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DETROIT—General Motors’ third-quarter net profit rose 36.6 percent as vehicle sales began to rebound from persistent supply chain troubles.
The Detroit automaker on Tuesday reported earnings of $3.3 billion from July through September, compared with $2.42 billion a year earlier.
The increase was fueled largely by a 24 percent sales increase in the United States, GM’s most profitable market. The company said it is seeing improved supplies of computer chips and other parts, allowing it to build more vehicles and increase inventory on dealer lots.
It’s also selling more expensive pickup trucks and large SUVs. That boosted revenue for the quarter by 56 percent to a record $41.89 billion, though that’s still short of the $42.1 billion that Wall Street had expected, according to a survey by FactSet. More than 80 percent of GM’s revenue came from North America…. Source
GM Sidesteps Economic Headwinds; Q3 Profit Jumps Nearly 37 Percent
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