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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 cutting production at two plants

General Motors is continuing to adjust to excess supply of some of its brands' models. To get production more in line with the vehicles' actual demand, the automotive giant is idling two of its factories in North America in the coming months. The Orion Assembly plant is going to be down from March 9-13, according to an anonymous plant worker and another insider speaking to Automotive News. The factory builds the Chevrolet Sonic and Buick Verano, but there are plenty of both models sitting on dealer lots, including 216 days worth of Sonics, according to AN. The factory already had two idle periods announced to reduce the excess. In addition, downtime is scheduled at GM's "Flex" line at the Oshawa, Ontario, Canada, plant from April 13-17. This affects supply of the Chevrolet Camaro, Impala, Buick Regal and Cadillac XTS. Among them, the automotive giant has the largest supply of Regals ready for dealers with 213 days worth of them, according to AN. The future for the whole Oshawa factory is cloudy in general, though. There are rumors that it could close entirely in the future because the Camaro is leaving and the Regal and XTS might not last much longer than 2017. The Canadian government and the labor union there intend to put up a fight, though. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Cadillac Chevrolet GM orion assembly oshawa plant idle

2018 Buick Regal GS is the best Regal since the GNX

The 2018 Buick Regal GS, the third and final variant of the all-new Buick Regal, was revealed this morning. At the event, we were given a brief chance to drive the Regal Sportback, the Regal TourX, and the Regal GS at GM's proving grounds in Milford, MI. Buick has been working hard to shed its image as the brand that comes with an AARP membership card in the glovebox, and this handsome trio is definitely on the right path. With a solid list of features at competitive prices, it's now going to be up to Buick's marketing division to get customers into showrooms. We should say right off the bat that while the old G-Body Grand National and GNX were hardcore giant slayers, the new Regal GS isn't intended to be so sharp edged. Those '80s machines were focused on 0-60 times, and looking as sinister as possible. The new Regal is far more civilized that its forebear. They may share a name, but the purpose has changed. The standard Regal Sportback starts at $25,915 - that's $2,470 less than the outgoing model. It might be the most attractive Buick in decades, at least on the outside. The interior is typical GM, meaning lots of colors and textures without a defining theme. It's powered solely by a 2.0-liter turbocharged inline four making 250 horsepower and 260 pound-feet of torque. Power is sent to the front wheels through a nine-speed automatic. From behind the wheel, the Regal Sportback is quiet, comfortable, and generally relaxed. The 2.0-liter turbo makes a decent amount of power, but the steering and handling remind you that this isn't a sport sedan. That's not a fault, simply a conscious design choice. Despite what some enthusiasts would lead you to believe, not everything needs to be set up for the N urburgring. The Regal Sportback soaks up bumps fairly well, though the car felt light going over some larger bumps on GM's handling course. The steering is completely dead, but it doesn't feel loose or sloppy. There's simply no feedback from the tires. On the other hand, the brakes were surprisingly good. The pedal was firm and confidence-inspiring. Stopping quickly from 60 mph provided no drama. View 12 Photos The $29,995 Regal TourX is a high-riding wagon in the vein of the Subaru Outback, Audi A4 Allroad, and Volvo V60 Cross Country. Like those three, the Regal TourX comes standard with some beefy plastic cladding and all-wheel drive, giving some pretense of off-road capability.