Ford vs General Motors: Revenue, Profitability & Business Model Compared
Side-by-side comparison of Ford (F) and General Motors (GM). Compare revenue breakdowns, profitability, financial metrics, and automotive business models.
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.