Weekly roundup: GM exceeds Q3 earnings, EV sales surge, Trump proposes U.S. car tax breaks

Earlier this week: GM surpassed Wall Street Expectations with robust Q3 earnings. The U.S. electric vehicle market sees record growth as EV sales hit new milestones. Trump proposes tax breaks for U.S.-made car purchases as election nears. Tesla posts robust Q3 earnings with $2.2B net income. U.S. Energy Department races to finalize $1.7 billion in EV plant conversion grants. Hyundai warns of slowing demand and rising competition amid a 7% drop in Q3 profit. Lawmakers urge Stellantis to honor UAW investment commitments amid rising tensions.

Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.

1. GM surpasses Wall Street Expectations with robust Q3 earnings
General Motors (GM) exceeded Wall Street’s earnings expectations in its third quarter, reporting a net income of $3.056 billion on revenue of $48.757 billion, up 10.5% year-over-year. While net income decreased slightly by 0.3%, GM’s continued success in North America and its growing electric vehicle (EV) market has allowed the automaker to raise its 2024 earnings guidance for the third consecutive quarter. Read More

2. U.S. electric vehicle market sees record growth as EV sales hit new milestones
According to the latest data from Cox Automotive, the U.S. electric vehicle (EV) market continues its rapid expansion, with both new and used EV sales showing significant growth. In September, new EV sales surpassed 100,000 units for the sixth consecutive month, representing 9% of total new vehicle sales — the highest market share for EVs to date. As the price gap between electric and internal combustion engine (ICE) vehicles narrows, EVs are becoming more accessible to a broader range of consumers, boosted by strong incentives in the new vehicle market. Read More

3. Trump proposes tax breaks for U.S.-made car purchases as election nears
During a rally on Oct. 22 in Greensboro, North Carolina, Donald Trump highlighted his proposal to offer tax breaks for purchasing vehicles, but only if they are manufactured in the United States. He emphasized that this policy would benefit American automakers and the domestic workforce, positioning it as a pivotal strategy to revive U.S. manufacturing. Read More

4. Tesla posts robust Q3 earnings with $2.2B net income
Tesla reported a strong net income of $2.2 billion for the third quarter (Q3), reflecting a 17% increase compared to the same period last year. The company’s total revenue for the quarter grew by 8% to reach $25.2 billion. Automotive revenue slightly increased by 2%, totaling $20 billion. Meanwhile, revenue from the energy sector surged by 52% to $2.4 billion, and services revenue rose by 29% to $2.8 billion. Read More

5. U.S. Energy Department races to finalize $1.7 billion in EV plant conversion grants
U.S. Energy Secretary Jennifer Granholm said on Tuesday that the U.S. Department of Energy is moving swiftly to finalize $1.7 billion in grants to convert automotive plants for electric vehicle (EV) production. The funding is intended to help major automakers, like General Motors and Stellantis, transition existing facilities to EV production, part of the Biden administration’s broader push to dominate the global EV market. Read More

6. Hyundai warns of slowing demand and rising competition amid 7% drop in Q3 profit
Hyundai Motor has reported a 7% drop in third-quarter operating profit, citing a slowdown in demand and increased competition in the global auto industry. The company posted an operating profit of 3.6 trillion won ($2.6 billion) for July-September 2024, down from 3.8 trillion won during the same period last year. This result fell short of analyst expectations, which had predicted a profit of 3.9 trillion won. Read More

7. Lawmakers urge Stellantis to honor UAW investment commitments amid rising tensions
Nearly 80 members of Congress, including Senate Majority Leader Chuck Schumer and Senator Dick Durbin, have called on automaker Stellantis to fulfill its investment commitments tied to its contract with the United Auto Workers (UAW). Read More

8. 10 essential tips for successfully selling your dealership– Sheldon Sandler | Bel Air Partners
In today’s competitive automotive market, selling your dealership can be daunting, whether you’re planning to retire, shift industries, or capitalize on favorable market conditions. In this episode of Inside Automotive, Sheldon Sandler, founder of Bel Air Partners, joins us to share invaluable strategies for a smooth and successful dealership sale. Watch the full segment here. 

9. Tom Maoli on why the upcoming election could make or break the auto industry
As the presidential election approaches, the automotive industry braces for potential policy shifts that could redefine the future of dealerships and manufacturers. On today’s episode of Inside Automotive, Jim Fitzpatrick sits down with Tom Maoli, president and CEO of Celebrity Motor Car, who shares his insight on the election’s potential impact on the auto sector. Watch the full segment here. 

10. Domonique Worship reveals how dealers can lead with ‘Exceptional Alignment’
Aligning every aspect of your organization is crucial and goes beyond just setting goals. Executive coach and leadership advisor Domonique Worship will join us on today’s episode of CBT Now to shed light on the concept of Exceptional Alignment™ and what leaders need to know. Watch the full segment here.