Oct 22, 2024 - Business
Charted: GM's big day
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General Motors today raised its full-year earnings outlook after its third-quarter performance sailed past expectations.
Between the lines: The automaker is containing losses in China, growing its EV market share and maximizing the profit potential of its gas-powered vehicles in North America.
- GM posted revenue of $48.8 billion, up 10.5% compared with a year earlier and beating S&P Capital IQ expectations of $44.4 billion.
The intrigue: The automaker maintained a profit margin of more than 10% in its critical North American market "even in the face of price normalization," noted Barclays analyst Dan Levy.
- And GM also raised its EV market share from 7.1% in the second quarter to nearly 10% in the third, according to Wedbush Securities analyst Dan Ives.
The impact: GM shares rose nearly 10% to $53.73.
