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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

Chevy exec confirms SS production model reveal at Daytona on Feb 16

The 2014 Chevrolet SS will make its racing debut for the 2013 Daytona 500, but the production version of the car will get its official unveiling on February 16 in Daytona, a week before The Great American Race. According to a report by Automotive News, the reveal has been confirmed by Jim Campbell, Chevy's US vice president of performance and motorsports. With the departure of the Dodge Charger, the new Chevrolet racecar will be the only competitor to feature a V8, rear-wheel-drive layout in both street and NASCAR form.
NASCAR fans will be able to see the new fullsize performance-oriented sedan on display in the festivities leading up to the Daytona 500, but the car won't go on sale until later in the year. The Australian-built Chevy SS will be a low-volume performance model, and it will be priced above the 2014 Impala, which starts at $27,535.

Minor updates coming to 2017 Chevy Volt

The 2016 Chevrolet Volt has just appeared at dealerships, but already the talk has turned to the mildly updated 2017 model going on sale in a few months. The new Volt has already won the 2016 Green Car of the Year award and is sparking a noticeable uptick in sales over the outgoing model. Chevy is now planning to keep interest in the second-generation Volt strong with some tweaks and increased availability. The main equipment change to the 2017 Volt will be the option of adaptive cruise control on both the base LT and uplevel Premier, according to CarsDirect. While the Volt already offers safety technology such as blind-spot monitoring and forward collision warning, adaptive cruise has been conspicuously absent. But the largest change will be that the 2017 Volt gets nationwide availability. GM decided to focus on strong markets for the original Volt when it chose where to introduce the new model. Buyers interested in the second-generation model have until now been limited to making purchases in states such as California, Maryland and the Northeast. This will all change soon. Conversely, you can have a 2016 Nissan Leaf now in all 50 states, or a 2016 Toyota Prius very shortly. But in our first drive of the Volt, we found it to be, "an efficient, no-compromise EV" and worth the wait for those who don't live in the states with the strictest emissions laws. Perhaps the reason the 2016 Volt is already being given an injection of dealer incentives is because of its relatively short lifespan. The 2017 Chevy Volt should arrive on dealer lots by spring 2016. Featured Gallery 2016 Chevrolet Volt: First Drive View 24 Photos News Source: CarsDirect via Green Car Reports Green Chevrolet Electric Hybrid ev sales