Driving Growth

October 25th, 2024 Newsletter Archives

This was earnings week here at General Motors, and our latest results make it clear: We’re gaining momentum across the business.

Third quarter sales were up nearly 11% from the year-ago quarter, well ahead of Wall Street estimates, and adjusted profits per share increased nearly 30%. We’re seeing strong demand for our gas- and diesel-powered trucks and SUVs, while also growing our market share in EVs, where we’re showing improving economics. We’re now the #2 provider of EVs in North America. 

Meanwhile, GM shares just hit their highest level in more than two years. The improving financial results are paying off for investors.

“This is a function of our investments in a dedicated EV platform, U.S. battery cell manufacturing and flexible assembly capacity,” GM Chair and CEO Mary Barra said in her quarterly letter to shareholders. “Most of our competitors lack these advantages. And no one can match the depth and breadth of our strategic EV portfolio.”

But as Mary notes, we’re not mistaking progress for winning – there’s a long road ahead.

The journey continues.

--Eric J. Savitz, editor-in-chief, GM News