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GENERAL MOTORS PROFIT JUMPS 22% AS AMERICANS KEEP BUYING EXPENSIVE PICKUP TRUCKS AND SUVS DESPITE HIGHER COSTS

General Motors has reported a 22 per cent increase in third-quarter adjusted operating profit, with adjusted EBIT reaching approximately $4.1 billion as strong demand for expensive pickup trucks and SUVs continued to support the Detroit automaker’s earnings. Revenue rose 2.9 per cent to about $50 billion, while North American margins improved sharply to 8.7 per cent. GM also reduced sales of some unprofitable electric vehicles, narrowed its full-year adjusted EBIT forecast to between $14.5 billion and $15.5 billion and approved a new $20 billion share buyback programme.