Summary by Futu AI
General Motors reported strong financial results for Q3 2024, with total revenue increasing 10.5% to $48.8 billion compared to $44.1 billion in Q3 2023. Net income remained stable at $3.0 billion, while EBIT-adjusted rose 12.9% to $4.1 billion. The company achieved an EBIT-adjusted margin of 9.7% driven by robust vehicle demand and pricing strength.GMNA led the performance with revenue up 14% to $41.2 billion on increased sales of full-size pickup trucks and SUVs. However, GMI revenue declined 18.8% to $3.5 billion due to lower wholesale volumes, while Cruise posted an EBIT loss of $383 million as it refocuses operations. GM Financial revenue grew 10.7% to $4.0 billion with EBT-adjusted of $687 million.Looking ahead, GM maintained its full-year 2024 guidance for net income of $10.4-11.1 billion and EBIT-adjusted of $14.0-15.0 billion. The company continues to invest in its EV transition while leveraging strong ICE vehicle performance. However, GM noted increasing competitive pressures in China and ongoing supply chain challenges that could impact future results.
