General Motors (GM) Reports Record Third Quarter 2022 Revenue of $41.9 Billion and Reaffirms Earnings Guidance

General Motors (GM) Reports Record Third Quarter 2022 Revenue of $41.9 Billion and Reaffirms Earnings Guidance

GM today shared its third quarter 2022 financial report, which is highlighted by adjusted EBIT of $4.3 billion supported by quarterly revenue of $41.9 billion. As a result, the US automaker reaffirmed its full-year earnings forecast as it continues to evolve its Ultium platform and expand electric vehicle production across all of its brands.

Everyone now knows about GM ($GM) and its transition to becoming an all-electric automaker, electric vehicle charging network and equipment supplier. Although the company currently only has a few BEVs shipped under its wide array of brands like Chevy and Cadillac, there are plenty more on the way.

GMC just announced an all-electric version of the Sierra Denali last week, which will join the Hummer EV pickup and SUV in early 2024, the highly affordable Chevy Silverado, Blazer and Equinox EV.

Speaking of the Chevrolet brand, GM has seen a massive rebound in sales of its Bolt EV and EUV flagships, after a brutal 2021 due to a full recall. In fact, after record sales in the third quarter of 2022, GM decided to increase Bolt production from 44,000 units to 70,000 electric vehicles in 2023.

As you will see from GM’s financial filings for the third quarter of 2022, electric vehicles are central to its business strategy going forward, and the U.S. automaker is looking to end the fiscal year with the same, if not more, momentum it already has in the electric vehicle market.

GM Q3 2022
Source: General Motors

GM’s third quarter 2022 report shows adjusted double-digit EBIT. margin

GM CEO Marry Barra expressed her optimism in her recent letter to shareholders which outlined some of the highlights of the third quarter of 2022, such as record revenues and double-digit EBIT-adjusted margins. Barra spoke briefly about the success of its combustion trucks and SUVs, then quickly touched on the automaker’s progress in electric vehicles for the rest of the letter.

Barra shared that GM won over 8% of the U.S. EV market in Q3 2022, driven by the aforementioned Chevrolet Bolt EV and EUV sales. Additionally, the Bolts sold more than twice as much as Ford’s Mustang Mach-E in September. In all fairness, this comparison is also two models against one.

In the letter, Barra spoke about the future of the company as it scales production of the Ultium platform to support the growing number of electric vehicle models in its pipeline:

We have been very intentional to position the company for volume growth with flexibility, efficiency and increased profitability of electric vehicles over time. Greater vertical integration is a key factor. That’s why we’re building battery cells in Ohio through Ultium Cells LLC, with a second plant in the United States opening next year, a third in 2024, and a fourth planned. A secure and integrated supply chain will be another competitive advantage for us as we evolve. As I shared last quarter, we moved early and aggressively to secure commitments for all of the battery raw materials we need to achieve over one million units of annual EV capacity in America. North in 2025. For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in the recovery, processing and recycling of natural resources.

Along with the press release and shareholder letter, GM also shared a third quarter 2022 report outlining the automaker’s financial highlights, including GMNA’s revenue of approximately $34.7 billion and EV
sales around 15,200 units. Additionally, earnings per share (EPS) rose to $2.25, beating Wall Street’s estimate of $1.90. You can see that report here, alongside GM’s revenue set, with lots of nice EV photos.

Looking ahead, GM is hosting an Investor Day webcast on November 17, when the company intends to deepen the rapid scaling of its electric vehicle portfolio and share important steps to help the public to follow its progress. We’ll be sure to log in and report back.

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