GM shares pop after topping earnings estimates

STORY: Shares of General Motors surged nearly 10% on Tuesday to a two-and-a-half year high, driven by strong third-quarter results.

Resilient consumer demand for its trucks and SUVs - even in the face of high interest rates - led the automaker to once again boost its 2024 profit forecast and predict even stronger demand next year as financing rates fall.

One sore spot was China, where GM has taken a backseat to competitors, particularly when it comes to electric vehicles, as Chinese rivals pump out more affordable models.

The automaker posted another quarterly loss in the region amid plans to restructure its operations there.

GM's stock is up 36% this year, outpacing Jeep-owner Stellantis, whose sales have dropped, and Ford, which has struggled with costly quality control issues.