" General will achieve a new high in future revenue through strategic cooperation , new energy vehicle layout and autonomous driving . " Author: Coco Cheung Editor: tuya Produced by: Finance Tuya Recently, General Motors (GM.US) released its third quarter financial report. According to the financial report, General Motors' total revenue in the third quarter was US$41.889 billion, and increased by 56.42% year-on-year. Among them, the main business car sales revenue was US$38.703 billion, accounting for 92.39% of the total revenue. The total cost was US$38.497 billion, up 53.17% year-on-year, and operating revenue was US$3.392 billion, up 106.2% year-on-year. At the same time, the gross profit margin for the quarter was 7.76%. Ultimately, the adjusted net profit attributable to shareholders was US$3.305 billion, earnings per share was US$2.26 and diluted US$2.25. GM is divided into general North American and general overseas sections according to geographical location. Among them, North America generated revenue of US$34.691 billion in the quarter, while overseas markets generated revenue of US$3.98 billion. is divided into automobile and spare parts sales, used cars and auto repair services sections. The automobile and spare parts sales sector revenue this quarter was US$37.363 billion, the second-hand car sector revenue was US$155 million, and the auto repair service sector revenue was US$1.185 billion. The driving force of this rapid growth lies in the synchronous growth of sales and prices. Among many models, the high-gross profit models include Cadillac Escalade. Chevrolet Bolt EV and EUV achieved sales records, with the Ford Mustang Mach-E sales exceeding expectations by 50%. As of the end of the third quarter, the company's output increased by 80% compared with the same period last year, and 75% of the inventory that was left at the end of the second quarter due to the lack of spare parts was shipped. This partially offsets the logistics risks and losses represented by Mexico region. At present, the inventory of general dealers has been much lower than the historical level, and the inventory turnover days are still only about 20 days. In the third quarter, the company's cost was US$350 million, mainly due to the strategic growth plan. As of the end of the third quarter, North America's market share was 15.6%, up 340 basis points year-on-year. General expects the cost of commodities and logistics in 2022 to be about US$5 billion. The volume-based sales of middlemen increased by 25%-30% compared with the same period last year, which will increase EBIT in North America by about 10%. It is worth noting that despite the influence of risk control, General China is also in full swing and its business has resumed profitability. In addition to cooperating with suppliers to improve efficiency and reduce risks, will achieve future revenue highs through strategic cooperation, new energy vehicle layout and autonomous driving in the new fiscal quarter and fiscal year. GM established in 2021, which specializes in first-mile and last-mile transportation, will be produced at the CAMI assembly base and will be quantitatively upgraded in 2023 to meet the needs of customers such as Walmart, FedEx and Merchants Fleet. BrightDrop also launched an electronic vegetable basket tracking system last month to achieve a significant acceleration in online grocery shopping. Kroger supermarket is General Motors' first customer. In addition, General Motors and Hertz Car Rental reached a strategic agreement to provide 17.50,000 new energy vehicles in the next five years. In terms of new energy battery solutions, General cooperates with LGEnergySolution for the first time to integrate each other's advantageous technologies. ’s newly built production base in , Ohio covers an area of more than 30 football fields and will employ more than 1,000 employees. This will not only increase General Motors' gross profit margin, but will also increase the production capacity of in the United States and China to 1 million units by 2025. From the perspective of new energy layout, it mainly focuses on vertically integrating industrial chain and production base construction to achieve large-scale mass production to meet market demand. GM will first transition the production of Cadillac LYRIQ and GMC HUMMER new energy vehicles to the Ultium Cell production base established by General Motors in Ohio . Meanwhile, the Zero Factory for mass production and the CAMI assembly center in Ramos Arizpe, Mexico will be put into use in 2023 and 2024, respectively. Two additional Ultium Cell production sites are also under construction and are expected to start production of GMC HUMMER new energy vehicles, Chevrolet Silverado, Equinox and Blazer new energy vehicles, and BrightDrop commercial electric vehicles in 2023 and 2024 to meet the growing demand. General plan to produce approximately 4,000 new energy vehicles for North America in the first half of the year, and strive to exceed 1,000 10,000 10,000 10,000 10,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,025 
From the perspective of autonomous driving, the unmanned cruise system has been operating more than 400,000 miles in the city of San Francisco, and thousands of public people have tried this service. In September, commercial unmanned driving operations entered two new markets, namely the city of Austin and the city of , Phoenix . General Motors is moving smoothly on tracks to achieve commercial unmanned driving services and freight transportation by the end of the year, and the use of the map navigation system is as expected.
Next year, GM will enter the scale stage of driverless driving and achieve meaningful profits.
In addition, in all strategic transformation and upgrading, new energy batteries and cruise systems are also important links in increasing gross profit margins.
