GM's net gain dropped by 7.3% to $3.06 billion in Q3.
Income increased by 5.4% to $44.1 billion.
Several factors led GM to abandon its full-year financial performance targets.
GM scaled back efforts to challenge Tesla in the U.S. EV market.
Cost-cutting measures include redesigning the Chevrolet Bolt EV
GM aims for a low- to mid-single-digit EBIT margin target by 2025.
Concerns raised to the Biden administration regarding ambitious emissions rules.
GM's North American sales and pricing remain stable.
Higher costs and increased EV sales impacted GM's profits.
GM's Cruise robotaxi unit reported expanding losses.