GM(US:GM) Zhong Guo Qi Che Bao Wang·2025-10-21 11:57Core Viewpoint - General Motors reported strong financial performance for Q3 2025, with significant increases in revenue and profitability, leading to an upward revision of annual performance expectations [2][3][5]. Financial Performance - Q3 2025 net revenue reached $48.6 billion, with a net profit of $1.3 billion [2][3]. - Adjusted EBIT was $3.4 billion, resulting in an adjusted EBIT margin of 6.9% [3]. - Adjusted diluted earnings per share were $2.80, with adjusted automotive cash flow at $4.2 billion [3]. Updated Annual Financial Expectations - Projected net profit for the year is between $7.7 billion and $8.3 billion [5]. - Adjusted EBIT is expected to be in the range of $12 billion to $13 billion [5]. - Automotive cash flow is forecasted to be between $19.2 billion and $21.2 billion, with adjusted automotive cash flow expected between $10 billion and $11 billion [5]. - Adjusted diluted earnings per share are anticipated to be between $8.30 and $9.05, with adjusted diluted earnings per share expected between $9.75 and $10.50 [5]. Market Performance - In the U.S. market, General Motors achieved a sales increase of 8% year-over-year, maintaining a market share of 17.4% in traditional fuel vehicles [7]. - The company leads the full-size SUV and full-size pickup segments with market shares of 60% and 41%, respectively [7]. - In the electric vehicle market, General Motors holds a 16.5% market share, ranking second in sales, with Chevrolet being the second-largest brand in the EV market [7]. Software and Services Growth - General Motors generated approximately $2 billion in confirmed revenue from software and services, with deferred revenue reaching about $5 billion, a year-over-year increase of over 90% [8]. - The active user base for the Super Cruise system is expected to exceed 600,000 by the end of the year [8]. Performance in China - General Motors has achieved profitability in China for four consecutive quarters, with year-over-year growth in both sales and market share [9]. - The company has seen continuous growth in sales of new energy vehicles and battery electric vehicles (BEVs) for ten consecutive quarters [9]. - The launch of the Buick Electra L7 and the upcoming flagship MPV Buick GL8, both based on local innovations, are part of the strategy to enhance product offerings in the new energy sector [9].