General Motors (GM) reported a solid financial performance for the third quarter ended September 30, 2024, with total net sales and revenue reaching $48.757 billion, a 10.5% increase from the same period in 2023. The company's net income attributable to stockholders was $3.056 billion, slightly down from $3.064 billion in the previous year. Earnings before interest and taxes-adjusted (EBIT-adjusted) stood at $4.115 billion, up from $3.564 billion year-on-year. The automotive segment contributed significantly to the revenue, with GM North America (GMNA) generating $41.157 billion, a 14% increase from the previous year, driven by strong sales of full-size pickup trucks and SUVs. GM International (GMI) faced challenges, with total net sales and revenue decreasing by 18.8% to $3.517 billion, and EBIT-adjusted down to $42 million from $357 million in...Show More

General Motors (GM) reported a solid financial performance for the third quarter ended September 30, 2024, with total net sales and revenue reaching $48.757 billion, a 10.5% increase from the same period in 2023. The company's net income attributable to stockholders was $3.056 billion, slightly down from $3.064 billion in the previous year. Earnings before interest and taxes-adjusted (EBIT-adjusted) stood at $4.115 billion, up from $3.564 billion year-on-year. The automotive segment contributed significantly to the revenue, with GM North America (GMNA) generating $41.157 billion, a 14% increase from the previous year, driven by strong sales of full-size pickup trucks and SUVs. GM International (GMI) faced challenges, with total net sales and revenue decreasing by 18.8% to $3.517 billion, and EBIT-adjusted down to $42 million from $357 million in the previous year, primarily due to decreased net wholesale volumes and intense competition in China. Cruise, GM's majority-owned subsidiary focused on autonomous vehicle technology, reported an EBIT-adjusted loss of $383 million, an improvement from a $732 million loss in the same period last year. GM Financial, the company's financing arm, showed a 10.7% increase in total revenue to $4.031 billion. Looking ahead, GM expects net income attributable to stockholders of between $10.4 billion and $11.1 billion for the year ending December 31, 2024, with an adjusted EBIT of $14.0 billion to $15.0 billion, and adjusted diluted EPS of $10.00 to $10.50. The company continues to focus on reducing fixed costs, improving EV profitability, and strategic investments in EVs and AVs.