General Motors Co. (NYSE: GM) today reported third-quarter earnings of $2.922 Billion. GM said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range of $11.5B to $13 Billion. EBIT-adjusted was $2.9 billion, with a 10.9% margin. GM said Q3 was challenging due to continuing semiconductor pressures. However, it also includes strong results from GM Financial, the recall cost settlement with supplier and JV partner LG Electronics, and $0.3 billion in equity income from GM joint ventures in China.
“This year, GM is well-positioned to lead the U.S. industry in full-size pickup sales for the seventh consecutive year. And early next year, our pickups raise the bar even higher. The Chevrolet Silverado will offer truck buyers more choices, more technology and more off-road capability. GMC adds the new Sierra Denali Ultimate, the most advanced and luxurious truck in its class. Both Silverado and Sierra will offer Super Cruise with industry-first hands-free trailering, and achieve a 5.8-percent reduction in greenhouse gas emissions,” said Mary Barra, CEO.
Click to Enlarge.
By the end of the decade, GM said that connected vehicles and other new businesses will “drive more than $80 billion” in new, incremental revenue. At the same time, revenue from EVs is expected to grow from about $10 billion in 2023 to $90 billion!
GM 2021 Guidance
- Full-year EPS-diluted of between $5.52 and $6.52, and EPS-diluted-adjusted of between $5.70 and $6.70.
- Full-year net income of between $8.1 billion and $9.6 billion, and EBIT-adjusted of between $11.5 billion and $13.5 billion
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.
General Motors Q3 Earnings – $2.9 Billion
General Motors Co. (NYSE: GM) today reported third-quarter earnings of $2.922 Billion. GM said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range of $11.5B to $13 Billion. EBIT-adjusted was $2.9 billion, with a 10.9% margin. GM said Q3 was challenging due to continuing semiconductor pressures. However, it also includes strong results from GM Financial, the recall cost settlement with supplier and JV partner LG Electronics, and $0.3 billion in equity income from GM joint ventures in China.
“This year, GM is well-positioned to lead the U.S. industry in full-size pickup sales for the seventh consecutive year. And early next year, our pickups raise the bar even higher. The Chevrolet Silverado will offer truck buyers more choices, more technology and more off-road capability. GMC adds the new Sierra Denali Ultimate, the most advanced and luxurious truck in its class. Both Silverado and Sierra will offer Super Cruise with industry-first hands-free trailering, and achieve a 5.8-percent reduction in greenhouse gas emissions,” said Mary Barra, CEO.
Click to Enlarge.
By the end of the decade, GM said that connected vehicles and other new businesses will “drive more than $80 billion” in new, incremental revenue. At the same time, revenue from EVs is expected to grow from about $10 billion in 2023 to $90 billion!
GM 2021 Guidance
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.