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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

GM reworking mandatory OnStar plans for some 2024 models

For the 2023 model year, GM added its OnStar and Connected Services plan as standard equipment to a large number of Buick, GMC, and Chevrolet vehicles. Folding the $1,500 retail price into the MSRPs of models like the GMC Acadia and Buick Encore plumped up prices beyond the usual year-on-year bumps. Looks like there's a reversal in play for 2024, GM Authority reporting that many of the models fitted with OnStar and Connected Services — now called OnStar Premium — will step down to three years of OnStar Remote Access standard.   OnStar Remote Access comes with these features: Remote key fob, vehicle locate, and remote personalization through mobile and in-vehicle apps. Three additional features can be added to the plan: OnStar Guardian, in-vehicle hotspot, and Super Cruise. Owners can also upgrade to OnStar Premium if they choose.  Higher trims like Buick's Avenir and GMC's Denali, plus the GMC Hummer and the Cadillac Escalade will retain OnStar Premium as standard equipment. That suite starts with Remote Access and adds: Automatic crash response, stolen vehicle assistance and recovery, OnStar Guardian, in-vehicle app access, unlimited streaming, three years of Super Cruise on vehicles with the hardware, and six months of SiriusXM radio. The Escalade puts a cherry on top with three years Sirius XM instead of six months. The Remote Access plan normally charges $14.99 per month. We're not sure yet if GM will subtract the cost of OnStar Premium from the MSRP and add the $540 for OnStar Remote Access, or if the trial period comes free of charge. Even if that's what happens, the change could take nearly $1,000 off the MSRP of a car like the GMC Acadia before any 2024 increases. We'll know more as the 2024MY models roll out and prices are announced. Related Video 2022 Buick Enclave Avenir revealed

2016 Chevy Corvette Z06 C7.R Edition brings track style to the road

The Chevrolet Corvette has a long history of excelling at endurance racing, and continues to dominate today. To celebrate that legacy, Chevy is bringing some of the look of its track machine to the road with the 2016 Corvette Z06 C7.R Edition. These machines might be gone faster than the racecar's lap time around Le Mans, because the company is building just 500 of them. All of these track-inspired, special editions are based on the 650-horsepower, supercharged Z06 in the top 3LZ trim, and they also come equipped with the Z07 Performance Package that includes carbon-ceramic brakes, adjustable aero elements, and Michelin Pilot Sport Cup 2 tires. Offered as a coupe or convertible, these 'Vettes use some tricks to match the style of the C7.R. They're available in the racer's traditional bright yellow livery, but black is optional. Unpainted carbon fiber trim (including material for the hood) and grilles that are painted Spectra Gray Metallic also add to the motorsport look. The car rides on a set of black wheels with Corvette Racing logos on the center caps. Inside, buyers of this limited edition are nestled in Competition Sport Seats that are upholstered in Jet Black leather. Suede microfiber accents with yellow stitching cover the steering wheel, gearshift, instrument panel and doors. Plus, there's some additional carbon fiber trim for good measure. Each car also comes with a cover with C7.R graphics. Chevy isn't disclosing the price for the Z06 C7.R Edition yet, but the limited edition model is slated to hit the market later this year. Related Video: CHEVROLET INTRODUCES 2016 CORVETTE Z06 C7.R EDITION 24/04/15 Track-to-street connection honored with limited production model BOWLING GREEN, Ky. – Chevrolet today introduced the 2016 Corvette Z06 C7.R Edition – a road-going, track-capable homage to the Corvette Racing C7.R racecars. It's offered in Corvette Racing's signature yellow livery – or black – with coordinated exterior and interior accents. Only 500 examples of the C7.R Edition will be built and all will include the Z07 Performance Package with carbon ceramic brakes, as well as a specially serialized vehicle identification number. They go on sale later this year. "Corvette Racing's legacy and technology were significant influences on the development of the Corvette Z06 and the new C7.R Edition honors the direct link between the racecar and the production model," said Harlan Charles, Corvette product and marketing manager.