North America is GM when looking deeper into the Q3 results. Wayne Gerdes – CleanMPG – Oct. 25, 2016 GM released its third-quarter earnings and revenue showing record results driven thanks in part to its emphasizing retail vs. fleet sales strategy in the U.S., decent performance in China, and growth in wholesale volume and effective cost containment. The Records Net revenue of $42.8 billion, up 10.3 percent, ROIC-adjusted of 30.6 percent, up 4.6 points. Net Income of $2.8 billion, up 104 percent, EBIT-adjusted of $3.5 billion, up 14.4 percent, EBIT-adjusted margin of 8.3 percent, EPS diluted of $1.76, up 110 percent, EPS diluted-adjusted of $1.72, up 14.7 percent, North America EBIT-adjusted of $3.5 billion, and Adjusted automotive free-cash-flow of $3.5 billion, up $2.7 billion USD. The 2016 Q3 GM average transaction prices (ATPs) across the company are up nearly $1,500 per vehicle vs. the Q3 of 2015 including the increased incentive spending. GM Q3 2016 and YTD Region Sales Results North America sales of 919,248 was down 1.2 percent. YTD sales of 2,628,091 was down 2.1 percent China sales of 907,839 was up 17.3 percent. YTD sales of 2,718,315 was up 9.0 percent Europe sales of 282,951 was down 2.0 percent. YTD sales of 922,996 was down 2.4 percent International sales of 161,659 was down 15.7 percent. YTD sales of 489,708 was down 17.0 percent South America sales of 152,533 was up 1.3 percent. YTD sales of 421,968 was down 13.1 percent GM Global Sales Total reached 2,424,230 was up 3.8 percent. YTD sales of 7,181,078 is up 0.4 percent. North America Q3 record EBIT-adjusted grew to $3.5 billion for the quarter, up $0.2 billion over Q3 of 2015, and EBIT-adjusted margins remained strong at 11.2 percent. GM China equity income was flat at $0.5 billion USD. GM Europe EBIT-adjusted improved $0.1B over the 3Q of 2015, improving results to breakeven YTD. GM South America EBIT-adjusted improved $0.1 billion but still down 0.1 billion below the Q3 of 2015. All in, GM earned most of its income from North America with China at 1/7 the amount while selling the same number of cars and trucks there. If GM were to somehow dissolve all of its foreign operations, it would make more with far less expense due to North American SUV and Pickup truck sales.