General Motors posts impressive Q3 results, smashing expectations

Despite falling auto sales in the industry, General Motors reported a profit increase of more than double in its latest earnings report in comparison with last year.

The Detroit automaker posted profit of $2.77bn, or $1.76 per share, while the figure was $1.36bn, or 84 cents per share in the corresponding quarter in 2015.

Revenue hit a record figure of $42.8bn, comfortably defeating analysts' expectations of $39.39bn.

GM's sales in the United States for the quarter fell by 4%, in a movement which matches that of its competitors Fiat Chrysler and Ford Motor, and conforms to prediction from those in the industry that auto sales have peaked.

Strong sales in China and cost-cutting from GM was said to have been the main factor in the strong performance. Europe continues to be troublesome for the company after posting a loss of $142m, and is unlikely to change with fears over Brexit.

On a conference call with investors after the release of the figures, chief financial officer Chuck Stevens said the company was "very pleased with the results".