Earnings

General Motors (GM) earnings Q3 2023

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General Motors CFO Paul Jacobson on withdrawing guidance as UAW strike costs surge

DETROIT — General Motors beat Wall Street’s third-quarter expectations on Tuesday, as it battles through ongoing labor strikes by the United Auto Workers union that’s costing the automaker roughly $200 million a week in lost vehicle production.

The labor strikes, which started Sept. 15, have cost the automaker roughly $800 million in pre-tax earnings due to lost vehicle production, including $200 million during the third quarter, according to CFO Paul Jacobson.

The UAW dealt another blow to GM just hours after its quarterly reporting, expanding its strikes to a highly profitable GM plant.

Due to the ongoing volatility caused by the strikes, GM said Tuesday it is pulling its previously…



Source cnbc.com

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