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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

Cadillac launches ATS-V, CTS-V Crystal White Frost editions

With power and performance enough to challenge the best that Europe and Japan have to offer, buyers in the luxury performance market shouldn't need much more reason to consider a new Cadillac ATS-V or CTS-V. But to make its fastest models that much more enticing, Cadillac is rolling out the new Crystal White Frost editions you see here. Available on the ATS-V coupe, ATS-V sedan, or CTS-V sedan (pictured), the new Crystal White Frost Edition models feature unique matte-finish white paint. They also get special wheels and the Carbon Fiber and Luxury packages as standard. Other equipment like Recaro buckets and microfiber-trimmed control surfaces are also available, among other options. GM's luxury division will only make 99 examples available across the three models – 39 ATS-V coupes, 31 ATS-V sedans, and 29 CTS-V sedans. So if you want to get your hands on one, you may have to act faster than these forced-induction performance machines will muscle their way around the track. Prices start at $71,460 for the smaller sedan and extend up to $94,900 for the larger one – those prices including destination but not taxes, registration, and other fees. For a full rundown of the equipment included and available, scope out the detailed press release below. Related Video: 2016 Cadillac V-Series Crystal White Frost Editions CELEBRATING THE FIRST-EVER CADILLAC ATS-V & THIRD-GENERATION CADILLAC CTS-V 2015-10-16 Cadillac today announced the exclusive Crystal White Frost Edition for all three of its new high-performance V-Series models – the 2016 Cadillac ATS-V Coupe and Sedan, and the 2016 Cadillac CTS-V Sedan. These new special edition models celebrate the ongoing launch of the first-ever Cadillac ATS-V and the third-generation Cadillac CTS-V super-sedan. They feature a special production run of low-gloss Crystal White Frost exterior paint, which first appeared for the world premiere announcements of the new V-Series models, receiving positive consumer reaction. The edition includes select V-Series wheels and Carbon Fiber and Luxury packages that are options on regular V-Series models. The 2016 Cadillac ATS-V Crystal White Frost Edition sedans start at $71,460 and coupes at $73,660. The 2016 Cadillac CTS-V Crystal White Frost Edition sedans start at $94,990, including destination freight charges but excludes tax, title, license and dealer fees.

GM to idle car production at five factories as Americans continue CUV love affair

In case you needed another reminder that Americans have fallen out of love with sedans, General Motors today announced plans to idle five factories in January in a bid to cut its inventory to 70 days. Detroit-Hamtramck Assembly ( Buick LaCrosse, Cadillac CT6, Chevrolet Volt and Impala) and Fairfax Assembly in Kansas ( Chevy Malibu) will stop production for three weeks. Lansing Grand River ( Cadillac ATS and CTS, and Chevy Camaro) is going down for two weeks, while Lordstown, OH ( Chevy Cruze) and Bowling Green, KY ( Chevy Corvette) will go idle for a week each, Automotive News reports. GM's shutdown reflects a broader problem with the company's supply – at 847,000 vehicles, the company's supply increased unsteadily from a low of 629,000 units in January of 2016. That's more than a 25 percent increase in the past year. Citing information from Autodata, The Detroit News reports that at the end of November, GM had a 168-day supply of LaCrosses, 177 days' worth of Camaro, 170 days of Corvette, 121 days for Cruze, 119 days for ATS, 132 days for CTS, and 110 days of CT6. Meanwhile, inventory of the company's more popular vehicles is actually below the professionally accepted 60- to 70-day supply, The News reports. The Trax, Colorado pickup, and GM's full-size SUVs are sitting below 50 days and experiencing year-over-year sales increases. GM needs a rethink of its inventory levels, which is something that's apparently coming. "We're going to be responsible in managing our inventory levels," GM spokesman Jim Cain told The News. Another unnamed spokesman told Automotive News the company's day-to-day supplies would "fluctuate before moderating at year-end." But at least one analyst thinks this won't be the last time Detroit needs to stop production to level things out. "Incentives are elevated, residuals are declining, and rates are rising," Brian Johnson, an analyst with Barclays, told The News. "And while GM in particular may benefit in the months ahead from new product launches, it's important to recognize that GM's inventory is elevated at the moment, and it wouldn't surprise us if they need to announce another production cut – which could pressure the stock." Related Video: News Source: The Detroit News, Automotive News - sub. req.Image Credit: Paul Sancya / AP Plants/Manufacturing Buick Cadillac Chevrolet GM GMC Crossover SUV Sedan bowling green cadillac xt6 fairfax