GM's shares post biggest percentage gain in over 4 years as company reports $3 billion profit in 3Q
Shares of General Motors surged nearly 10% Tuesday after the automaker posted a $3 billion third-quarter profit that was slightly less than a year ago
By TOM KRISHER
Published - Oct 22, 2024, 04:43 PM ET
Last Updated - Dec 16, 2024, 06:06 PM EST
DETROIT (AP) — Shares of General Motors surged almost 10% Tuesday after the automaker posted a $3 billion third-quarter profit, slightly less the same period a year ago. It was the stock's biggest single day percentage gain in more than four years.
GM's stock closed up 9.8% at $53.73, the biggest increase since March 24, 2020 and the highest price this year.
The earnings came even though GM's U.S. sales were down and a once-reliably profitable joint venture in China lost money.
The Detroit automaker reported $48.8 billion in revenue from July through September, 10% more than last year, aided by U.S. average vehicle sale prices that were steady with last quarter at over $49,000.
