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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

2016 Chevy Volt sneak peek at CES

Here it is, folks – your first real glimpse at the 2016 Chevrolet Volt. The gasoline-electric sedan will officially debut at the Detroit Auto Show next week, but Chevy gave us a sneak peek of its redesigned Volt at a media event in Las Vegas late Sunday, as part of its CES festivities. There isn't a ton to see here, and sorry about the low quality video (and for us not standing front and center during the reveal). But we can clearly see the car's redesigned front fascia – something recently previewed at a fan event in Los Angeles. For another view, check out a high-res photo of the new Volt from our friends at The Verge, here. Chevy even tweeted a photo of the Volt's new nose on its official Volt Twitter account, which you can see below. The automaker didn't divulge any details about its new Volt, but we already know quite a bit. For starters, the Volt will use a new, 1.5-liter gasoline engine and won't require premium fuel. It'll have more EV range and a bigger battery, too. We'll have a whole mess of information when the 2016 Volt is fully revealed in Detroit in about one week's time. In the meantime, here are some more looks at the Volt, courtesy of the Twitterverse. We're so excited about #NextGenVolt we brought it out early at #CES2015! Full details on 1/12 at #NAIAS. pic.twitter.com/hPCbTFGSV4 - Chevrolet Volt (@ChevyVolt) January 5, 2015 Take a look at the new Chevy Volt http://t.co/laCvWLRMXk pic.twitter.com/uOzRh5XCrP - Engadget (@engadget) January 5, 2015 The very first look at the 2016 Chevy Volt doesn't disappoint: http://t.co/PM0HcnyQOo pic.twitter.com/WFtoyd0utH - Gizmodo (@Gizmodo) January 5, 2015 Chevy just gave @Tim_Stevens a very quick look at the next-gen Volt at #CES2015. #CNETatCES http://t.co/3n6EK1yOrC pic.twitter.com/7KDYh0VSg0 - CNET (@CNET) January 5, 2015 Related Gallery 2016 Chevy Volt at CES Related Gallery 2016 Chevrolet Volt Teaser Images Green CES Detroit Auto Show Chevrolet GM Alternative Fuels Green Automakers Electric Hybrid Videos Sedan 2015 Detroit Auto Show CES 2015

GM's Reuss predicts 2016 Chevy Camaro will outperform Ford Mustang in every way

We aren't going to be seeing the next-generation Chevrolet Camaro until next month. But even though we know when we're going to see the new muscle car, it's totally unclear whether Chevy will dole out technical details. That means we can't answer the latest version of the age-old question: Camaro or Ford Mustang? Not surprisingly, General Motors North America President Mark Reuss has already stated his position, saying he was "very confident" that the sixth-generation Camaro will be faster, more agile and more efficient than the Ford. Reuss made his comments after saying he drove the new Camaro back-to-back with the Mustang the week prior. Reuss' statement came in a conversation with Fox News about the 2016 Camaro where he elaborated on the car's weight shedding and how it fit into GM's strategy on other new models. "There are some really cool things in the Camaro, that are quite different than the Malibu, [and] CT6," Reuss told Fox. As we reported previously, the Camaro will shed some 200 pounds by switching to aluminum and other lightweight composites for some of its components. With May 16 just over a month away, here's hoping Reuss decides to loose some other details on the next Camaro ahead of its debut. Related Video: