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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

2021 Cadillac XT6 adds 2.0-liter turbo and new base trim in second year

The 2021 Cadillac XT6 has been announced, and the three-row crossover is going through a few notable changes in its second model year. There’s a new base trim and base engine, and Cadillac has added tech features to improve the experience. Starting with the new engine: ItÂ’s the 2.0-liter turbocharged four-cylinder that was initially introduced in the XT4 as the base motor. Power output is the same as the compact crossover at 237 horsepower and 258 pound-feet of torque. ItÂ’s paired with the nine-speed automatic transmission and comes with front-wheel drive as standard — all-wheel drive is a $2,000 option. That engine only comes with the new base trim level: Luxury. Every other trim receives the 3.6-liter V6. The new Luxury trim (pictured above) is being added to the lineup as a base model to compliment the Sport and Premium Luxury trims. This will be the cheapest and most basic of the XT6s, but you can still option all-wheel drive. Features include 18-inch wheels, the eight-inch touchscreen infotainment system, black leatherette seats (heated and powered in front), brushed aluminum trim, tri-zone climate control and a number of other smaller extras along with a suite of driver assistance technologies. Cadillac is also adding wireless Apple CarPlay and wireless Android Auto to the lineup as standard equipment — they were standard previously but required the traditional wired connection. ThereÂ’s also a new 20-inch wheel for the Sport model, and three new color options: Dark Moon Blue Metallic, Wilder and Infrared Tintcoat. The XT6 LuxuryÂ’s base price is $48,990, including the destination charge. ThatÂ’s a fair cut below the 2021 Premium Luxury ($53,790) and the Sport ($58,190) trims, but you are losing out on the additional equipment and luxury those trims offer. Cadillac says the updated 2021 XT6 will land in dealerships this fall. Related video:

Cadillac considering more radical ATS-V

Cadillac is stepping up its performance game with the launch of the new ATS-V and CTS-V, but it's not about to rest on the laurels it removed from its own badge. While it's tipped to launch additional V models in the future, the latest word is Caddy could also come out with an even more extreme version of the ATS-V in the near future. According to Car and Driver, the prospect is on the table: "We might have something down the road that is a little bit more aggressive," chief engineer Dave Leone said, while another source pegged its potential arrival for 2017. It's too early to say what would constitute the more extreme model. The magazine points toward the Mercedes-AMG Black Series as an example. Jaguar took a similarly extreme approach with the XKR-S GT, as BMW has with the M3 GTS. As it is, the ATS-V is offered in both coupe and sedan variants with a 3.6-liter twin-turbo V6 producing 464 horsepower channeled to the rear wheels through a six-speed manual. Cadillac reportedly considered employing a dual-clutch transmission and all-wheel drive, but went the old-school route to avoid excess weight and (no doubt) cost.