GM Releases Non-GAAP Q3 Results
November 10th, 2010 12:43 PM
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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.
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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.
think Beetle Bailey, Hagar the Horrible, and Blondie, other fine comic strips.
Core brands all gained market share while lowering discounts. Very impressive.