BlackRock has cut its stake in General Motors, reducing its holdings in the US carmaker to 7.5% of outstanding shares as of the end of March, down from 9.0% by the end of 2024, a regulatory filing submitted to the Securities and Exchange Commission showed on Thursday.
The world’s largest asset manager reported owning 74.9 million GM shares as of March 31, compared with nearly 98.8 million at the end of December 2024.
The New York-headquartered firm slashed its position in the Detroit carmaker by approximately 24% while GM’s stock price fell 11.7% in the first quarter of the year.
The filing also shows that BlackRock’s sole voting power dropped to 65.2 million shares, from 86.5 million in the previous quarter.
BlackRock disclosed the position through an amended Schedule 13G filing, which is used by institutional investors to report passive stakes exceeding 5% in public companies.
The reduced stake comes as the automaker faces increased pressure on its sales ambitions for this year. The company is one of the most impacted brands by the recently announced 25% tariffs on all imported vehicles and auto parts.
GMÂ currently builds 52% of its vehicles sold in the US at local plants, while 30% come from Canada and Mexico and 18% from other regions.Â
UBS analyst Joseph Spak has recently lowered the price target on GM shares by 20.3% to $51. In a new research note, Spak stated that the firm now estimates GM‘s volumes to decline 9% this year, followed by “an additional 4% in 2026” given the auto tariffs.
The analyst expects Mexico and Canada-made vehicles to suffer a $4,300 cost increase per unit produced.
Shares of General Motors are down about 17% year-to-date.
Several Wall Street analysts have recently noted that the 25% tariffs on imported vehicles and auto parts impact Detroit automakers like Ford and GM the hardest. Earlier this week, Bernstein also lowered General Motors’ price target by 30%, from $50 to $35.
Chevrolet currently offers two electric SUVs, the Equinox and the Blazer, with prices starting at $41,900, and the Silverado pickup, from $73,100. The brand’s sales were up 14% in the first quarter, the strongest result since 2019. GM‘s brand sold 10,329 Chevy Equinox, 6,187 Blazer, and 2,383 Silverado EVs in the first three months of the year.
In the luxury segment, Chevrolet revealed a new pure electric Corvette earlier this week, as part of the opening of a new design studio in the UK. Cadillac’s retail sales rose 21%, with its EV portfolio up 37%.
It includes its most affordable SUV, the Optiq, with prices from $54,895, which sold 1,716 units.
Earlier this month, General Motors stated it expects to be the market leader in full-size pickups and SUVs, adding that the company aims “to be again the #2 seller electric vehicles in the U.S. with sales up 94% in the quarter.”
