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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, Daimler execs take swipes at Tesla

Despite the financial ties between Daimler and Tesla Motors, at least one Mercedes exec thinks the electric automaker doesn't have a bright future. And over at Cadillac, the message is that Tesla doesn't pose a threat but offers the luxury arm of General Motors more of classroom experience. The Mercedes story runs like this. Mercedes-Benz USA president and CEO, Steve Cannon, said at the New York Auto Show last week that Tesla has "no network" and only offers "little shops that don't have service capacity." He also said: "Folks are buying a Tesla now because they're kind of cool, but if you're a Tesla buyer, you have to have multiple cars. With Mercedes, you have a whole network. You've got no worries. ... Tesla is great, but you've got plenty of well-established brands that mean luxury, like Porsche or Mercedes-Benz, and how long do you think we're going to wait and let Tesla be out there alone [selling premium electric cars]?" "Treehuggers do not buy new luxury cars" – Uwe Ellinghaus For Cadillac's global chief marketing officer, Uwe Ellinghaus, Tesla's EV success represents little other than "a great opportunity and a learning exercise for all of us, and will help us traditional manufacturers to think twice about electric mobility." He added that, "I am not afraid of Tesla. ... There is no willingness to really sacrifice on the traditional qualities of a luxury car. These are not cars for treehuggers, as treehuggers do not buy new luxury cars." Ellinghaus made the comments during a panel discussion at the 2014 Automotive Forum. Perhaps the lesson of Tesla's offer of free Supercharging to Model S owners is what led to Cadillac to recently announce a deal with Chargepoint that gives ELR drivers access to that company's 16,500 charging stations. Read more details on that below. Cadillac and ChargePoint Bring EV Customer Luxury Driving Experience World's largest, most open electric vehicle charging network available to ELR drivers 2014-04-16 NEW YORK – Cadillac today announced a partnership with ChargePoint, the largest and most open electric vehicle-charging network in the world. The collaboration brings Cadillac ELR drivers immediate access to more than 16,500 charging locations on the ChargePoint network. The ELR electrified luxury coupe went on sale at the end of 2013. It embodies Cadillac's Art & Science design philosophy, combining provocative design with progressive technology.

2020 Cadillac CT4 spy shots reveal sedan-heavy approach in age of SUVs

You're looking at some pictures of the 2020 Cadillac CT4, which will be smaller than the upcoming CT5. And since they're both smothered in similar-looking camouflage, which is specifically intended to confuse, you might think they look pretty similar. In isolated photos, it's sometimes hard to tell which sedan you're looking at. In fact, when we first saw this car recently, we also thought it was a CT5. Here's how we know they're actually two different cars. Some background: The CT5 is slated to replace the CTS, and to try and find the balance that the old car couldn't achieve in the lineup. Cadillac's former CEO previously stated that this car would also fill in for the ATS, which is on its way out. Whatever it ends up being, it'll have to make a clear case for itself against the CT6 — it can't be too close in size and opulence, or they'll hurt each other in sales. And the CT5 can't be too small, or it will struggle against traditional midsize luxury cars. The CT4 could further complicate matters for the exact same reasons, just in a smaller package. How small can Cadillac make it? It seems poised to replace the wonderful-to-drive ATS, which was as allergic to sales as the XTS. This will give Cadillac a three-sedan lineup: CT4, CT5, and CT6. Let's hope there's enough differentiation between them to prevent consumer confusion and sales cannibalization — and that consumers understand the CT6's promotion via attrition to top dog in the sedan lineup. With all that out of the way, let's look more closely at the CT4 (above left) and CT5 (right). The CT4's greenhouse stops closer to the centerline of the rear wheels than the CT5's. That gives the CT5 a visually longer, leaner look, more of a semi-fastback arrangement. The CT5's rear vanity window should resemble the CT6's, with a glass element behind the door opening. The CT4 will have a more conventional vanity window in the door, like the ATS. Perhaps the quickest "tell" is the size of the side-view mirrors, which are rounder in the CT4 and leaner in the CT5. Out back, the CT4 has a lower cutout for the license plate than the CT5. The exhaust outlets are also different, although that may change for production. Remember, the big full-width rear lights are probably misdirection on the part of the GM camo team. The entire rear decklid of the CT4 has more roundedness to it, while the CT5's extra width gives it more room up top to spread the decklid out a little flatter.