Proactive Investors - General Motors (NYSE:GM) stock edged into positive territory in Wednesday's premarket, following third-quarter 2023 sales reported 21.4% higher year over year after a significant improvement to supply chain issues experienced in the comparative period last year.
Auto analysts expected a 15% to 16% increase in 3Q sales for the overall industry.
The sales report comes as the United Auto Workers (UAW) strike has shown signs of slowly expanding, which will impact supply in the months ahead.
GM’s results were boosted by growth of newer, entry-level models such as the Chevrolet Trax and Buick Envista.
The auto giant also sold more than 20,000 electric vehicles (EVs) during the period, a 28% quarter-over-quarter increase.
As well, GM began selling new electric versions of its Chevrolet Blazer SUV and Silverado pickup during the quarter and increased production and sales of the Cadillac Lyriq EV and Hummer models.
GM fared better in 3Q than Toyota Motor (NYSE:TM) (with sales up 12.2%), Hyundai Motor (up around 9%), and Kia (a 14% improvement), but not as well as Mazda (up about 22%) and Honda (rising approximately 53%).
Shares of General Motors were up 0.22% at $31.38 early on Wednesday.