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General Motors Earnings and China Operations
General Motors (NYSE: GM) reported record adjusted pre-tax profits of nearly $15 billion for 2024, marking a 21% increase from the previous year. Despite these gains, GM’s stock price has remained sluggish.
In the third quarter of 2023, GM’s sales in China surged by 10%, totaling approximately 470,000 vehicles delivered. This growth signifies a turnaround after GM experienced a sharp decline in sales, from a peak of 4 million vehicles in 2017 to 1.8 million vehicles in 2024. The increase marks three consecutive quarters of growth and is part of GM’s effort to restructure its business in response to the competitive electric vehicle market.
Furthermore, GM has announced a total of $16 billion in share buyback programs since 2023, retiring over 400,000 shares outstanding. In February, the company also raised its quarterly dividend by 25%.
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