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After claiming a $2b Q3 net profit last week without releasing any data, GM has just dropped some more complete numbers for the last quarter… but we’re still waiting for complete, audited, GAAP-approved numbers. In the meantime, make what you will of the limited data [.doc here]. UPDATE: TrueCar sends us complete by-brand breakdowns of GM’s incentive, market share and transaction price.
10 Comments on “GM Releases Non-GAAP Q3 Results...”
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Overall market share is down. Death watch! Death watch!
segfault is right. GM, for all of its vaunted new product is underperforming the slowly improving market and continuing to lose share.
So which is better:
1. Holding market share because you are overproducing and throwing cash on the hood leading to massive losses
-or-
2. Losing market share because you are capacity constrained, but because of higher average transaction prices and lower incentives you are generating profits
GM is shedding 4 brands though. I am not sure how much that is worth in this scheme, or how much shedding some dealers is worth.
GM is turning a profit. That is the most important thing for them as a company. It will be interesting to see going forward if GM can keep its brands growing or not. As core brands, they are doing quite well.
Take all this with a grain of salt. It is non-GAAP accounting. Think Enron and others. They cheated with GAAP but non-gap makes it easier to have funny numbers.
Thank God we are as paranoid as you. GM would not lie on this, what motive would they have? A few weeks “good” press followed by crucifixation when the GAAP figures came out much lower. They would not risk it.
Also I agree with Ski profit not market share is the key thing. Transaction value is going up, incentives down and volume also went up – hence a profit.
Not paranoid at all, GM lies, that’s just what they do. Remember “we have paid all the bailout money back” and all the other misstatements from management over the years? They just want to get the IPO done and they don’t care what happens after that. They think that GM will become a Chinese company sooner or later or fail and get bailed out again, But by then they will have moved on so it won’t matter. Liars lie.
Remember…GM could lie…they have a big IPO coming up, and the rosier it looks, they better it will be for them.
think Beetle Bailey, Hagar the Horrible, and Blondie, other fine comic strips.
Core brands all gained market share while lowering discounts. Very impressive.