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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

Junkyard Gem: 1988 Buick LeSabre Custom Sedan

The General's Buick Division began selling LeSabres for the 1959 model year, when it greeted the world with a cat-eyed face and razor-sharp tailfins, and the LeSabre rolled on the full-sized, rear-wheel-drive B Platform (best-known for underpinning the Chevrolet Impala and Caprice) all the way through 1985. For 1986, the LeSabre went to the front-wheel-drive H Platform, shedding a few hundred pounds and a half-foot of wheelbase, yet gaining interior room in the process. After that, every LeSabre ever made had a V6 engine driving the front wheels, all the way to the end in 2005. Here's one of those early H-Body LeSabres, found in a Denver-area self-service yard in incredibly clean condition. Some Buicks and Oldsmobiles of the mid-to-late 1980s (the ones on brand-new platforms) had six-digit odometers, which is the reason I was able to see that a discarded '86 Olds Calais with crazy customizing touches had better than 360,000 miles on the clock. This car just barely squeezed past 100,000 miles … and that's a higher number than I expected to see after glancing at the body and interior. Just look at that upholstery! There are no rips, and the only stains appear to have occurred after arrival in the junkyard ecosystem. I think we're looking at a one-owner car that was given meticulous care and was driven only to (a nearby) church on Sundays. Though the HRC sticker and Autobot badge seem out of place on an original-owner Buick that rolled out of the showroom 34 years ago. Perhaps the car was handed down from Owner #1 to a grandchild. This is the most high-zoot radio Buick would sell you in a 1988 LeSabre, complete with Dolby, auto-reverse cassette player, and scan/seek modes on the radio. The price tag on this? 282 bucks, or about 720 inflation-shrunk frogskins today; not cheap, but necessary to do justice to the hit songs of the day. If you wanted a factory CD player in a new LeSabre, you had to wait another year or two. Pollard Brothers Motors is still around, on the other side of the Continental Divide from the Denver region. Power came from an EFI-equipped Buick 3.8-liter V6, rated at 150 horsepower. The only transmission available was a four-speed automatic. Except for some dents that almost certainly happened at the junkyard, the paint and body look gorgeous. Problem is, H-Body LeSabres don't have an enthusiast following, and car shoppers looking for daily drivers tend to shy away from sedans this old.

GM claims it's first to sell million 30+ mpg vehicles

As we continue to put together all the data for the year-end edition of By The Numbers, General Motors has announced that it sold more than a million vehicles in the US last year that achieved at least 30 miles per gallon on the highway. More impressively, GM managed this feat using multiple strategies including small vehicle size, turbocharged engines and hybrid or plug-in technologies across four brands (Buick, Cadillac, Chevrolet and GMC) accounting for 13 separate models. This number will grow even more in 2013 thanks to cars like the all-electric Spark, the diesel Cruze, the range-extended Cadillac ELR and the Buick Encore compact CUV.
GM's small car sales were up 39 percent last year helping to attain this million-sales mark for 30-mpg models, and almost 40 percent of all GM sales consisted of cars with fuel-efficient I4 engines. In regards to more advanced means of improving fuel economy, GM says that it plans on having 500,000 vehicles with "some form of electrification" on the road by 2017.
Scroll down for the full list of GM's million 30+ mpg cars as well as an informative press release.