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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 Chevrolet Silverado to be revealed on Facebook on Thursday

There's not much to see here, but if you're one of those waiting for the reveal of the 2014 Chevrolet Silverado 1500, above is the teaser image that Chevrolet posted on its Facebook page. We've seen the truck in form-fitting camo before, and even less can be made out here beyond those seriously punchy Silverado-esque fenders and the knowledge that the projector-beam headlamps teased previously do indeed work. We'll have to wait until Thursday for a full perusal of the "bold exterior design" and "careful attention given to every detail" we've been promised.
Gathering intel and rumors, magnesium and aluminum contribute to the Silverado's weight loss plan, the purported "High Country" top-tier trim will contribute to luxury pickup truck competition and profit margins and the next-generation small-block V8 will contribute to improved fuel economy. On the engine note, there have been rumors of available V6 engines, and when Facebook user John Jones asked "Where's your answer to that EcoBoost Chevy?", the Bowtie replied "stay tuned on the 13th. We think you'll be pleased...".
Along with the "Raise the Bar" tag, Chevrolet says of the Silverado, "You asked, we delivered." You can watch the reveal live on Chevrolet's Facebook page at 9:30 am EST, this Thursday, December 13. The GMC Sierra 1500 will also be there, and we'll see both in person at the Detroit Auto Show in January.

Chevrolet Silverado reportedly getting the GMC Sierra's MultiPro tailgate

GMC reinvented the pickup tailgate when it added a six-way option named MultiPro to the current-generation Sierra it introduced in 2019. It kept this clever feature to itself as a way to differentiate the Sierra from the Chevrolet Silverado, but a recent report claims it will begin sharing it in the not-too-distant future. Enthusiast website GM Authority learned from anonymous sources familiar with Chevrolet's product plans that the Silverado will soon receive its own version of the MultiPro tailgate. It will be called either MultiFlex or Multi-Flex, a name Chevrolet has already trademarked, and it was initially scheduled to make its debut for the 2021 model year. Its arrival might be delayed until the 2022 model year due to the coronavirus pandemic, however. Chevrolet's Silverado and GMC's Sierra are nearly identical under the sheet metal, so adding the latter's six-way tailgate to the former will be a relatively straightforward and cost-effective process. Interestingly, GM Authority wrote engineers could add a seventh function to the tailgate, though it didn't reveal what they have in store. It's also not sure whether both trucks will get the new feature, or if it will exclusively be offered on the Chevrolet. 2022 will bring major updates to the Silverado and the Sierra, potentially including — as we've previously reported — an independent rear suspension. Interior upgrades will allegedly be part of the mid-cycle changes, too, but we still don't know if the Silverado will receive the tough carbon fiber cargo box available in the Sierra. In the meantime, motorists in the market for a Sierra will temporarily have fewer options to choose from. GMC has asked its dealers to stop taking orders for the regular- and double-cab variants of the truck, according to a separate report from GM Authority. Putting the slower-selling regular- and double-cab trucks on hiatus will allow dealers to build up their inventory of crew-cabs, which sell far better and are in relatively short supply. These restrictions will remain in effect until the 2021 model year, which starts on September 14 for double- and crew-cab models and on September 21 for regular-cab trucks. All three body styles will be available in 2021. Related Video: