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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

Cadillac Celestiq, Lyriq, Hummer, other future GM electric cars: Here's everything we saw at ‘EV Day’

WARREN, Mich. — Today, General Motors held an “EV Day” event at its Warren, Michigan, campus to present its new “Ultium” battery technology, modular electric vehicle architecture and soon-to-come electric vehicles. Unfortunately, we were forbidden from bringing cameras into the event, so while we canÂ’t show you what we saw, we can tell you more about it. While we saw the previously teased Cadillac EV (which we now know to be called the Lyriq) and the GMC Hummer pickup teased during the Super Bowl, there were a number of other future cars at the event, which GM President Mark Reuss assured us are all real vehicles in the works. The biggest surprise came at the end of the event, though, in the Cadillac Celestiq electric sedan, which Reuss described as a future flagship that would be hand-built “very locally.” It had been hiding under a dark sheet all morning, with the front and rear illuminated Cadillac emblems shining from underneath. When the wraps came off, we saw a long, white, four-seat fastback sedan. The 23-inch wheels were pushed out to the very corners of the car, giving it what appeared to be a very long wheelbase. The model on the stage had no side mirrors or visible door handles. The grille mirrored that of the Lyriq crossover next to it, with integrated lighting in lieu of the usual mesh or slats youÂ’d see in an internal combustion car. The entire roof, all the way until it tapered to the tail of the vehicle, was tinted glass. In back, vertical tail lighting ran down the C-pillar before turning rearward across the top of the trunk. Inside, everything below the beltline of the windows — essentially all but the headrests and top portion of the steering wheel, was hidden from view. Behind the Celestiq, a large digital display showed a rendering of its interior. The dash consists of a pillar-to-pillar curved LED display serving as both instrument panel and infotainment system. Protruding forward between the front seats was another touchscreen that appeared to house some more controls, with open area, probably for storage, below it. The rear seats had the same sort of touchscreen between them. Built into the back of the front seats were a pair of rear-seat entertainment screens, much like we saw in the Lyriq. The door panels blended wood, metal and animated lighting to give character and a sense of opulence. GM interior design manager Tristan Murphy was on hand to tell us a bit more about the Celestiq.

Buick Electra-L, Electra-LT concepts lead the Wildcat to production

Buick loves the Beijing Motor Show, and why shouldn't it? Working with its local partner, SAIC, the brand seems to saves up so much mojo for April in Asia and shows up with stunning designs. Here are another two takes on the brand's latest sheet metal philosophy, penned by the SAIC-GM Pan Asia Technical Automotive Center and riding on GM's Ulitum platform, the Electra-L sedan and Electra-LT wagon concepts. The Electra-L could be seen as a production version of the Wildcat EV concept from 2022 (not the Wildcat from 1985) that launched Buick's new design language. All the major forms and curves are there, so too the turbine-style wheels, but the fastback roof's been stretched to create adequate headroom for a quartet. The edges of the front fascia have been redrawn to be less aggressive and form a canvas for illuminated ornamentation. The four-door stretches 198.3 inches long on a 118.1-inch wheelbase, meaning less than an inch difference in both dimensions between the Buick and the new BMW i5. Power comes from a single motor on the rear axle making 342 horsepower. A battery of unknown capacity is claimed to be good for a 435-mile range under China's CLTC test loop. The light-sensing glass roof hovers over a rectilinear instrument panel with a floating main display and a retractable 7-inch screen for the front passenger, four pressure-sensitive "zero-gravity" seats wrapped in an eco-friendly fabric, and rear quarters with a small inductive cooktop for enjoying tea in the custom tea set.  SAIC and Buick had less to say about the Electra-LT. Looking like the Allroad version of the Electra-L, it's got fender extensions framing the "titanium metal armor" wheel design, an air suspension that can lift the body by 1.6 inches, and that roof box to broadcast its light adventure credentials. Fitted with the same basic interior layout as the sedan, the wagon might add a third row; the description says its "eConnect smart cabin system supports 7-screen interaction." We're not sure if something got left out of the powertrain description, though, as the Electra-LT said to be powered by a 342-hp motor on the rear axle while also possessing "independent four-wheel drive."    Two years ago, Buick said it would introduce five all-new EVs in China by 2025. The sedan is rumored to be headed to the Chinese market next year, a production version perhaps ready by the time of the 2025 Auto Shanghai.