General Motors Co. in Detroit today announced financial results for the third quarter (Q3) of 2022, reporting revenue of $41.9 billion, a third quarter record for the company, and net income of $3.3 billion.
Revenue and net income showed gains over Q3 of 2021, with the automaker reporting $26.7 billion in revenue and $2.4 billion in net income during that time. It reported an EBIT-adjusted of $4.3 billion, an increase from $2.9 billion year-over-year.
“We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment because demand continues to be strong for GM products and we are actively managing the headwinds we face,” says Mary Barra, chair and CEO of GM, in her quarterly letter to company shareholders.
To that end, GM’s automotive operating cash flow jumped from the red, moving from negative $2.6 billion in Q3 2021 to $6.5 billion this quarter. GM Financial reported a slight drop in EBT-adjusted, reporting $911 million this Q3 compared to $1.1 billion last Q3.
“We also earned more than 8 percent of the U.S. electric vehicle market in the third quarter thanks to record sales of the Chevrolet Bolt EV and Bolt EUV. Our dealers and customers have embraced the Bolt because of its range, technology, and value, helping it outsell Ford’s Mach-E by more than two to one in September,” says Barra.
“The Chevrolet Equinox EV and the GMC Sierra EV that we revealed in recent weeks, along with the Chevrolet Silverado EV and Blazer EV, are cornerstones of our strategy to rapidly grow EV volumes by winning in high-volume segments. They have all been incredibly well received by customers and industry experts who see them driving rapid EV adoption and conquest sales for GM, including in coastal markets.”
GM expects its full-year net income to land between $9.6 and $11.2 billion, and an EBIT-adjusted of between $13 and $15 billion
Full-year net automotive cash provided by operating activities has a guidance range of between $16 and $19 billion, and adjusted automotive free cash flow guidance range of between $7 and $9 billion.
“For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in natural resource recovery, processing, and recycling. There have been many other exciting developments, but it’s the Cadillac CELESTIQ we unveiled on Oct. 17 that shows the almost limitless possibilities of Ultium,” says Barra.
“The CELESTIQ is a completely bespoke work of automotive art built around the most advanced and innovative technology that we have ever engineered. No two will be alike and we will begin handcrafting them in December 2023.”
