Nov. 5 (UPI) — Basic Motors introduced third-quarter earnings on Thursday that confirmed it has begun to get well from the COVID-19 pandemic faster than anticipated.
GM mentioned its internet revenue rose virtually 75% from July to October, to $4.05 billion. It reported internet revenues of $35.5 billion and money circulate of $9.9 billion.
CEO Mary Barra mentioned the automaker is “well-positioned” to reply to rising buyer demand as the general public continues to regulate to the well being disaster.
“This 12 months, and the third quarter, is a testomony to GM’s resilience,” Barra mentioned in a press release. “We entered the pandemic in a robust place and acted decisively to maintain our groups protected, preserve money and protect liquidity, all whereas preserving our vital product applications on monitor.”
GM mentioned automotive liquidity was above goal in the course of the quarter and it repaid $5.2 billion of its revolving credit score services.
“Gross sales in the USA and China are recovering sooner than many individuals anticipated, and GM is benefiting from sturdy buyer demand for our new autos and providers, particularly our full-size pickups and SUVs,” mentioned interim CFO John Stapleton.
“These robust fundamentals and the optimistic affect of our transformation and austerity measures are serving to us to ship stable earnings, generate important money and shortly repay the debt we incurred in the course of the early days of the pandemic.”
Ford and Fiat Chrysler additionally reported will increase in demand for the third quarter.