GM Reports Third-Quarter Revenue of $50.02 Billion, Up 2.9%

General Motors CEO Mary Barra said the company is not concerned about rivals’ truck incentives, citing the strength of GM’s products as a driver of sales. On GM’s earnings call Tuesday, Barra confirmed the release of the next-generation Chevrolet Silverado 1500 and GMC Sierra 1500 light-duty pickups. Asked about competition, she said it was “here to stay” and noted that one rival had offered “higher incentives for quite some time,” after years without rivals offering discounts. Barra said GM had grown its share with the truck and saw substantial potential to keep gaining share after the launch, supported by the product’s strength.

She added that GM’s products had maintained segment sales despite rivals’ high incentives, helping the company generate revenue from software services such as OnStar and Super Cruise. Chief Financial Officer Paul Jacobson discussed GM’s inventories and pricing strategy as the automaker prepared for production downtime and a transition to the next generation of pickup trucks. He said the sell-down of the existing truck was on track and inventories were at planned levels.

Truck incentives, he added, were “several hundred basis points lower than prior truck changeovers.” Jacobson said GM had maintained broader price discipline over the years and expected to end the year with inventory within its 50-60-day target range. After GM’s earnings report, BNP Paribas said the company’s “modest” third-quarter miss against the bank’s forecasts reflected lower pricing from truck incentives ahead of the model changeover. BNP Paribas forecast EBIT of 4.26 billion, compared with reported EBIT of 4.11 billion, and EPS of 3.74, versus reported EPS of 3.70. The bank saw 45% upside.

GM said revenue increased 2.9% from the same quarter a year earlier to 50.02 billion, above 48.53. BNP Paribas reiterated its ‘Outperform’ rating on GM and set a $112 per-share price target. Against GM’s pre-market price of $77 per share on Wednesday, the target implies upside of more than 45%. **USMCA remains key** BNP Paribas said that although 3Q26 ended GM’s “beat & raise” streak, it still sees the company executing consistently well and delivering a top-tier shareholder return yield.

The bank added that GM’s refreshed truck and SUV lineup, along with growth in software and services, will support the automaker. The bank described a new United States-Mexico-Canada Agreement (USMCA) as a key potential upside to its forecast, estimating an annualized EBIT benefit of 500 million for GM.