What drove the significant increase in revenue for the third quarter of 2022?

The substantial increase in revenue was primarily driven by a strong rebound in automotive net sales and revenue, which grew to $38.7 billion from $23.4 billion in the prior year's quarter. This growth was supported by higher vehicle volumes and favorable pricing, despite ongoing supply chain challenges.

How is General Motors performing in its key strategic areas like EVs and AVs?

General Motors continues to make significant strategic investments in Electric Vehicles (EVs) and Autonomous Vehicles (AVs). The company plans to increase its investment in these areas to over $35 billion through 2025. Cruise, its AV division, is making progress towards commercialization, having received permits for driverless rides and fare charging in San Francisco.

What is the outlook for GM's financial performance for the full year 2022?

For the year ending December 31, 2022, GM expects Net income attributable to stockholders to be between $9.6 billion and $11.2 billion, and EBIT-adjusted to be between $13.0 billion and $15.0 billion. Diluted earnings per share are projected to be between $5.76 and $6.76, with adjusted diluted earnings per share between $6.50 and $7.50.

How are supply chain disruptions impacting GM's operations?

GM is experiencing ongoing supply chain disruptions, which have impacted production schedules. However, the company is prioritizing production of its most popular and in-demand vehicles, such as full-size trucks, SUVs, and EVs, to mitigate the impact. The company expects these disruptions to not affect its long-term growth and EV initiatives.

GM 10-Q Quarterly Report Q3 FY2022 — Revenue, Net Income, EPS

Summary

General Motors Co. (GM) reported strong financial results for the third quarter of 2022, demonstrating robust revenue growth and improved profitability compared to the prior year. Total net sales and revenue surged to $41.9 billion, a significant increase from $26.8 billion in Q3 2021, driven primarily by a substantial rebound in automotive sales. Net income attributable to stockholders also saw a healthy increase, reaching $3.3 billion, up from $2.4 billion in the same period last year. The company's performance was bolstered by strong pricing in its core automotive business, especially in North America, despite ongoing supply chain disruptions that continue to impact production. GM navigated these challenges by prioritizing high-demand vehicles like trucks and SUVs. The company also highlighted its continued strategic investments in electric vehicles (EVs) and autonomous vehicle (AV) technology, underscoring its commitment to future growth and market transformation.

Financial Highlights

46 data points

Beta

Revenue

$41.89B

Net Income

$3.31B

0.1% Net Margin

EPS (Diluted)

$2.25

Total Assets

$260.53B

Cash & Equivalents

$20.75B

Free Cash Flow

$3.09B

Financial Statements

Beta

Revenue	$41.89B
Operating Expenses	$38.50B
Operating Income	$3.39B
Net Income	$3.31B
EPS (Basic)	$2.26
EPS (Diluted)	$2.25
Shares Outstanding (Basic)	1.45B
Shares Outstanding (Diluted)	1.46B

Key Highlights

1Total net sales and revenue increased by approximately 56% to $41.9 billion for the third quarter of 2022, compared to $26.8 billion in the same period of 2021.
2Net income attributable to stockholders rose to $3.3 billion ($2.25 per diluted share) in Q3 2022, compared to $2.4 billion ($1.62 per diluted share) in Q3 2021.
3Automotive net sales and revenue grew significantly to $38.7 billion from $23.4 billion year-over-year, reflecting improved volume and pricing.
4EBIT-adjusted for the automotive segment reached $3.9 billion for Q3 2022, a substantial increase from $2.1 billion in Q3 2021.
5The company reported strong performance in GM North America (GMNA), with net sales and revenue increasing significantly and EBIT-adjusted more than doubling.
6GM continues to invest heavily in future technologies, with plans to increase investment in EVs and AVs to over $35 billion through 2025.
7GM Financial's revenue decreased slightly, but remained a significant contributor, with total revenue of $3.2 billion for Q3 2022.

General Motors Co Quarterly Report for Q3 Ended Sep 30, 2022

Summary

Financial Highlights

Key Highlights

Frequently Asked Questions