DETROIT, Oct 25 (Reuters) – General Motors Co (GM.N) on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook.
The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago.
GM’s net margin slipped to 7.9%, from 9.0% a year earlier.
Chief Executive Mary Barra, in a letter to shareholders, cited improved supply chain conditions and said the company is “actively managing the headwinds we face.”
The automaker said higher volume in the quarter drove a $5 billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs.
GM said it has received 170,000 reservations for the new Chevrolet Silverado EV pickup, which arrives at U.S. dealers next spring. The company said it captured 8% of the U.S. electric vehicle market in the quarter, on record sales of the Chevrolet Bolt and Bolt EUV.
