General Motors (GM) reported strong financial performance for Q3 2024, with net income for the quarter reaching $3.008 billion, a slight increase from $2.994 billion in Q3 2023. For the nine months ended September 30, 2024, net income rose to $8.837 billion compared to $7.846 billion in the same period of 2023, reflecting a robust year-to-date performance.

Total net sales and revenue for the nine months ended September 30, 2024, increased by 8.4% to $139.740 billion, up from $128.863 billion in the same period of 2023. This growth was driven by favorable pricing, increased sales volumes, and a strong mix of high-margin vehicles such as full-size pickup trucks and SUVs. GM's North America (GMNA) segment contributed significantly to this growth, with revenue rising by 11.1% to $117.981 billion.

GM's EBIT-adjusted for Q3 2024 was $42 million, a sharp decline from $357 million in Q3 2023, primarily due to unfavorable equity income from Automotive China and decreased wholesale volumes. For the nine months ended September 30, 2024, EBIT-adjusted for GM International (GMI) also fell significantly to $82 million from $940 million in the prior year, reflecting challenges in international markets.

The GM Financial segment demonstrated strong performance, with net sales and revenue increasing by 12.2% to $11.761 billion for the nine months ended September 30, 2024, compared to $10.482 billion in the same period of 2023. This growth was supported by higher finance charge income and leased vehicle income.

GM's automotive net sales and revenue for Q3 2024 totaled $44.735 billion, with the North America segment contributing $41.157 billion. This performance was supported by strong demand for high-margin vehicles and stable dealer inventory levels. However, the International segment faced challenges, with revenue declining by 18.8% to $3.517 billion due to lower wholesale volumes and unfavorable foreign currency impacts.

GM's comprehensive income for Q3 2024 was $3.373 billion, up from $3.028 billion in Q3 2023, reflecting improved profitability. For the nine months ended September 30, 2024, comprehensive income rose to $8.590 billion from $7.820 billion in the prior year, driven by strong operational performance in North America.

The company continues to focus on its transition to electric vehicles (EVs) while maintaining profitability in its internal combustion engine (ICE) vehicle portfolio. GM is investing in EVs, hybrids, and autonomous vehicles (AVs) while leveraging its high-margin ICE vehicles, such as trucks and SUVs, to support cash flow during this transition. The company is also prioritizing cost reductions and scaling its EV portfolio to improve profitability.

GM's outlook for the full year 2024 remains optimistic, with expected net income attributable to stockholders between $10.4 billion and $11.1 billion, EBIT-adjusted between $14.0 billion and $15.0 billion, and EPS-diluted between $9.14 and $9.64. This guidance reflects confidence in the company's ability to navigate market challenges and capitalize on growth opportunities.

The North America segment (GMNA) showed strong EBIT-adjusted growth in Q3 2024, driven by increased wholesale volumes and favorable pricing. However, this was partially offset by higher warranty-related costs and increased manufacturing and engineering expenses. For the nine months ended September 30, 2024, EBIT-adjusted growth was supported by reduced inventory adjustments and higher equity earnings from Ultium Cells Holdings LLC.

GM International (GMI) faced significant challenges in Q3 2024, with EBIT-adjusted declining by 88.2% to $42 million from $357 million in Q3 2023. This was primarily due to lower equity income from Automotive China and reduced wholesale volumes. Revenue for the segment also fell by 18.8% to $3.517 billion, reflecting weaker performance in South America and Asia/Pacific regions.