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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

Hear the new Cadillac CTS-V torture some tires

The 2016 Cadillac CTS-V seems like the type of wonderful gift that Santa might cook up in his workshop for one extraordinarily good boy or girl. However, the first chance for most people to actually see the super sedan and its carbon fiber pieces in real life is at the 2015 Detroit Auto Show in January. As a stocking stuffer until then, Caddy has released this video highlighting the latest V-Series roasting its tires better than any dinner for the holidays. With the supercharged 6.2-liter V8 from the Chevrolet Corvette Z06 nestled into the CTS-V's engine bay, the Cadillac certainly has quite a bark coming from its exhaust. The mill might be detuned slightly from the 'Vette to 640 horsepower and 630 pound-feet of torque, but that's still plenty for this smoky application. Enjoy this tease of the future V-Series, ahead of the Detroit show. Related Gallery 2016 Cadillac CTS-V View 15 Photos News Source: Cadillac via YouTubeImage Credit: Related images copyright Cadillac Cadillac GM Luxury Performance Videos Sedan

Cadillac's XT6 is not, for better or worse, a mini Escalade

In its latest attempt at reinvention, Cadillac has created a trio of admirable sedans — the ATS, CTS, and CT6 — cars that challenge or beat the competition on their own terms, and do so with audacious exterior styling rendered in a distinctly American idiom. But American customers have been ditching cars in favor of high-riding crossovers, and what Cadillac has not had up until recently is a suite of appropriately (or bizarrely) sized crossovers to offer potential consumers, something competitors have been deploying for years or even decades. And so the new, full-size(ish) three-row Cadillac XT6, unveiled officially last week at an event in Detroit, is intended to help address the premier domestic automotive luxury brand's current product shortcomings. "I guess we had so many priorities and had to decide what's the most important thing," says Andrew Smith, Cadillac's executive director of design. "We decided to approach this one from an interior perspective, to do things like provide ease of use for owners, upgrade the infotainment, and allow time for ourselves to learn lessons from the launch of XT4." The XT6 doesn't exactly break any new ground within the segment, but that's not necessarily a criticism. Though huge from a sales perspective, the two-box crossover category is not the industry's leader in beauty or innovation. Still, Caddy's most recent previous crossover, the size-Small XT4, managed to create handsome proportions and a premium appearance at first glance. The XT6 doesn't feel quite so ambitious or coherent, with a front end that is at once sneering and soft, a lengthy flank that feints at muscularity without delivering, and a rather abrupt tailgate that blends the rectilinear and the anodyne. Maybe consumers won't notice? "Our biggest challenge was giving the vehicle a character that works on this scale and platform," says Smith. "We want to make sure all of our cars feel different. We didn't want it to be a mini Escalade. No one wants a mini anything. But we wanted to give it Escalade presence, but in scale. So it's this combination of nice, and aggressive. I'm convinced we will sell more than we think we'll sell." Maybe he's right, and we definitely don't see this vehicle cannibalizing sales of the Escalade. People who want a bold Cadillac can still get that one, and will have a brand new option later this year, we expect, when a new Escalade is released.