General Motors (GM) announced impressive financial results, with a notable 8% year-over-year increase in company revenue, totaling $43 billion. The company also reported adjusted earnings before interest and taxes (EBIT) of $3.9 billion, compared to $3.8 billion in the same quarter last year.
GM’s strong performance was particularly driven by robust profitability in North America. The region witnessed solid truck sales and benefited from high transaction prices, leading to improved margins. GM highlighted its achievement of double-digit EBIT margins in North America and noted that it gained retail market share while maintaining incentives below the industry average.
Moreover, GM raised its guidance for the fiscal year 2024, reflecting its optimistic outlook on future performance.
In the electric vehicle (EV) segment, GM observed promising early sales momentum, especially for vehicles like the Cadillac Lyriq. CEO Mary Barra attributed part of this success to the significant reduction in battery cell costs. Barra stated, “Lower raw material prices have also been a tailwind.” She further added “The second Ultium Cells plant, which opened this year in Tennessee, is ramping even faster by applying lessons learned in Ohio.”