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.
