GM Made $3.3 Billion Last Quarter. Its US Market Share Still Fell

General Motors earned $3.3 billion in the third quarter, about two and a half times the $1.3 billion it made a year earlier. Over the same three months, it sold 39,000 fewer vehicles in the US and gave up 0.7 percentage point of market share. Pickups explain the first number. A collapse in EV sales explains most of the second.

GM's own figures show US sales of 671,000, down 5.5%, and a share of 16.1%, down from 16.8%. The wider market fell just 1.3%. As our breakdown of GM's Q3 sales showed, almost all of that gap came from EVs, which fell 62% after the federal tax credit expired.

Where the Money Came From

Revenue rose 2.9% to $50.0 billion, according to GM's earnings filing. EBIT-adjusted, the profit measure GM steers by, climbed 21.6% to $4.1 billion, and its margin widened from 6.9% to 8.2%.

North America did nearly all the work. The region earned $3.59 billion on an adjusted basis, up 43%, at an 8.7% margin. That's roughly 87% of the company's total. GM International slid from $226 million to $28 million, China equity income more than halved to $32 million, and GM Financial dropped 17% to $668 million.

The EV pullback still costs money, just less of it. GM booked $238 million for its "EV strategic realignment" this quarter, against $1.59 billion a year ago. That brings the 2026 total to $3.59 billion through September. On the earnings call, CFO Paul Jacobson put cumulative cash charges since mid-2025 at $7.4 billion, with about $1 billion still to be paid this quarter.

What It Means for 2027 Silverado and Sierra Prices

The quarter sets up GM's most important launch of the year. Production of the next-generation Silverado and Sierra has started in Silao, Mexico, with Fort Wayne joining in the first quarter of 2027 and Orion in the second, executives said on the call. GM expects about 35,000 fewer full-size pickups this quarter as plants change over.

Shoppers shouldn't expect deep discounts on the outgoing truck. Jacobson said incentives on it are several hundred basis points lower than in past changeovers, and that GM's North American pricing is up $400 million this year. He expects the new truck to lift profit mainly through a richer trim mix rather than a big price step-up.

The stickers already lean that way. The 2027 Silverado 1500 price list runs from $38,600 to $77,200 before destination, and every trim but one costs more than its 2026 equivalent, by $1,200 to $8,800. Chair and CEO Mary Barra said GM expects to build "roughly the same number of trucks in 2027."

Higher Forecast, Bigger Buyback

GM narrowed its 2026 EBIT-adjusted outlook to $14.5 billion to $15.5 billion, from $14 billion to $16 billion, and raised its adjusted automotive free-cash-flow forecast to $11.5 billion to $12.5 billion. Adjusted earnings per share should land between $12.75 and $13.75.

Much of that cash goes back to shareholders. GM finished a $6 billion buyback and approved a new $20 billion authorization with no expiration date. Its share count has fallen to 849 million, from 1.2 billion at the end of 2023.

Tariffs aren't mentioned in the filing. On the call, executives said tariff costs reached about $1.8 billion so far this year and should finish at the low end of a $2.5 billion to $3.5 billion range. They also flagged roughly $2 billion of commodity, logistics, and memory-chip headwinds for 2026.

Separately, GM plans to close its Brownstown Battery Assembly plant in Michigan, according to reports. A GM spokesperson told TechCrunch the site's lease is expiring and the move isn't tied to the company's EV strategy.

The Catch

More of GM's volume is going to businesses. Fleet sales rose to 267,000, or 19.2% of the company's total sales, from 16.7%. The share loss also came in a quarter when hybrids, not EVs, were winning shoppers over, as Detroit's Q3 shift toward hybrids showed.

The next test is Ford, which hasn't reported its quarter yet. Its F-Series is the most direct rival to GM's trucks, as our Silverado HD vs. Super Duty comparison lays out.