American auto major General Motors (GM) has reported its financial results for the quarter ended September 2022 and the results for the first 9 months of the calendar year.
For the quarter the company reported revenue of $41.9 billion, up 56 percent YoY, net income of $3.3 billion compared to $2.4 billion a year ago. The company attributes 90% of its operating profit came the North American market itself, where it earned $3.9 billion mostly from trucks and SUVs.
Furthermore, for the first 9 months the company reported revenue of $113 billion compared to $93 billion a year ago, net income came at $7.9 billion versus $8.2 billion a year ago.
Mary Barra, Chai and CEO, GM said, “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.”
She said that as the company scales the Ultium Platform, it has intentionally positioned the company for volume growth with flexibility, efficiency and increased EV profitability over time. Greater vertical integration will remain a key driver for GM.
This is the reason that the company is building battery cells in Ohio through Ultium Cells and a second U.S. plant opening next year, a third in 2024, and a fourth planned.
GM aims to reach more than 1 million units of annual EV capacity in North America by 2025.
“For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in natural resource recovery, processing and recycling,” added Bara.
