GM Earns $4.3 Billion in Q3 2022

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General Motors today posted Q3 earnings of $4.3 billion on global sales 966,000 vehicles. This came from record revenue and double-digit EBIT-adjusted margins. GM expects to double company revenue to $275 to 315 billion by 2030.

GM also improved supply chain interruptions so much so that it resulted  in another quarter of full-size pickup, full-size SUV and Cadillac Escalade segment leadership. Ford Motor reports earnings tomorrow. (AutoInformed.com on – GM Q2 Earnings at $2.3B Off -$1.1B YoY)

“This keeps us on track to deliver our third consecutive year of full-size pickup leadership, and our 22nd year as the full-size SUV leader. To build our truck leadership and help maintain our strong margins, Chevrolet and GMC recently unveiled new mid-size and heavy-duty pickups that will launch next year,” said GM chair and CEO Mary Barra.

GM had more than 8% of the U.S. electric vehicle market in the third quarter with record sales of the Chevrolet Bolt EV and Bolt EUV. Bolt outsold the Ford Mach-E by more than two to one in September. Chevrolet Bolt EV and Bolt EUV will be increasing production from 44,000 units this year to 70,000 units next year.

Ford’s competitive woes don’t stop there. The Chevrolet Equinox EV and the GMC Sierra EV GM has just revealed, along with the Chevrolet Silverado EV and Blazer EV are strong products that are delivering GM’s stated strategy – to rapidly increase EV volumes by leading in high-volume segments. (AutoInformed.com on –  The 2024 Chevy Equinox EV – a $30,000 Breakthrough?; GM to Sponsor Bolt EV Road Trip From Detroit to NYC; GMC Debuts Electric Sierra Pickup; First Look at Nowhere – 2023 GMC Canyon and AT4X)

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GM Q3 2022 Results

• Highest ever quarterly GMNA revenue of ~$34.7B and EV sales of ~15.2K
• GMNA EBIT-adjusted up $1.8B YoY due to ~85% increase in wholesale volume, including completing and shipping nearly 75% of vehicles built without components from Q2’22.
• Reiterate confidence in 2022 GMNA EBIT-adjusted margin full-year guidance of 10%*
• Reinstated dividend and opportunistically bought back shares during third quarter.
• Solid GM Financial results in line with full-year expectations.
• Cruise announced expansion to two new markets, Austin and Phoenix, in addition to hundreds of AVs in concurrent operation within San Francisco by the end of this year.

*GM Earnings Guidance

• EBIT- No Change $13.0B- $15.0B
• EPS-DILUTED- No Change $6.50- $7.50
• AUTO FREE CASH FLOW No Change $7.0B- $9.0B
• WHOLESALE VOLUME INCREASE No Change 25%- 30%
• GMNA EBIT ADJ. MARGINS No Change 10%

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