Automaker General Motors Company (NYSE:GM) reported third-quarter financial results before the market open Tuesday. Here’s a look at how General Motors did for electric vehicles in the quarter and what’s to come.
What Happened: Traditional automaker General Motors reported revenue of $41.89 billion in the third quarter, beating a Street estimate of $41.77 billion. The company also reported earnings per share of $2.25, beating a Street estimate of $1.89.
In the third quarter, the company highlighted its progress in the electric vehicle segment and also what’s to come.
General Motors reported 14,700 sales of its Bolt EV and Bolt EUV in the third quarter, which it said was its best quarter for electric vehicles ever.
Total electric vehicle sales in the quarter were 15,200.
The automaker reported an 8% market share for the U.S. electric vehicle market in the third quarter thanks to record sales for the segment. General Motors said the Bolt EV outsold the Mach-E from Ford Motor Company (NYSE:F) by a two-to-one margin in the month of September.
The 15,200 electric vehicles sold in the third quarter still trail market leader Tesla Inc (NASDAQ:TSLA) by a wide margin. Tesla reported third-quarter production of 365,923 vehicles and deliveries of 343,830.
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What’s Next: General Motors said it is rapidly accelerating its electric vehicle capacity in North America, a key focus for future growth.
Production of the Bolt EV and Bolt EUV is expected to expand from 44,000 units annually to 70,000 units next 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,” General Motors CEO Mary Barra said.
The company has a lineup of electric vehicles coming in 2023 and 2024 that could rapidly increase its electric vehicle output. The Hummer EV has 90,000 reservations and the Silverado EV has 170,000 reservations.
In 2023, the company will release electric vehicle versions of the Silverado, Blazer and Equinox. The Cadillac CELESTIQ is also set for a fall 2023 release window.
“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,” the company said.
General Motors continues to support a plan for an annual electric vehicle capacity of one million units in North America by 2025. The goal was laid out by Barra several times in a quest to pass Tesla as the market leader.
General Motors will host an investor day on Nov. 17, 2023, where it could provide more color on its electric vehicle ambitions.
GM Price Action: General Motors shares are up 4% to $36.97 on Tuesday, versus a 52-week range of $30.33 to $67.21.
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