General Motors (NYSE: GM) beat analyst expectations for the third quarter and reported what progress it made on its electric vehicle front for the three-month span.
It is no secret that Q3 was rough for Detroit-based automakers, GM included. Strikes from the UAW halted production at many of its plants, and this morning, GM’s largest production facility became the latest target of work stoppages.
GM reported a $2.28 adjusted EPS, beating the $1.88 that Wall Street expected. Additionally, the automaker reported $44.13 billion in revenue for the quarter, beating the expected $43.68 billion.
“We were profitable in every region, including China. And GM International excluding China is on track to deliver significantly higher EBIT-adjusted in 2023 compared to a year ago,” CEO Mary Barra said.
She also commented on current labor strikes.
“Let me address this head on. It’s been clear coming out of COVID that wages and benefits across the U.S. economy would need to increase because of inflation and other factors. … Since negotiations started this summer, we’ve been available to bargain 24/7 on behalf of our represented team members and our company. They’ve demanded a record contract — and that’s exactly what we’ve offered for weeks now. … It’s an offer that rewards our team members but does not put our company and their jobs at risk. Accepting unsustainably high costs would put our future and GM team member jobs at risk, and jeopardizing our future is something I will not do.”
As for GM’s electric vehicle plans, it gave a number of new updates, including a plan to increase volume through Q4 2023 and beyond.
- Made significant battery module production progress, currently installing and testing new high-capacity module assembly lines
- In Q3, production of Ultium platform vehicles more than doubled sequentially from Q2’23
- Further volume increases planned for Q4’23 and subsequent quarters
- In Q4’23, ~2/3 of EV volume to consist of Cadillac LYRIQ, Chevrolet Blazer EV, Chevrolet Silverado EV and GMC HUMMER EV
General Motors maintained expectations that it will have an annual EV capacity of 1 million units in North America at the end of 2025.
Disclosure: Joey Klender does not own GM Shares.
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