GM Reports Resilient Profit Amidst Global Challenges

General Motors posted a $3 billion profit in Q3 2023 despite challenges such as declining US sales and losses in its Chinese joint venture. Revenue grew 10% thanks to stable vehicle sale prices. The company expects continued progress with electric vehicles and anticipates consistent 2024 performance.

General Motors (GM) reported a $3 billion profit for the third quarter of 2023, maintaining financial stability despite a turbulent global market. The Detroit-based automaker achieved a 10% growth in revenue, totaling $48.8 billion from July to September, buoyed by stable vehicle prices in the US market.

In the US, where GM sees its highest profitability, overall sales fell 2.2%, but sales to individuals increased by 3%, as noted by CFO Paul Jacobson. While some competitors struggle with high-priced inventory, GM seems unaffected, with Jacobson expressing optimism about consumer resilience and future market conditions.

Although GM's venture in China incurred losses, with a $137 million deficit this year, the company is collaborating with partner SAIC to improve the situation. Meanwhile, advancements continue in the electric vehicle sector, with notable sales figures despite industry challenges. GM's CEO Mary Barra highlighted the ongoing push toward EV profitability and future production goals.

(With inputs from agencies.)