Ford vs General Motors Overview
America’s two legacy automakers racing toward electrification: Ford leverages its iconic truck franchise while GM bets big on Ultium EV platform and autonomous driving through Cruise.
| Metric | Ford (F) | General Motors (GM) |
|---|---|---|
| Sector | Automotive | Automotive |
| Market Cap | $42B | $58B |
| Revenue | $185.0B | $187.4B |
| Net Income | $5.9B | $10.4B |
How Does Ford Make Money?
Ford (F) operates in the Automotive sector with a market cap of $42B. For a full breakdown of Ford’s revenue sources, see the Ford revenue breakdown.
Ford Revenue Breakdown
| Segment | FY2024 | FY2023 | YoY Growth |
|---|---|---|---|
| Ford Blue (ICE Vehicles) | $103.5B | $99.7B | +3.8% |
| Ford Pro (Commercial) | $62.1B | $55.6B | +11.7% |
| Ford Model e (EVs) | $5.5B | $6.6B | -16.7% |
| Ford Credit | $13.9B | $13.6B | +2.2% |
| Total Revenue | $185.0B | $176.2B | +5.0% |
How Does GM Make Money?
General Motors (GM) operates in the Automotive sector with a market cap of $58B. For a full breakdown of GM’s revenue sources, see the General Motors revenue breakdown.
GM Revenue Breakdown
| Segment | FY2024 | FY2023 | YoY Growth |
|---|---|---|---|
| GM North America | $142.5B | $134.8B | +5.7% |
| GM International | $16.2B | $13.9B | +16.5% |
| GM Financial | $14.7B | $14.5B | +1.4% |
| Cruise (Autonomous) | $0.1B | $0.1B | +0.0% |
| Total Revenue | $187.4B | $171.8B | +9.1% |
Ford vs GM Profitability
Ford: Yes, Ford is profitable. The company reported net income of $5.9B on total revenue of $185.0B. With an operating margin of 4.8%, Ford’s profitability is driven by Ford Pro commercial business while Model e EVs lose money.
GM: Yes, GM is profitable. The company reported net income of $10.4B on total revenue of $187.4B. With an operating margin of 8.2%, GM demonstrates strong profitability from trucks and SUVs.
Key Financial Metrics Comparison
Ford Key Metrics
- Gross Margin: 11.5% — Pressured by EV losses.
- Operating Margin: 4.8% — Lower than historical levels.
- Ford Pro EBIT Margin: 15% — Commercial business is highly profitable.
- Model e EBIT: -$5.1B — EVs losing significant money.
GM Key Metrics
- Gross Margin: 13.2% — Stronger truck/SUV mix.
- Operating Margin: 8.2% — Better cost control than Ford.
- Ultium EV Production: Ramping — Scaling EV manufacturing.
- Cruise Losses: -$2.2B — Autonomous driving investments.
Which Automaker is a Better Investment?
GM offers stronger profitability and a more diversified EV platform strategy through Ultium. Ford provides exposure to the iconic F-150 franchise and fast-growing commercial business. Both face significant EV transition costs and China competitive pressures. Review the full Ford revenue breakdown and General Motors revenue breakdown for detailed analysis.
Disclaimer: This comparison is for informational purposes only and does not constitute investment advice.