General Motors posted a stronger-than-expected profit in the third quarter of 2024, boosting its outlook for the full year. Despite challenges from last year’s United Auto Workers strike, GM’s revenue rose by more than 10%, and the company is on track to achieve record profits.
GM reported an adjusted profit of $3.4 billion for the third quarter, an increase from $3.2 billion in the same period in 2023.
The company’s revenue climbed to $48.8 billion, surpassing expectations by nearly $800 million. North American customers paid an average of nearly $50,000 per vehicle, highlighting a rise in average transaction prices.
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GM’s strong earnings come in contrast to its performance in China, where the automaker lost $137 million in Q3, due to a 37% drop in sales.
Chinese competition has significantly impacted what was once GM’s largest market. In the electric vehicle space, GM captured 6.6% of the U.S. market in Q3, but Tesla still leads with 48.2% of EV sales.
With shares up over 40% in 2024, GM expects its full-year earnings to top last year’s record.
