General Motors releases Q3 2023 financial report with a net profit of $3.1 billion.
General Motors Reports $3.1 Billion Net Profit in Q3 2023 Financial Report
【PhoneAuto News】On the evening of October 24th, General Motors released its third quarter financial report for 2023. The company’s net income reached $44.1 billion, with a net profit of $3.1 billion; adjusted earnings before interest and taxes reached $3.6 billion, an 8.1% year-on-year increase; diluted earnings per share were $2.2; adjusted automotive business cash flow was $4.9 billion.
General Motors
General Motors Chairman and CEO Mary Barra said, “Thanks to a strong product lineup and the tireless efforts of all employees, we have once again achieved excellent financial performance. Faced with challenging market conditions, we adhere to the basic principles of product focus, cost reduction, and supply-demand balance, continuously improving the company’s profitability and driving rapid business development in the future.”
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Data shows that General Motors has a market share of over 60% in the large SUV segment. The Cadillac Escalade has consistently ranked first in the sales chart of the large luxury SUV market, and the all-electric version, Escalade IQ, is planned to be launched next year.
General Motors Financial Report News
General Motors continues to increase its efforts in the field of smart electric vehicles, accelerating the launch of AltEnergy products at a rapid pace, fully covering various major market segments. It is expected that by 2025, General Motors’ electric vehicle production in the United States and China, the two largest markets, will reach 1 million vehicles respectively.
In China, Buick’s two AltEnergy models, the smart all-electric SUV Electra E5 and the all-electric coupe SUV Electra E4, have accumulated sales of over 20,000 units since their launch in the Chinese market in the second quarter.
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