The automaker’s results beat profits of $1.53 a share a year ago and $1.14 per share in the second quarter, easing concerns about vehicle affordability and a possible recession.
Shares of the carmaker rose 5.1% in premarket trading to $37.55 as of 7:35 a.m. in New York. The stock is down about 39% this year. The company sees 2022 adjusted earnings before interest and taxes of $13 billion to $15 billion, unchanged from its previous projections. GM also showed an improvement in its business in China, the world’s largest auto market. The company said it made $330 million from its Chinese operations, up 22% from the same period a year ago even though shutdowns related to the Covid-19 pandemic have weighed on the local economy.unit lost $497 million in the most recent quarter and has lost a total of $1.4 billion so far this year as GM continues to develop autonomous technology and prepares to expand robotaxi service in Phoenix and Austin.
Zero sympathy here for anyone who buys this/similar, then complains about the cost of gas. Own it.