General Motors CEO Mary Barra thanked President Donald Trump in her letter to shareholders for his latest bout of tariff relief.

Barra also noted GM had its highest third-quarter market share since 2017 with strong margins, and its restructured China business was profitable once again.

General Motors’ net income plunged 57% in the third quarter compared with the same quarter in 2024 as profits buckled under electric vehicle production changes, the automaker said Oct. 21.

The Detroit automaker also lowered its guidance for what it expects to make this year after taxes and other expenses to $7.7 billion to $8.3 billion as it reported earnings for the quarter ending Sept. 30, adjusting down the previously stated range, which had been $7.7 billion to $9.5 billion.

After tax profit expectat

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