, and we have the broadest portfolio of EVs in the industry,” said Rory Harvey, GM EVP and president of global markets. The company and its joint ventures also delivered more than 442,000 units in China in Q1, with positive year-on-year sales growth and the third consecutive quarter of sequential gains in market share.

GM GUIDANCE: Along with its Q4 results, the company guided to a FY25 adjusted EPS view of $11.00-$12.00. Consensus, which stood at $10.76 at the time, has since risen to $10.99. The company also forecast FY25 adjusted EBITDA of $13.7B-$15.7B and FY25 adjusted automotive free cash flow of $11B-$13B.

GM PARTNERSHIPS, INITIATIVES: In January, Lithium Americas (LAC) announced an increased mineral resource and mineral reserve estimate for the Thacker Pass lithium project in Humboldt County, Nevada. The project is indirectly owned by Lithium Nevada Ventures, a joint venture between the company, which has a 62% ownership, and GM, which has a 38% ownership. GM Defense also announced in January it is providing next generation Suburban Shield armored vehicles to the Qatar Armed Forces and Special Forces Command. In February, Lear (LEA) announced a key engineering integration with the company beginning in Q2 for its ComfortMax Seat. Additionally in February, GM announce a new $6B share buyback authorization and increased the quarterly dividend rate by 3c. The company also joined PG&E’s (PCG) residential Vehicle-to-Everything pilot program in March, providing eligible customers in Northern and Central California with incentivized pricing for qualifying GM Energy home energy products. GM and Nvidia (NVDA) also announced in March they are collaborating on next-generation vehicles, factories and robots using AI, simulation and accelerated computing.

FTC SETTLEMENT: In January, the Federal Trade Commission said it was taking action against GM and OnStar over allegations they collected, used, and sold drivers’ precise geolocation data and driving behavior information from millions of vehicles without adequately notifying consumers and obtaining their affirmative consent. Under a proposed order settling the FTC’s allegations, General Motors, General Motors Holdings, and OnStar, which are owned by GM, will be banned for five years from disclosing consumers’ sensitive geolocation and driver behavior data to consumer reporting agencies. They also must take other steps to provide greater transparency and choice to consumers over the collection, use, and disclosure of their connected vehicle data.

CRUISE ACQUISITION: In May, Cruise resumed supervised autonomous driving with safety drivers after the company paused driverless operations following an October 2023 incident. In September, the National Highway Traffic Safety Administration announced a consent order with Cruise, with the company paying a total monetary penalty of $1.5M. Additionally in November, Cruise agreed to resolve a criminal charge in federal court for providing a false record to the NHTSA with the intent to impede, obstruct, or influence the investigation of a crash. Cruise agreed to resolve the charge through a deferred prosecution agreement and payment of a $500,000 criminal fine. Meanwhile in December, GM said it would refocus autonomous driving development on personal vehicles and would no longer fund Cruise’s robotaxi development work. In February, GM completed its previously announced acquisition of GM Cruise Holdings following the approval of GM’s merger offer by the Cruise Board of Directors.

ANALYST VIEW: On Wednesday, Citi initiated coverage of General Motors with a Buy rating and $62 price target. The analyst rolled out coverage of the auto manufacturers and auto parts and equipment group, saying uncertainty from the tariff wars will likely lead to volatility in U.S. light vehicle sales until there is resolution. In the near-term, March sales were stronger than expected and showroom momentum has continued in April, the analyst said. Citi believes that when the tariff “fog” clears, underlying demographic trends in the U.S. should support trend demand of 16M-18M car units annually, or about 10% higher than the 2024 total, and that inventory levels will need to be replenished, providing a production tailwind. Both trends are positive for the financial performance of the auto sector, the firm contended. Citi thinks dealers are the best positioned to “absorb the uncertainty.” It favors GM over Ford, believing the former has levers to mitigate the tariff impact in the intermediate and long term.

Meanwhile on Tuesday, BofA lowered the firm’s price target on General Motors to $75 from $85 and kept a Buy rating on the shares. Q1 appears to have shaped up better than previously expected in terms of production volumes and sales, which should partially translate into better-than-expected Q1 results, the analyst said. However, the level of uncertainty related to tariffs is “extremely elevated” and the conversation around tariffs and the potential impact is “far from being settled,” added the analyst, who cut valuation multiples “as much as 1.0x across our coverage” on the belief that the current uncertainty will likely force companies to pull or suspend guidance.

FORD SALES:  In February, Ford reported January U.S. total vehicle sales of 142,944, down from 152,617 last year, or 6.3%. Ford reported electric vehicle sales of 5,666, up 21.2% from the same month of last year, and hybrid vehicle sales of 13,295, up 19.2%. Ford reported internal combustion vehicle sales of 123,983, down 9.4% year-over-year. In March, Ford reported U.S. total vehicle sales of 158,675 in February, down 8.9% from 174,192 vehicles sold in the same month last year. The company reported U.S. total electrified vehicle sales of 22,683, up 23.2% from last year’s 18,413, and internal combustion vehicle sales of135,992, down 12.7% year over year. In April, Ford reported Q1 U.S. sales were down 1.3% to 501,291 vehicles, compared to 508,083 vehicles in the same quarter of last year.

“Overall Ford retail sales rose 5% in the quarter driven higher by strong March results, which increased 19%. In March, F-Series sales rose 38% and fueled a first quarter increase of 24% on sales of 190,389 trucks. F-Series continued as America’s best-selling truck lineup, leading the way with its broad offering of gas, diesel, hybrid and electric trucks. No other truck manufacturer offers this level of choice in the marketplace… Based on strong retail sales in March, total sales for the month increased 10%. Overall, total Ford sales for the quarter decreased 1% year over year mainly due to daily rental fleet sales timing and lost volume from the discontinuation of the Ford Edge and Transit Connect,” Ford stated.

FORD PARTNERSHIPS, INITIATIVES: In January, Ford announced it was extending the offer for a complimentary home charger through March 31. In February, CFO John Lawler transitioned to the role of vice chair with Sherry House succeeding. Additionally in February, Ford recalled 240,510 vehicles in the U.S. over potential seat belt issues. The company also recalled 35,328 vehicles due to faulty LED lights in the exterior mirror that may cause a fire in March. Churchill Downs (CHDN) also announced a partnership renewal with Ford in March as the exclusive automotive partner of the Kentucky Derby.

ANALYST VIEW: On Wednesday, Citi initiated coverage of Ford with a Neutral rating and $10 price target.

Meanwhile on Tuesday, BofA lowered the firm’s price target on Ford to $14 from $15.50 and kept a Buy rating on the shares.