Economic Headwinds? GM’s Q3 Profit Jumps Nearly 37%

DETROIT — General Motors’ third-quarter net profit rose 36.7% as vehicle sales began to rebound from persistent parts supply chain troubles, according to an Associated Press report.

The Detroit automaker on Tuesday reported earnings of $3.3 billion from July through September, compared with $2.42 billion a year earlier.

The increase was fueled largely by a 24% sales increase in the U.S., by far GM’s most profitable market. The company said it is seeing improved supplies of computer chips, allowing it to build more vehicles and increase inventory on dealer lots.

It’s also selling more expensive pickup trucks and large SUVs. That boosted revenue for the quarter by 56% to a record $41.89 billion, though that’s still short of the $42.1 billion that Wall Street had expected, according to a survey by FactSet. More than 80% of GM’s revenue came from North America.

Read the full Associated Press report.

Source: https://rvbusiness.com/economic-headwinds-gms-q3-profit-jumps-nearly-37/