GM's Q3 Revenues Surge to $49B, Driven by Chevy Equinox

By Kevin Joseph October 23, 2024

General Motors' stock jumped almost 10% to finish at $53.73 per share. This is almost a 52-week high for GM's stock.

[{"selector":"#anim-2db08743-e8f7-4950-821e-6b959c0f5a42 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-56.66118429941%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b67d55c6-726e-4ed8-8d62-6d9888e81c5f","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM shared that their revenues for the third quarter reached $48.8 billion.

[{"selector":"#anim-90c5bb63-8904-4b7e-b7fa-9e1649178848 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-57.40131588065462%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-40f97f71-d8e4-46a7-b9f9-7c5e60d09259","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The automaker's net income for stockholders reached $3.1 billion.

[{"selector":"#anim-a8f866cf-04c1-49bc-b5cd-7fc4a066c615 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(46.313870637008314%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9542ddb8-8da4-49f8-bed8-9c6ca3e6d780","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM has increased its full-year guidance for diluted earnings per share to a range of $9.14 to $9.64.

[{"selector":"#anim-dbbf2713-2284-4f2e-841e-29f3ecefa246 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(45.23026315908973%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6b26454b-e314-4d12-a044-bba5ea02e024","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Initial estimates for diluted earnings per share ranged from $8.93 to $9.93. We're now looking at a full-year net income expectation of $10.4 billion to $11.1 billion.

[{"selector":"#anim-231e0442-0def-4cd4-8b41-39e2c5bb947d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(12.08387186146855%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-8594e65d-21b5-40fc-a26a-3ac892d7be4e","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-19e9686c-38b4-4b80-a668-7c641cf65161","keyframes":{"transform":["translate3d(0px, -310.94688%, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Before, net income estimates were between $10.0 billion and $11.4 billion. GM increased its share of the U.S. retail market by maintaining competitive pricing and effectively managing inventories.

[{"selector":"#anim-ad62916c-74ad-4878-a99b-381cd752e3b8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.4588100841105067%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5e09e2c7-8a86-4ab3-b556-59f479681602","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

It's great to see that sales in China have improved, marking a positive development.

[{"selector":"#anim-245549c2-41a2-4fd8-b7fd-ad5351701c02 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(50.246710558659515%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-643e9af1-2289-4fe6-b8bf-165beac4768f","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM is working on improving ICE margins and ensuring that EVs are profitable on an EBIT basis.

[{"selector":"#anim-40cbb7ee-8994-486f-82c8-4e585833659e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-35.61677623085273%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0192682c-e369-446b-99d7-340c8aaa7ce6","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM is a top player in the market for full-size trucks and SUVs, capturing 44% of the truck market.

[{"selector":"#anim-66fe6c11-8d8c-4f5b-92e1-abdf148dc31a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(52.34229882884104%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bca69c7f-67b4-4b59-b0e7-0887c463eb58","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM holds a significant 64% share of the full-size SUV market.

[{"selector":"#anim-bd936852-4df5-42ee-be02-73f108a587b9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-20b8ddb9-3ac6-4626-9b78-405c11891286","keyframes":{"transform":["translate3d(120.61855%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b6fe360e-a96e-4a42-9820-062513b87ce5","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e98872e-4d0d-4b43-b73d-5faab8097fc3","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Exciting news! New versions of the Chevrolet Tahoe/Suburban, GMC Yukon, and Cadillac Escalade are on their way.

[{"selector":"#anim-4c60f5f3-e228-4333-aa60-20e0432855ed [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-56.167763238931336%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5a8861b0-07f0-4e21-80d3-b95132f6851e","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM has an exciting new product lineup featuring the Chevrolet Equinox, GMC Terrain, and more.

[{"selector":"#anim-c6463793-cae6-42d9-be2e-a13da842d7ac [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-52.49794413359389%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-346b2960-ad34-446a-b74f-b1a8d4a6c38c","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The Buick Envista and Chevrolet Trax stand out as great options for those looking for value.

[{"selector":"#anim-8c7834d7-38d1-4987-b38b-1024ea3fb5b1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(53.78407696299885%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-010be6e6-f22b-440d-ad05-fd893ea7bdca","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

GM is looking to produce and wholesale around 200,000 EVs in North America this year.

[{"selector":"#anim-9e3c41c6-7565-4d0f-a09b-12496a77728c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(50.55702614900082%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-882b2b3d-d4ba-410d-a763-f3b96bfb5930","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

The ICE-powered Equinox has experienced a $6,000 rise in average transaction prices.

[{"selector":"#anim-027b4343-48be-42fb-b36e-ae3b7ac40b2e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(50.246710558659515%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

The Equinox is drawing in a younger crowd. GM and Hyundai are making great strides in their partnership, getting closer to a final agreement.

[{"selector":"#anim-fea6d4f2-7777-4208-8a32-ef356fe07842 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-55.53556751383749%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-bd8c18c3-53b3-42c5-a27e-4ed1c3c6d927","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

Cybertruck Range Extender Coming Mid-2025

[{"selector":"#anim-1dfd2269-b993-40cb-a2ba-794dd258e51d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(7.9878114186509634%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2600,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more