General Motors (GM) revenues Q3 2023

General Motors EV sales jump 28% in Q3

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The GM logo design is seen on the exterior of the General Motors head office in Detroit on March 16, 2021.

Rebecca Cook|Reuters

DETROIT– General Motors beat Wall Street’s third-quarter expectations on Tuesday, as it fights through continuous labor strikes by the United Auto Workers union that’s costing the car manufacturer approximately $200 million a week in lost lorry production.

The labor strikes, which beganSept 15, have actually cost the car manufacturer approximately $800 million in pre-tax revenues due to lost lorry production, consisting of $200 million throughout the 3rd quarter, according to CFO Paul Jacobson.

Due to the continuous volatility triggered by the strikes, GM is pulling its formerly revealed revenues assistance for the year that required $12 billion to $14 billion in adjusted revenues and earnings attributable to shareholders of in between $9.3 billion and $107 billion.

Prior to the UAW strikes, Jacobson stated the business was on track to accomplish “toward the upper half” of its revenues projection.

Here’s how the business carried out in the 3rd quarter, compared to typical quotes put together by LSEG, previously called Refinitiv:

  • Adjusted revenues per share: $2.28 versus $1.88, approximated
  • Revenue: $4413 billion versus $4368 billion, approximated

For the 3rd quarter, GM reported earnings attributable to shareholders of $3.06 billion, or $2.20 per share, down 7.3% from a year previously when the business made $3.31 billion, or $2.25 per share.

Revenue throughout the duration increased 5.4% from $4189 billion a year previously, while changed revenues before interest and taxes (EBIT) decreased 16.9% from the 3rd quarter of 2022 to $3.56 billion.

GM’s North American adjusted revenues were off 9.5% throughout the 3rd quarter from a year previously to $3.53 billion. Its worldwide operations increased revenues by approximately 7% to $357 million, while its equity earnings from operations in China were down year over year by about 42% to $192 million.

GM stated on Tuesday from January to September of this year it lost approximately $1.9 billion on Cruise, the business’s majority-owned self-governing lorry subsidiary. Those losses consist of $732 million throughout the 3rd quarter, as the business geographically broadens operations.


Jacobson stated GM likewise is pulling near-term targets for its electrical lorries in the middle of slower-than-expected need. The car manufacturer had actually formerly set objectives to offer 400,000 EVs in North America from 2022 through mid-2024 and produce 100,000 EVs in North America throughout the 2nd half of this year.

Jacobson stated GM will maintain its targets of accomplishing low-digit revenue margins on EVs along with North American yearly production capability for the lorries of 1 million by 2025.

“We’re really focusing on making sure that we’re driving toward demand targets,” Jacobson stated. “We’re balancing production to demand.”

GM recently stated it would postpone production of electrical trucks at a 2nd plant in Michigan by a minimum of a year up until late2025 The hold-up is anticipated to conserve GM about $1.5 billion in capital next year, Jacobson stated.

GM continues to increase production of the EV designs that are presently in production along with battery cell production at a joint-venture plant with LG Energy Solution in Ohio, according to Jacobson.

He stated the car manufacturer is seeing enhancement in earlier issues in battery cell production that hindered EV output, nevertheless authorities are still “working through the issues.”

Overall, Jacobson stated GM is concentrated on “streamlining the business” anywhere it can to decrease expenses and increase earnings to accomplish 2025 monetary targets.

GM CEO Mary Barra, in a letter to investors, stated through next year the business will release “a wide range of new SUVs that are more profitable than the outgoing models.”


GM has actually been browsing continuous strikes by the UAW after the union and Detroit car manufacturers stopped working to reach tentative labor offers by aSept 14 due date for agreements covering 146,000 union employees.

The UAW has actually been broadening work blockages at GM, Ford Motor and Stellantis as bargaining continues.

As of Monday, more than 40,000 UAW members at the car manufacturers, or approximately 28% of UAW members covered by the ended agreements, were on strike.

Of the Detroit car manufacturers, GM has the least variety of employees– approximately 9,200– presently on strike. Another 2,350 or two GM staff members have actually been laid off at other operations due to the strikes, according to the business.

United Auto Workers President Shawn Fain throughout an online broadcast upgrading union members on settlements with the Detroit car manufacturers onOct 6, 2023.


The UAW, which has actually intensified strikes to pickup plants at Ford and Stellantis, hasn’t broadened strikes at GM becauseSept 29.

Jacobson decreased to approximate just how much the effect of the strikes would increase if broadened to other plants such as GM’s extremely lucrative Arlington Assembly, which the union has actually formerly threatened as a possible target.

“We’re trying to prepare the best we can to whatever decisions they might make, but we remain optimistic and hopeful that we’ll make progress and get this resolved going forward,” he stated.

During the last round of agreement bargaining 4 years back, a nationwide 40- day UAW strike versus GM cost the business about $3.6 billion in revenues that year.

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