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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: 1962 Buick Electra 225 4-Door Sedan

Buick built its first Electras as 1959 models, with Electra production continuing unabated through 1990 (after which the Park Avenue trim level took over as the model name, much as the Malibu trim level designation had shoved aside the Chevelle model name in 1978). Some of the handsomest Electras were the second-generation models, built for the 1961-1964 model years, and today's Junkyard Gem is one of those cars. I'd always assumed that the Buick Electra took its name from the daughter of Clytemnestra and Agamemnon in Greek mythology, because the people who named cars back then were forced to read Euripides and Sophocles as undergrads. In fact, the car was named after Electra Waggoner Bowman Biggs, a Texas heiress and sculptor who married the brother-in-law of Harlow Curtice, who ran the Buick Division before being promoted to president of General Motors in 1953. How did she feel when the last Electra rolled off the assembly line in 1990? The junkyard is full of history, if you know where to look. The 1959-1960 Electra had enormous tailfins, angled something like the ones seen on the same-year Chevrolet Impalas. This Electra generation ditched the fins but kept much of the general Space Age spirit of its predecessor. The Electra lived on the same platform as the Cadillac DeVille and Oldsmobile 98 from start to finish, and it was the most expensive Buick available in 1962. The MSRP of this one was $4,051, or about $41,462 in 2023 dollars. The engine in this one was present when it arrived at U-Pull-&-Pay, but a junkyard shopper grabbed it within a couple of days of arrival. It would have been a 401-cubic-inch (6.5-liter) "Nailhead" V8, rated at 325 horsepower and a whopping 445 pound-feet of torque (keep in mind that these are gross, not net, power numbers). The Nailhead's small valves meant that it wasn't much good for high-rpm use, but its big torque was perfect for moving two-ton land yachts. The final Nailheads were installed in 1966 Buicks. Every production Electra ever built came with an automatic transmission, and the 1959-1963 models received the extremely smooth and alarmingly inefficient Dynaflow (known as the Dual-Path Turbine Drive for 1962). Originally developed for use in the 1943 M18 Hellcat tank destroyer, the Dynaflow was considered a two-speed automatic but drove more like a CVT with two selectable drive ranges.

GM recalling 250,000 SUVs over door electronics

After a door-fire investigation that dates back to February, the National Highway Traffic Safety Administration has officially announced a recall today that affects around 250,000 General Motors SUVs for a faulty driver's door module. The recall applies to the Buick Rainier, Chevrolet Trailblazer, GMC Envoy, Isuzu Ascender and Saab 9-7X from the 2006 and 2007 model years, as well as the 2006 Chevrolet Trailblazer EXT and GMC Envoy XL for vehicles sold and/or registered in the Snow Belt.
Road salt use in these midwestern and northern states can lead to corrosion of the driver's door module on these GMT360 and GMT370 vehicles, which allows water to come in contact with the circuit board. If shorted out, the vehicle's power door locks and power windows will not work, and could possibly lead to overheating and, in some circumstances, a fire. No official word on how many total vehicles caught on fire, but back in June, 28 fires had been reported to the government agency. A fix for the problem is still being worked out, but all affected vehicle owners will be notified by GM.
Scroll down for the official NHTSA statement.