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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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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.
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)
Click for more information.
GM Q3 2022 Results
*GM Earnings Guidance
Click to Enlarge.
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.