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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

New GM subcompact SUV spied, could be a Chevy or GMC

GM's pair of subcompact crossovers have been trundling along for a while now. The Buick Encore was the first for Americans in the 2013 model year, and the Chevy Trax that was based on the Encore (an encore of the Encore, if you will) arrived for the 2015 model year. Each has undergone a mild update, but these spy photos could indicate their replacements are in the works. Or not. For starters, we can't be sure which GM brand this new SUV is destined for. Though the timing and its flowing lines could indicate Buick, the thick horizontal bars visible in the grille would indicate otherwise. The next Encore being at least related to this is at least a possibility. Making the case for GMC are those thick grille bars, the fact that it extends far below the lights, and may even rise above them, similar to the Acadia. And that rising beltline isn't that different from that of the Acadia. Arguing against the GMC idea is the Encore, which is almost always sold in GMC-Buick combo dealers. Much as the Acadia was made smaller to eliminate confusion and in-house competition with the Enclave, it's hard to see GM opting to resurrect such an issue at the bottom end of the SUV market. That means we're leaning toward this little SUV wearing a Chevy bowtie. The split grille with a large lower section and small upper section is the brand's current design language, as seen on the new Malibus and Cruzes. The shape is vaguely Equinox-like. And like Buick, Chevy also has a subcompact crossover ready for replacement: the Trax. Now, our photographer reports he's seen another subcompact testing that has Blazer design cues, but in this crossover-hungry market, we wouldn't be surprised if two similarly sized but differently styled Chevy crossovers make the grade. It's a strategy that's working pretty well for Jeep. We'll no doubt be seeing more of these disguised test vehicles milling about the country in the coming months, so perhaps we'll eventually get a better idea of what this is before more official information starts trickling out within one or two years. Related Video: Featured Gallery GM Subcompact Crossover spy shots View 10 Photos Image Credit: SpiedBilde Spy Photos Buick Chevrolet GM GMC Crossover SUV buick encore chevy trax

A conversation with GM's Mark Reuss on MPG, aluminum and Corvettes

There was plenty to talk about when General Motors hosted its annual mid-December holiday media reception a few months ago. GM had just decided to pull its global Chevrolet brand out of major European markets, where Chevys have competed directly with GM Europe Opel and Vauxhall vehicles, and the US government had sold its last remaining shares of GM stock. But most important was the company's just-reshuffled leadership. Post-bankruptcy CEO Dan Akerson had announced that he would step aside and that 52-year-old Mary Barra would replace him on January 15. Not only would she be the first woman to lead a major automaker, she would also be GM's first engineer CEO since Bob Stempel in the early 1990s. "I look at 2013 and 2014, as the retooling of General Motors" - Mark Reuss Replacing her as executive VP for global product development (and purchasing and supply chain) would be 49-year-old Mark Reuss, who had served a stellar four years as North American president, and elevated to corporate president (from executive VP and CFO) would be 42-year-old Dan Amman. All three are relatively young auto enthusiasts who are liked and respected inside and outside the company, and their collective talents and experience are highly complementary. I've interviewed Barra and found her smart, personable and knowledgeable, though she carefully walks the corporate line in speaking and answering questions. I met and chatted with Ammann for the first time at that holiday reception, and he made a good first impression. But I've known Reuss for some time as a genuinely good guy and a highly capable and inspiring leader, and I believe he is exactly the right person for the global product responsibility once famously held by the outspoken, oft-controversial Bob Lutz. So I jumped at an opportunity to join a group interview of Reuss (with mostly business reporters) at the Detroit Auto Show in January. It was an interesting session of mostly good questions, which he answered with refreshing candor and humor. "I look at 2013 and 2014, as the retooling of General Motors," Reuss said. "We've taken down almost every plant in North America, converted and turned it this last year, and to do that with award-winning vehicles and pretty flawless launches is key. We have to keep the train rolling on great product, because the rest won't happen without the best product, period." A reporter asked whether GM was pushing big trucks, SUVs and Corvettes again because gas is cheap. "No," Reuss said.