Good riddance?
General Motors Co. (NYSE: GM) today announced Q3 performance in all operating segments with good results in North America and China, some improvement in South America, continued growth of GM Financial and cost cutting. GM EPS-diluted were $0.08 and EPS (diluted-adjusted) were $1.32, from continuing operations. GM Financial – essentially GMAC re-established post-bankruptcy – set record revenues of $3.2 billion.
GM posted its first profitable quarter in all business segments, including South America, since Q4 2014. However, income from continuing operations was hurt by a $2.3 billion non-cash charge for deferred tax assets that are no longer realizable due to Opel/Vauxhall sale. In total the Opel/Vauxhaul sale cost GM stockholders $5.4 billion.
Total GM global sales at 7,004,092 were off -2.2%. At this point it’s really treading water as its stock price shows.
- GM delivered 781,056 total vehicles in the third quarter in the United States. Results were led by a 25% increase in retail crossover sales, the best third-quarter performance ever for these vehicles. GM’s U.S. daily rental sales were under 10% of total vehicle sales for the second consecutive quarter.
- In China vehicles set a third-quarter record at 982,311, up 12.3% versus the third quarter of 2016. Strong sales of Baojun (up 57%), Cadillac (up 42%), Chevrolet (up 17%) and Buick (up 7%) led the way and helped GM China gain market share in the quarter.
- South America delivered 179,42 vehicles in the quarter, up 17.6%, compared to industry growth of 16.%.
- Now dissolved GM Europe, which was sold to PSA peddled 83,183 vehicles (off 190,970 at -69.7%).
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
