GM Q3 net profit fell 7.3% year-on-year to $3.06 billion, delaying production of electric vehicles such as Chevrolet

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com October 24, GM Q3 net profit fell 7.3% to $3.06 billion (CTOnews.com Note: currently about 22.369 billion yuan), while revenue rose 5.4% to $44.1 billion (currently about 322.371 billion yuan). Adjusted earnings per share were $2.28, higher than Wall Street expectations and up from $2.25 a year ago.

GM shares were volatile in early trading, hitting their lowest level in three years and then rising about 1.5%.

GM is reformulating its new energy vehicle strategy to challenge Tesla's position in the US electric vehicle sector as growth in electric vehicle sales slows in North America and the US auto workers strike enters its sixth week.

GM said mass production of its new electric vehicles, including the Chevrolet Equinox EV, Chevrolet Silverado EV and GMC Sierra Denali EV models, would be delayed by "several months".

Mary Barra, GM's chief executive, said the delay was to protect profits and improve viability. These adjustments will "make trucks more efficient and cheaper, thus making more profits in the future".

GM also cancelled its near-term sales target for electric vehicles in response to slower-than-expected demand growth. GM said it would sell 400000 electric vehicles in North America from 2022 to mid-2024 and produce 100000 by the end of 2023. The company said it still plans to produce 1 million electric vehicles by 2025.