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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

Junkyard Gem: 1973 GMC Sierra Grande Camper Special

Starting in the 1973 model year, General Motors introduced the "Rounded Line" family of C/K-series Chevrolet and GMC trucks, and sales of the pickup versions continued all the way through 1987. Nice examples of these trucks can sell for large money, but the junkyard teaches us that not all collectible vehicles are worth rescuing and fixing up. Here's a reinforcement of that lesson, courtesy of a first-year GMC C2500 Camper Special with the high-zoot Sierra Grande trim level, found in a self-service yard just outside of Denver, Colorado. I'm no GM truck expert, but I know enough to stay clear of the battles over what to call this pickup. Let's just say it's a three-quarter-ton, rear-wheel-drive third-gen C-Series with really cool badges. Yes, I bought this badge for my garage wall, and it was totally worth the $4.23. GM came up with the Camper Special package during the late 1960s, when removable pickup campers became popular, and for 1973 it included heavy-duty springs and a wiring harness made to plug into the connectors on slide-in truck campers. It also included woodsy-looking badges, but someone pried the ones off this truck before I could buy them. This may well have been a one-owner truck, because it still had original warranty paperwork inside. Here we see that it was purchased new on August 2, 1973 (which happens to be the day that George Brett got his very first hit in the big leagues) by a resident of Compton, California. Yes, that Compton. The build tag tells us that this Camper Special was born at the Fremont Assembly plant in California, which became the GM-Toyota NUMMI venture in 1984 and is now the Tesla Factory. I think most 1973 C/K pickups sold new in Colorado would have come from Pontiac Assembly in Michigan. There was a time, not many years ago, when a genuine 454-cubic-inch (that's 7.4 liters to those of you sweating under the oppressive weight of the French Empire's Measurement System) big-block Chevrolet engine would have been yanked out and purchased within hours of hitting the rows of a yard like this. These days, engine-swappers can get more power with less weight from any number of donor vehicles. If this engine is the original 454, it was rated at 240 horsepower and 355 pound-feet (down from 270 hp in 1972 due to emissions-related changes). This truck had a three-speed automatic transmission, like most optioned-up Detroit pickups of its era.

GM sweetens military discount for Buick, Chevy and GMC

American servicemen and women interested in a new vehicle from Chevrolet, Buick or GMC now have a bit more incentive to head down to their local dealer, as General Motors has announced plans to improve its military discount program.
The new GM Military Discount Program offers eligible consumers a new Chevy, Buick or GMC at invoice pricing, which in some cases can take very large chunks out of a car's retail price. When factored in with other incentives, most of which are available with the Military Discount, the bargains are thick on the ground for members of the US armed forces.
GM's Retail Sales and Marketing Support general manager, Chuck Thomson, said, "GM has long supported the military and military families, and we hope this simplified and enhanced discount will show our appreciation for their service and help make it easier for them to own one of our great new vehicles." The program is open to all active duty and reserve members in the Army, Navy, Marines, Air Force, National Guard and Coast Guard, as well as veterans that have been out of the service for less than a year. Military retirees and their spouses are also eligible for the discount.