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Ford GT dominates Le Mans qualifying, gets slapped with performance adjustment

Fifty years after Bruce McLaren and Chris Amon drove the Ford GT40 to victory at the 24 Hours of Le Mans, Ford is poised for a historic return to the Circuit de la Sarthe. The new Ford GT took the top two qualifying positions in the LMGTE Pro class, and four of the top five. Ferrari's 488 filled in the rest of the spots in the top seven, the first two from AF Corse. In other words, we're primed for a reboot of the classic Ford-Ferrari feud at this year's race. Or not, as the ACO, which organizes the 24 Hours of Le Mans, announced sweeping pre-race Balance of Performance (BOP) adjustments this morning that make this year's GT class anybody's race. In LMP1, last year's overall winner Porsche locked up the top two spots with the 919 Hybrid and will lead the entire field at race start. Toyota's two-car factory effort followed with qualifying times 1.004 and 2.170 seconds behind the pole lap. Audi rounds out the manufacturer-backed LMP1 class in fifth and sixth. Full qualifying results can be found here. The storyline for the GT cars is perfect - some say too perfect. Ford's class-leading times came after BOP adjustment to the Corvette Racing C7.R before qualifying. BOP is intended to level the playing field in the class by adjusting power, ballast, and fuel capacity. (Check out this explainer video for more, or even just if you love French accents.) But the process is riddled with unknowns and ripe for accusations of sandbagging. That is, if the Ford cars were intentionally slow in practice they could hope for BOP adjustment to improve their race chances. On the Corvette side, last year's GTE Pro winner went from the top of the field to the bottom, barely improving from practice to qualifying. If you think Le Mans is as rigged at the NBA Playoffs, well, it's not that simple. Because if Ford and Ferrari held back until qualifying - the eighth-place Porsche 911 RSR is three-and-a-half seconds off the class pole time - it was a pretty dumb strategy. This morning, the ACO tried to put things back in order by limiting the boost in the Ford GT's twin-turbo V6 and adding 11 pounds of ballast. Ferrari was also given extra weight but allowed more fuel capacity. The Corvette and Aston Martin teams were both given breaks on their air restrictors, which will allow their engines to make more power. Both Ford and Porsche also received extra fuel capacity.

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

GM to sink over $900M into 4 plants, mostly for a new V8

FLINT, Mich. — General Motors says it will spend more than $900 million to update four factories, with the bulk going to an engine plant in Flint, Michigan, to build the next-generation V8 for big pickup trucks and SUVs. Factories in Rochester, New York; Defiance, Ohio; and Bay City, Michigan, also will see investments, some to make V8 engine components as well as parts for future electric vehicles, the company said Friday. The investments won't create any new jobs, but they will preserve about 2,400 hourly and salaried positions positions at the four sites, the company said. The investments “provide job security at these plants for years to come,” Gerald Johnson, GM's manufacturing chief, said in a statement. Much of the money, $579 million, will go to Flint Engine Operations for equipment to build the sixth-generation small-block V8 that will go into the next round of big pickup trucks and SUVs. The plant now employs about 700 people who also will keep making their current product, a diesel engine used in light trucks. GM, like other automakers, is facing stricter government fuel economy standards and pollution limits starting in the 2024 model year. New vehicles sold in the U.S. will have to average at least 40 miles per gallon of gasoline in 2026, up from about 28 mpg, under new Biden administration rules that undo a rollback of standards enacted under former President Donald Trump. That means the new V8 will have to get better mileage and pollute less than the current versions. Although GM wouldn't release details on the new engine, Johnson said during a news conference at the Flint plant that it would be more efficient than the current version. GM has a goal of selling only electric passenger vehicles by 2035, but Johnson said that's a dozen years out, a period when many customers will still want gas engines. “We know that has a horizon,” he said. “Between here and there, there are a lot of internal combustion customers that we don't want to lose,” he said. In addition to Flint, GM's engine components plant in Bay City, Michigan, will get $216 million to build camshafts and connecting rods, and to machine engine blocks and heads for the new V8 being built in Flint. The plant now employs about 425. The Defiance, Ohio, foundry will get $55 million to build a variety of block castings for the new V8. Included is $8 million for castings to support future electric vehicles, the company said. The plant has about 530 employees.