Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

General Motors (GM) witnessed an unexpected surge in demand for SUVs in Q3 2020, leading to a 72pc rise in the automaker’s earnings. 


The company is moving toward producing electric vehicles, with the launch of the Hummer EV, which will be produced in Detroit along with the $2bn plant transition in Spring Hill, Tennessee, which will produce the Cadillac Lyriq EV once it is commissioned. 


GM sold 4.7 million units in the first nine months of the year, down by 17pc from the prior-year period, led by a 37pc decline in South American sales. Depicting a recovery from the COVID-19 pandemic, Q3 sales of 1.7 million units, fell short by 4pc over the same quarter last year. 


GM’s North American revenue rose to $4.3bn in Q3 2020, up by 44pc from $3bn in the same period last year. The automaker’s net income tallied at $4bn in Q3, doubling from $2.3bn in Q3 2019.


American Honda sales decline

Japanese manufacturer Honda’s American subsidiary sold 126,987 units in October, down 3.5pc from October 2019. A 9pc rise in car sales of its sub-brand Acura were offset by an 8pc decline in Honda car sales during the past month. 

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