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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 recalling 521,817 cars in two campaigns

General Motors is issuing two, separate recalls covering a total of 521,817 vehicles worldwide. The larger campaign covers 468,887 units of the 2011-2012 Chevrolet Malibu. Specifically, 437,045 of these are in the US, and the rest are outside the country. In these sedans, a steel cable that connects the seat belt to the vehicle can fatigue and separate. GM knows of 36 claims about the problem but only one minor injury. According to The Detroit News, this happened when a taxi driver hit his head. To fix things, dealers will replace the "outboard lap mounting bracket," which will move the tensioner rearward. They'll also inspect and if necessary replace the steel cable and lap pretensioner. In the second campaign, 52,930 examples the 2015 Chevy Colorado and 2015 GMC Canyon have seat frame attachment hooks that were installed incorrectly during assembly. GM hasn't received any reports of crashes, injuries, or fatalities about this problem. Dealers will inspect the affected trucks and repair as necessary. GM spokesperson Alan Adler told Autoblog that he didn't yet have a specific date when affected owners would receive official mailings about either of these recalls. GM Statement General Motors is recalling 48,309 2015 model year Chevrolet Colorado and GMC Canyon midsize pickup trucks in the U.S. because certain seat frame attachment hooks were not properly attached to the vehicle body during assembly. Dealers will inspect the potentially affected seats for proper installation and repair if necessary. GM knows of no crashes, injuries or fatalities related to this condition. The total vehicle population of the recall is 52,930 including 4,620 vehicles sold in Canada. General Motors is recalling 437,045, 2011-2012 model year Chevrolet Malibus in the U.S. because the flexible steel cable that connects the safety belt to the vehicle can fatigue and separate over time as a result of occupant movement in the seat. Dealers will replace the outboard lap mounting bracket to relocate the tensioner slightly rearward. Dealers will inspect the cable and, if necessary, replace the lap pretensioner. GM knows of 36 claims, no crashes or fatalities and one minor injury reportedly related to the condition. The total vehicle population of the recall is 468,887 including Canada, Mexico and exports.

Shanghai debuts, Jeep's new Rubicon anniversary rigs | Autoblog Podcast # 777

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd for a recap of the past week's worldwide debuts along with some updates from their recent adventures. They start off discussing the rumors of a new Ford Mustang Raptor and what that means in the context of previous rumors of a Corvette SUV. Then it's time to talk Shanghai, where Polestar, Buick, Volkswagen, Porsche and Lincoln all had big reveals. After that, they segue to Byron's trip to Moab for the 2023 Easter Jeep Safari preview where he drove the AEV Level II Jeep Wrangler Rubicon 20th Anniversary Edition. From there, they reminisce about Mustangs in a nod to the nameplate's 59th anniversary, after which they stick to the theme with a sub-$15,000 RWD used-car discussion. Is there anything worth buying in this price bracket in today's economy? Autoblog Podcast # 777 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown ShanghaiPolestar 4 is a Polestar without a rear window 2024 Lincoln Nautilus debuts with big redesign, new hybrid option Volkswagen ID.7 fully revealed as VW's sleek and spacious flagship electric sedan 2024 Porsche Cayenne gets more power, screens, equipment 2024 Buick Envista revealed as a good-looking, quite-affordable crossover 'coupe' News Ford Mustang Raptor off-road coupe rumored for 2026 2025 Chevy Corvette SUV said to start with ICE power, not be EV-only What we're driving 2023 Jeep Wrangler Rubicon 20th Anniversary Edition: On the trail to six figures 2023 Easter Jeep Safari: The search for the missing pink Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Podcasts Rumormill Auto Shanghai Buick Chevrolet Jeep Porsche Volkswagen Crossover SUV Concept Cars Electric Future Vehicles Luxury Off-Road Vehicles Performance Sedan Polestar