Gia Motors News Recently, General Motors announced its third quarter earnings report this year.
Among them, the company’s revenue increased 11% year-on-year to US$48.
8 billion, exceeding expectations of US$44.
6 billion.
net profit was basically flat year-on-year, reaching US$3.
1 billion.
adjusted EBITDA increased 16% year-on-year to US$4.
1 billion.
Adjusted earnings per share were US$2.
96, higher than market expectations of US$2.43. In GM’s largest and most profitable North American market, the company’s pre-tax profit rose 13% year-on-year to $3.
98 billion in the third quarter.
revenue rose 14% year-on-year to a record high of $41.
2 billion.
General Motors said sales of full-size and mid-size pickup trucks increased in North America, but this increase was partially offset by increased electric vehicle production and higher warranty costs in the North American market.
However, in the China market, General Motors has lost US$210 million in the first half of this year and another US$137 million in the third quarter.
Currently, GM is planning to restructure its business in the region.
GM also said its warranty costs increased by $700 million and labor costs increased by $200 million in the third quarter of this year.
However, General Motors Chief Financial Officer Paul Jacobson said that expenses on Cruise, GM’s autonomous driving technology subsidiary, were approximately US$400 million, down approximately US$350 million year-on-year.
Photo source: General Motors, based on its third-quarter financial performance, General Motors raised the lower limit of its adjusted EBITDA forecast for the full year of 2024 by US$1 billion to US$14 billion, and raised its overall forecast to “US$14 billion to US$15 billion”.
GM also narrowed its full-year 2024 net profit forecast range to “$10.
4 billion to $11.
1 billion”, compared with its previous forecast range of “$10 billion to $11.
4 billion.
” This is the third time GM has raised its earnings forecast this year.
Executives said that strong pricing, strong demand and proper strategic cost management have laid the foundation for GM to continue to achieve solid financial results.
GM CEO Mary Barra said: “In the third quarter of this year, we increased our share of the U.S. auto retail market through above-average pricing, good inventory management, and below-average incentives.
In the China market, General Motors ‘sales increased month-on-month, and dealer inventories fell significantly.
In addition, we are still expected to achieve our 2024 electric vehicle production and profit targets as planned.
“, After the earnings report was announced, General Motors ‘share price rose nearly 10% to $53.
73 at the market close on October 22.
, Return to the first electric network home page>,.
