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GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC

GM recalls 2022 Cadillac XT5, XT6 and GMC Acadia for suspension issue

General Motors is recalling a relatively small number of 2022 Cadillac and GMC crossovers to address the potential for missing or loose rear suspension hardware that is being blamed on a lapse in quality control at the company's Spring Hill facility. The campaign covers 223 examples of the Cadillac XT5, 159 examples of the Cadillac XT6 and 354 examples of the GMC Acadia. "General Motors has decided that a defect, which relates to motor vehicle safety, exists in certain 2022 model year Cadillac XT5, XT6, and GMC Acadia vehicles," GM said in its defect report. "A fastener in the left-rear suspension toe link in some of these vehicles may not have been fully tightened during suspension assembly. After an assembly process was moved to a new area, error proofing equipment was not initially set up properly, which allowed a window where the operator might miss tightening certain fasteners without the failure being flagged." The issue was discovered by a quality engineer at the Spring Hill facility in March of this year, at which point GM conducted an audit to determine which and how many vehicles may have left the factory with improperly torqued or missing fasteners, narrowing down the recall population to the above 736 vehicles. No incidents associated with the defect have been reported in customer vehicles.  Related video: Recalls Buick Cadillac GM Ownership Safety

Trademarks indicate Buick Regal wagon could be on the way

American wagon fans have been waiting for General Motors to import a Buick-badged version of the Opel Insignia Sports Tourer since the current Insignia-based Regal hit dealers. If a new patent filing is any indication, that day could be coming soon. Then again, it might not mean anything. AutoGuide reports that Buick has filed two trademarks with the US Patent and Trademark Office for "Motor land vehicles, namely automobiles." You can see the trademarks for "Tourx" and "Regal Tourx" here and here. "Tour" smacks of wagon models, while the "x" – for all-wheel drive – makes us wonder if maybe we'll be seeing a rebadged version of the high-riding Opel Insignia Country Tourer (shown above). This isn't the first time Buick has stoked the hopes of US wagon fans, though. Earlier this year, trademarks were filed for the "Regal Sport Touring," a name that's very close to the Euro-market wagon's title. In fact, that trademark had the same description as the Tourx/Regal Tourx filings. As we've established before, automakers file trademarks all the time. It's far from a guarantee that anything will come of such trademarked names. Still, two wagon-ish filings with the USPTO from Buick in under a year makes it seem like there's at least someone at the Trishield brand that's campaigning for a long-roof Regal. Fight the good fight, friend. Related Video: