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GM Reports Record Revenue And Robust Demand In Q3

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General Motors reported a strong third quarter with record revenue and robust demand, easing investor fears of economic slowdown in the U.S.

GMs adjusted earnings per share were $2.25 for the third quarter, above analyst estimates of $1.89, with adjusted net income of $4.3 billion, a 48% increase over the same period last year.

The automaker reported revenue of $41.89 billion in the third quarter, slightly below analyst estimates, but 56% higher than the same period last year.

“Demand continues to be strong for GM products and we are actively managing the headwinds we face,” CEO Mary Barra said in a letter to shareholders.

Barra said GM led the market in full-size pickup, full-size SUV and Cadillac Escalade segments, and captured more than 8% of the U.S. electric vehicle market.

The Chevrolet Bolt EV and Bolt EUV saw record sales in the third quarter, Barra said, with the Bolt outselling Fords Mach-E two to one in September.

Barra said GM moved “early and aggressively” to secure its supply chain for battery raw materials, providing a competitive advantage for scaling EV capacity.

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