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General Motors posts higher profit, reaffirms outlook; margin slips

GM's net margin slipped to 7.9%, from 9.0% a year earlier

The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan. Photo: Reuters

Reuters Detroit
General Motors Co on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook.

The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago.

GM's net margin slipped to 7.9%, from 9.0% a year earlier.

Chief Executive Mary Barra, in a letter to shareholders, cited improved supply chain conditions and said the company is "actively managing the headwinds we face." GM said it captured 8% of the U.S. electric vehicle market in the quarter, on record sales of the Chevrolet Bolt and Bolt EUV.

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First Published: Oct 25 2022 | 4:39 PM IST

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