DETROIT>> Shares of General Motors jumped more than 10% Tuesday after the automaker posted a third-quarter profit of $3 billion, just slightly less the same quarter a year ago. It was the stock’s biggest single day surge since March of 2020.

The earnings came even though GM’s U.S. sales were down and a once-reliably profitable joint venture in China lost money. By late afternoon, GM shares hit $54.08, a new high for the year.

The Detroit automaker reported $48.8 billion in revenue from July through September, 10% more than last year, aided by U.S. average vehicle sale prices that were steady with last quarter at over $49,000.

Chief Financial Officer Paul Jacobson said that while overall sales in the U.S., GM’s most profitable market, fell 2.2% in the quarter, much of that drop was from sales to large fleet buyers. Sales to individuals, which generally are more profitable, rose 3%.

While other automakers have gotten stuck with too many high-priced vehicles when many buyers are looking for lower costs, GM has yet to see such a shift, Jacobson told reporters.

During the quarter, the company gained $900 million year-over-year from higher prices, he said. About half of that came from sales of midsize SUVs such as the Chevrolet Traverse, he said.

“I think that the consumer has held up remarkably well for us,” he said, adding that next year should be consistent with this year as the Federal Reserve continues to reduce interest rates and lower borrowing costs. “Nothing that we’ve seen has changed from where we’ve been the last several quarters.”

Excluding one-time items, GM had an adjusted profit of $2.96 per share, beating Wall Street estimates of $2.38, according to FactSet. The company’s revenue also soundly beat estimates of $44.67 billion.

The company’s joint venture in China, though, lost $137 million, compared with a $192 million profit a year ago. Jacobson said the loss is a symptom of tough market conditions there, where domestic brands are turning out well-built products at low costs.