General Motors (GM) is on the verge of releasing its Q3 2024 results, with expectations of earnings reaching $2.45 per share, marking an 8% increase from the previous year.

For the full year, GM's earnings per share (EPS) forecast stands at $9.97, reflecting a significant 30% rise compared to 2023 and surpassing earlier guidance.

In fact, GM achieved record electric-vehicle deliveries of 32,095 units in the last quarter, representing a nearly 60% increase year-over-year.

GM's disciplined pricing strategy has allowed it to maintain relatively strong vehicle prices, in contrast to other automakers who have resorted to increasing discounts to stimulate sales.

While there are concerns about the overall automotive market, GM may find opportunities in a slower EV market, allowing for better monetization of gasoline vehicles.

Currently, GM stock is trading near a buy point of $49.86, having recently dipped 0.5% to $48.93, as it seeks to maintain support above its 50-day moving average.

As a result of these strategies, GM's stock has risen by 34% in 2023, while Ford's stock has declined nearly 10% during the same period.

Despite the anticipated earnings growth, GM has faced a decline in total sales during Q3, primarily attributed to weaker performance in combustion-engine vehicles, although electric vehicle (EV) sales have shown robust growth.

However, concerns linger regarding consumer willingness to pay premium prices for trucks and SUVs amid rising interest rates and economic uncertainty.

This shift in consumer preference is evident, as buyers increasingly favor compact crossovers for their efficiency and lower maintenance costs, impacting GM and Ford's strategies.

Both GM and Ford are emphasizing strong performance in gas-powered vehicles as they navigate ongoing challenges with their electric vehicle projects.

In light of these developments, RBC has raised the price target for GM stock from $54 to $58, making it one of the few stocks in their coverage to receive an upgrade.