General Motors Co. brought in $3.4 billion in net profits before taxes and close to $49 billion in total revenue over the last several months, beating Wall Street expectations.

Per share, that's earnings of $2.80. Analysts expected revenue of about $44 billion and earnings of $2.26 per share between July and October, according to consensus estimates reported by Yahoo Finance.

GM updated its estimated yearly net profits to between $12 billion and $13 billion, up from a previous projection of $10 billion to $12.5 billion.

Despite outperforming analysts' expectations, GM's third-quarter net profits before tax fell below last year's earnings of more than $4 billion in the same period.

Still, the earnings show GM's resilience so far in the face of numerous market disruptions, from tariffs throughout the U.S. auto industry's supply chain to the rapid reversal of Biden-era EV policies under President Donald Trump.

"Looking ahead, our top priority is to restore North America to our historical 8–10% EBIT-adjusted margins," CEO Mary Barra said in a letter to investors Tuesday. "We are focused on driving EV profitability, maintaining production and pricing discipline, managing fixed costs, and further reducing tariff exposure."

"While the tariff headlines and recent EV impairment charges continue to put further pressure on the bottom line in the near-term, we believe GM continues to impressively navigate the complex backdrop while seeing stable demand for its entire fleet with its ICE portfolio driving incremental delivery growth moving forward," Wedbush analysts wrote last week. "We see brighter days ahead for GM into 2026."

GM's third-quarter earnings reflect a $1.6 billion write-down issued last week over the stunted EV market, which the company has attributed to the loss of a $7,500 tax credit program for EV buyers and lessees. The tax incentives expired last month under legislation signed by Trump.

The impending deadline to take advantage of the tax breaks pushed buyers to snap up battery-powered vehicles from July to September in a record-breaking few months for EV makers. But analysts predict a drop-off in sales moving forward.

Most of the impairment charge — $1.2 billion — represents investments in equipment and other manufacturing capacity that is no longer needed now that GM has pulled back on ambitious EV plans. The company expects $400 million in losses on contracts with suppliers who had planned to provide EV parts or equipment.

"With the evolving regulatory framework and the end of federal consumer incentives, it is now clear that near-term EV adoption will be lower than planned," Barra wrote to shareholders. "That is why we are reassessing our EV capacity and manufacturing footprint. The work, which is ongoing, resulted in a special charge in the third quarter, and we expect future charges."

Analysts have said GM likely would have taken a hit from the slow-growing EV market regardless of federal policy. High price tags and lagging charging infrastructure remain top barriers to broader EV use among drivers, and currently EVs represent about 10% of the overall U.S. auto market.

Trump's import taxes on certain vehicles, auto parts and raw materials further complicated GM's finances so far this year, although the White House last week extended a deal that eases tariffs on automakers assembling vehicles in the United States.

A 25% tariff on medium- and heavy-duty trucks is also set to take effect Nov. 1.

An analysis from consulting firm Anderson Economic Group last week estimated that U.S. automakers through July had paid $6.45 billion in tariffs this year on autos and auto parts from suppliers and assembly plants in Canada and Mexico. Those figures don’t factor in tariffs paid on aluminum and steel or imports from Europe and Asia.

Barra earlier this year said she expects the Detroit automaker's total tariff costs this year to hit between $4 billion and $5 billion, which she said the company expects to offset by about 30% in part by tightening the budget and moving more supplies and manufacturing to the United States.

On Tuesday, GM lowered its projected tariff costs for the year to between $3.5 billion and $4.5 billion, with the goal of mitigating about 35% of those costs.

Efforts to limit tariff exposure include a $4 billion onshoring investment to up production of money-making trucks and SUVs in Michigan, Kansas and Tennessee.

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