General Motors has delivered a third-quarter performance that underscores both the resilience and the contradictions of America’s industrial uncertainties. On Monday, the automaker reported earnings that exceeded Wall Street’s expectations, prompting an upward revision to its full-year profit outlook — even as it continues to grapple with the complex realities of the electric vehicle (EV) transition. GM’s stock responded with a 6.6% surge, reflecting renewed investor confidence in the company’s short-term strategy.

The automaker reported adjusted earnings of $2.80 per share, comfortably surpassing analyst forecasts of $2.32, with revenues reaching $48.59 billion — above the consensus estimate of $45.33 billion, though marginally down 0.3% from last year’s comparable quarter.

In a sign of its cautious optimism, GM raised its full-year adjusted earnings guidance to $9.75–$10.50 per share, a notable increase from the previous $8.25–$10.00 range. Likewise, its adjusted automotive free cash flow projection rose to $10–$11 billion, up from $7.5–$10 billion.

GM’s underlying performance reveals structural challenges. The company’s EBIT-adjusted fell 18% year-over-year to $3.38 billion, with operating margins slipping to 6.9% from 8.4% a year earlier. North American profits were hit particularly hard, dropping 37.1% to $2.51 billion. The results also reflect $1.59 billion in restructuring charges linked to EV production realignment and $300 million related to ongoing investigations into the OnStar Smart Driver product.

Wholesale vehicle sales declined 5.4% to 977,000 units, yet GM’s U.S. market share rose modestly to 17.0% from 16.5% a year prior — evidence of its continued dominance in key domestic segments.

Viewed through a broader lens, GM’s performance epitomises the challenge facing advanced industrial economies: how to sustain economic vitality while steering through the disruptive forces of technological change, global competition, and shifting consumer demand.