CHICAGO: General Motors Company announced on Tuesday that its net income in the third quarter of this year was US$3.1 billion, down 7 per cent year on year, reported Xinhua.
GM’s revenue in the third quarter increased 5.4 per cent from a year ago to US$44.13 billion, while the operating profits declined 16.9 per cent from the third quarter of 2022 to US$3.56 billion, The Detroit News reported Tuesday.
GM’s adjusted earnings in North America declined 9.5 per cent in the third quarter from a year earlier to US$3.53 billion. However, its international operations earnings increased by roughly 7 per cent to US$357 million.
The average transaction price of a GM vehicle in the quarter in the United States was US$50,750, down slightly from the second quarter.
“It’s been clear coming out of COVID that wages and benefits across the US economy would need to increase because of inflation and other factors,” GM CEO Mary Barra said in a letter to shareholders concerning the UAW strike.
“The current offer is the most significant that GM has ever proposed to the UAW, and the majority of our workforce will make US$40.39 per hour, or roughly US$84,000 a year by the end of this agreement’s term.
“It’s an offer that rewards our team members but does not put our company and their jobs at risk. Accepting unsustainably high costs would put our future and GM team member jobs at risk, and jeopardising our future is something I will not do,” Barra said.
The UAW on Tuesday spread its strike against the Big Three US automakers to GM’s full-size SUV plant in Arlington, US state of Texas, as its strike against the US Big Three enters the 40th day.
The plant builds GM’s most expensive vehicles such as the Chevrolet Tahoe and Suburban, the GMC Yukon and Yukon XL, and the Cadillac Escalade and Escalade-V. – BERNAMA-XINHUA
