By managing its inventory and offering vehicles that are still in high demand, General Motors (NYSE:GM) reported a better-than-expected third quarter, delivering the beat and raise that investors were counting on to drive shares to their highest level since February 2022 and its largest intraday percentage gain since the beginning of this year.

General Motors posted better-than-expected third-quarter profit and sales as it kept prices steady and controlled costs.

GM For the third quarter, Wall Street projects earnings per share of $2.38 and an operating profit of $3.3 billion from sales of $44.7 billion, according to FactSet.