Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.</li><li>Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.</li><li>GM's financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.</li></ul>

General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.GM's financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.

General Motors (GM) Just Hit Its Highest Market Share in 8 Years—But There's a $1.6 Billion Problem!

<ul><li>General Motors’ electrification dreams have encountered a harsh reality check.</li><li>CEO Mary Barra, once the most vocal advocate for an all-electric future by 2035, has slowed the company’s electric vehicle (EV) rollout as a wave of unfavorable market dynamics sets in.</li><li>In the Q2 2025 earnings call and recent strategic communications, Barra acknowledged that slowing consumer adoption, expiring federal tax credits, and inadequate charging infrastructure have collectively dampened the EV market's momentum.</li></ul>

General Motors’ electrification dreams have encountered a harsh reality check.CEO Mary Barra, once the most vocal advocate for an all-electric future by 2035, has slowed the company’s electric vehicle (EV) rollout as a wave of unfavorable market dynamics sets in.In the Q2 2025 earnings call and recent strategic communications, Barra acknowledged that slowing consumer adoption, expiring federal tax credits, and inadequate charging infrastructure have collectively dampened the EV market's momentum.

General Motors' Electric U-Turn: CEO Barra Scraps EV Plans As Demand Tanks!

<ul><li>General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.</li><li>In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.</li><li>Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.</li></ul>

General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.

General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing

<ul><li>General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.</li><li>The company's financial position and strategic maneuvers present a complex picture for potential investors to consider.</li><li>On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.</li></ul>

General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.The company's financial position and strategic maneuvers present a complex picture for potential investors to consider.On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).</li>
<li>The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. </li>
<li>We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  </li>
</ul>


Like other automotive/industrial semi vendors, Diodes guides 4Q23 sales of 20% q/q and 35% y/y decline (miss by 21%) and weaker gross margin/operating margin of 35%/7% (miss by 5ppts).
The company sees 4Q23 sales decline of 20% mainly from 19% of automotive and 26% of industrial customers due to customer inventory cut coupled with year-end distributor inventory management. 
We expect this adjustment for automotive/industrial IDMs to last for at least 6 months and suggest our clients to avoid these names unless valuation becoming attractive.  


With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

United States

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

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General Motors (GM US)

General Motors' Electric U-Turn: CEO Barra Scraps EV Plans As Demand Tanks!

General Motors’ electrification dreams have encountered a harsh reality check. CEO Mary Barra, once the most vocal advocate for an all-electric...

Baptista Research

General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing

General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old...

Baptista Research

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its...

Baptista Research

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

General Motors (GM) Just Hit Its Highest Market Share in 8 Years—But There's a $1.6 Billion Problem!

General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in...

Baptista Research

General Motors' Electric U-Turn: CEO Barra Scraps EV Plans As Demand Tanks!

General Motors’ electrification dreams have encountered a harsh reality check. CEO Mary Barra, once the most vocal advocate for an all-electric...

Baptista Research

General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing

General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old...

Baptista Research

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its...

Baptista Research

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q, margin contraction, and rising months of inventory. We see...

Andrew Lu