GM Lowers Guidance Due to Strikes and Slower EV Growth, Q3 Beats Expectations

GM withdraws 2023 guidance due to rising costs from UAW strikes, now at $200M per week in Q4.

Q3 net income fell 7.3% to $3.06B, revenue rose 5.4% to $44.1B, EPS beat expectations.

Abandoning goal of 400K EV production from 2022-2024 amid slower EV growth.

Delaying EV truck plant conversion to save $1.5B in 2024 capital costs.

Cruise robotaxi losses widen to $732M as operations expand to 15 cities.