GM Reports $4 Billion in Income for Third Quarter 2020

Income leaped by 74% year over year at GM, according to quarterly financial results the company published today. 

General Motors reported a total of $4 billion in income for the first three quarters of 2020, up from $2.3 billion in the same period in 2019. This despite net revenue of $35 billion both years. 

GM attributes the difference to its agility and its strong, growing franchises. 

“This year, and the third quarter, is a testament to GM’s resilience. We entered the pandemic in a strong position and acted decisively to keep our teams safe, conserve cash and preserve liquidity, all while keeping our critical product programs on track,” said Mary Barra, GM’s CEO, in a press release. “Now we are well positioned to meet rising customer demand, accelerate our transformation and deliver our vision of a world with zero crashes, zero emissions and zero congestion.”

Share prices, meanwhile, closed at their highest price this year last night. The progress is being driven by the success of the Hummer EV and GM’s recent announcement that it would invest $2 billion in the US to support electric vehicle production.

The stock price was at $37.41 when trading closed last night, up 2.2% over the price at this time last year.

Comments