General Motors (GM) reports record revenue of $41.9 billion in Q3 2022

Today, GM shared its Q3 2022 financials reporting adjusted EBIT of US$4.3 billion, underpinned by quarterly revenue of US$41.9 billion. As a result, an American automaker reaffirmed its full-year earnings guidance as it continues to scale its Ultium platform and expand production of electric vehicles across its brands.

Everyone knows about GM ($GM) to date and its transition into a manufacturer of all-electric vehicles, a charging network for electric vehicles and equipment supplier. While the company only has a handful of BEVs currently under the big umbrella of brands like Chevy and Cadillac, there will be more on the way.

GMC has just announced an all-electric version of the Sierra Denali last week, which will join the Hummer EV pickup truck and an SUV in early 2024. Other GM-branded electric vehicles expected to be released include ultra-luxuries priced at $300,000 and up Cadillac Celestiqas well as all-electric versions of the Chevy Silverado, Blazer and very affordable Equinox EV.

Speaking of the Chevrolet brand, GM has seen a massive recovery in sales of its flagship Bolt EV and EUV, after a tough 2021 due to a total recall. In fact, after record sales in the third quarter of 2022, GM decided to increase Bolt production from 44,000 units to 70,000 electric vehicles in 2023.

As you can see from GM’s Q3 2022 financial filings, electric vehicles are at the heart of its future business strategy, and the American automaker aims to end the fiscal year with as much, if not more, momentum than it already has in the electric vehicle market. .

GM’s Q3 2022 report shows double-digit EBIT adj. margin

GM CEO Mary Barra expressed optimism in her final remarks letter to shareholders which outlines some of the highlights of the third quarter of 2022, such as record revenue and double-digit EBIT margin. Barra spoke briefly about the success of its internal combustion trucks and SUVs, then quickly moved on to the automaker’s electric vehicle development for the rest of the letter.

Bara shared that in Q3 2022, GM captured more than 8% of the US EV market thanks to the aforementioned sales Chevrolet Bolt EV and EUV. In addition, the bolts were surpassed in sales Ford Mustang Mach-E more than two to one in September. To be fair, this is a comparison of two models against one as well.

In the letter, Barra spoke about the future of the company as it ramps up production of the Ultium platform to support the growing number of electric vehicle models coming off its pipeline:

We’ve been very intentional about setting up the company for volume growth with flexibility, efficiency and increasing EV profitability over time. Increasing vertical integration is a key factor. That’s why we’re building battery cells in Ohio through Ultium Cells LLC, with a second US plant opening next year, a third in 2024, and a fourth planned. A secure and integrated supply chain will be another competitive advantage for us as we scale. As I discussed last quarter, we moved early and aggressively to secure commitments for all the battery raw materials we need to reach more than 1 million units of annual electric vehicle capacity in North America by 2025. For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in the recovery, recycling and recycling of natural resources.

Along with the press release and letter to shareholders, GM also shared its Q3 2022 report, which outlines the automaker’s key financials, including GMNA revenue of about $34.7 billion and EV
sales volume of about 15,200 units. In addition, earnings per share (EPS) reached $2.25, beating Wall Street’s estimate of $1.90. You can view this report herealong with the GM profits deck, complete with a lot nice photos of EV.

Looking ahead, GM has scheduled an Investor Day webcast for Nov. 17, when the company intends to delve into the rapid expansion of its electric vehicle portfolio and share key metrics to help the public track progress. We’ll be sure to tune in and report back.

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