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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

Can DARPA hack into a Chevy Impala through OnStar?

An ex-video game wizard named Dan Kaufman tracked a circuitous route to becoming the head of the Software Innovation Division at the Defense Advanced Research Projects Agency. DARPA normally makes these pages because of its work with autonomous vehicles and automobile technology that overlaps with military applications, but for the past five years Kaufman and his multiple research teams have been working on creating unhackable software code that could be used in military drones. Part of that work has involved hacking into just about everything else, and as a segment on 60 Minutes reveals, that includes cars. The masterminds discovered a way to hack into OnStar, the General Motors telematics system. After figuring out how to hook into OnStar's emergency communication system, they overwhelmed it with data. While the computer was busy trying to manage the overrun of data, the research team inserted code that took control of the sedan's other computers, giving it control. So while reporter Leslie Stahl tooled around in a parking lot, a DARPA researcher with a laptop would occasionally take control of the car, like by applying its brakes or, conversely, removing the ability for Stahl to use the brakes. Hacking into vehicles has been in the news for years: Car and Driver ran a feature on the various ways cars could be hacked in 2011, two hackers released a car-hacking code at the hacker-fest Defcon in 2013 and demonstrated how it worked on a Toyota Prius and Ford Escape, and German researchers demonstrated how they could hack into BMW's Connected Drive remote-services system last week via an attack on the cars' telematics units. This isn't about GM or Onstar or the future; hacking into cars of all kinds isn't coming, it's here, and it doesn't take the half-billion-dollar annual budget of a small DARPA division to do it. Check out the 60 Minutes video on the CBS site (you can watch the entire video from a mobile device without logging in). The OnStar hacking starts at 6:45, but it's worth watching what leads up to that. News Source: Jalopnik Chevrolet Safety Technology Infotainment Autonomous Vehicles Videos Sedan hacking 60 minutes

GM drops price of Spark EV to $25,995; lease to $139/month

The drive to lower EV prices continues. GM announced today that the base model 2015 Chevy Spark EV 1LT would get a price cut to $25,995. That's $1,500 less than it used to be but the bigger news might be the lowered lease price. Instead of $199 a month, all that Chevy is asking for to get you into an all-electric Spark now is $139 a month (39 months, with no money due at signing), down from the 36-month, $199-a-month lease cost with a $999 down payment. Sadly, the number of states where the Spark EV can be bought is almost as small as the lease payment: the car is available only in California, Oregon and Maryland (well, Maryland won't be ready until the summer). GM is doing more than just lowering the MSRP. On top of the federal and state tax incentives available, GM is offering bonus cash in all three states ($1,000 in California, $1,200 in Maryland, and $3,500 in Oregon). If you're wondering why those numbers vary so much, take a look at the already-available state EV incentives in play: California offers $2,500 and Maryland $2,300. Somehow, they all balance out. If you do some addition with the $7,500 federal tax credit, you see that the Spark EV can be had for $11,000 off the MSRP no matter where you buy. If you qualify for everything, $14,995 is a darn good deal for an EV, especially one as fun as the Spark. Related Video: 2015 Chevrolet Spark EV Repriced to Offer Greater Value As low as $14,995 after full federal and state tax credits and Chevrolet Bonus Cash 2015-04-14 DETROIT – Chevrolet announced today Spark EV 1LT's new manufacturer's suggested retail price would start at $25,995. Depending on an individual's tax situation, the Spark EV is eligible for federal tax credit up to $7,500. "Chevrolet is committed to making EV driving more accessible, affordable and fun" said Steve Majoros, director of Chevrolet Car and Crossover Marketing. "The Spark EV is already the most efficient – and one of the most affordable – EVs you can buy. 2015 Spark EV customers will benefit from an impressive blend of technology, capability and low cost of ownership, now at an even more impressive price." California and Maryland Spark EV owners may also qualify for a $2,500 California state rebate or $2,300 Maryland excise tax exemption. Additional Chevrolet bonus cash is also available: $1,000 in California, $1,200 in Maryland, and $3,500 in Oregon. After full federal and state tax credits and Chevrolet bonus cash, the Spark EV could be as low as $14,995.