General Motors is reporting strong profits for the third quarter of the year.
The Detroit automaker says it earned $3.3 billion between the beginning of July and the end of September. That’s compared to $2.4 billion in the same quarter last year. GM says the supply of computer chips has improved, allowing the company to produce and sell more vehicles.
Quarterly sales in the U.S. jumped 24%, and demand for the automaker’s high-profit pickup trucks and SUVs pushed revenues to a record $41.89 billion.
“We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment because demand continues to be strong for GM products and we are actively managing the headwinds we face,” GM CEO Mary Barra shared in a letter to shareholders.
Ford is scheduled to report its third quarter earnings on Wednesday.
Other headlines for October 25, 2022:
- Gretchen Whitmer, Tudor Dixon clash in second televised debate
- NAACP Detroit chapter hosting Detroit school board candidates
- Detroit students’ national test scores lower than previous years
- Power Ball jackpot rises to $700 million