General Motors reported third-quarter net revenue of $50 billion and net income of $3.3 billion, with adjusted diluted earnings per share of $3.70 and adjusted automotive cash flow of $5.9 billion, according to Sina Auto. The company also raised its full-year guidance, lifting adjusted automotive cash flow expectations to between $11.5 billion and $12.5 billion and adjusted diluted EPS to between $12.75 and $13.75.
In China, GM posted its eighth consecutive quarter of profitability. The company said sales remained stable as restructuring continued, with new-energy vehicles — including BEVs (battery-electric) and PHEVs (plug-in hybrids) — accounting for more than 60% of its China volume, a record for the period. In August, GM and SAIC signed an agreement to extend their joint venture by 20 years, through 2047, committing to further electrification and digital transformation at SAIC-GM.
New models target high-value segments
GM has been refreshing its China lineup. Since the third quarter, Buick launched the all-electric Zhijing L7 sedan and the Zhijing E7 plug-in hybrid midsize SUV, expanding its Zhijing series. Cadillac's new XT5 PHEV, developed specifically for the Chinese market, recently went on sale with advanced driver assistance. GM said it is the first luxury hybrid SUV to ship with Momenta's R7 world model. Wuling's Xingguang L plug-in hybrid SUV targets the three-row, six-seat segment with a focus on comfort and affordability for families.
In the United States, GM said it continues to lead several core segments while keeping incentive spending below the industry average. The company expects to finish this year as the sales leader in full-size pickups for a seventh consecutive year, full-size SUVs for a 52nd year, and small SUVs for a fourth year. Upcoming product updates include next-generation Chevrolet Silverado and GMC Sierra light-duty pickups, plus next-generation heavy-duty pickups, full-size SUVs, and Cadillac sedans and crossovers.
Super Cruise expansion and shareholder returns
The pickup refresh will also expand the reach of GM's Super Cruise driver assistance system. The company plans to make it standard on high-trim Silverado and Sierra models and optional on most pickups, projecting Super Cruise penetration across its pickup lineup to rise four to five times by 2027. GM expects $7.5 billion in deferred revenue this year from its software and services segment, which includes OnStar and Super Cruise.
GM's board has approved a new multi-year $20 billion share repurchase program. The company said it completed the $6 billion buyback announced in January and declared a quarterly dividend of $0.18 per share. Chairman and CEO Mary Barra said the company is investing strategically in new products and services while improving quality and operating efficiency to sustain momentum amid inflationary pressure.
