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GM Profit Rises on Vehicle Sales

Bill Koenig
By Bill Koenig Senior Editor, SME Media

General Motors Co. today reported a higher third-quarter profit on increased revenue bolstered by more truck sales.

Detroit-based GM posted a quarterly profit of $3.3 billion, or $2.25 a share, up from $2.42 billion, or $1.62, a year earlier.

Revenue for the quarter soared to $41.9 billion from $26.8 billion during the same period in 2021.

On an adjusted basis, GM reported a profit of $4.3 billion, compared with $2.9 billion a year earlier.

GM also affirmed its full-year forecast for a profit between $9.6 billion and $11.2 billion and an adjusted profit between $13 billion and $15 billion.

Demand “continues to be strong for GM products and we are actively managing the headwinds we face,” CEO Mary Barra said in a letter to shareholders.

The automaker, like other manufacturers, has been coping with a global shortage of computer chips. GM has worked to improve supplies, although some analysts have said the shortage may extend into 2024.

Barra, in her letter, said GM “translated improved supply chain conditions” into strong sales for full-size pickups and other vehicles. In the U.S., GM’s total vehicle sales rose 24 percent during the quarter to 555,580.

GM also is increasing its offering of electric vehicles. The company said it captured more than 8 percent of the U.S. EV market during the quarter on sales of the Chevrolet Bolt. The company plans to bring out the Chevrolet Equinox EV, GMC Sierra EV, and the Chevrolet Silverado EV.

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