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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's Blackwing V8 was the best engine at the worst time

It should be clear that GM knows how to innovate and engineer excellent products when it wants to. Cadillac's 4.2-liter twin-turbo Blackwing V8 is recent proof of that. Yet, as related in an extensive Road & Track piece, the Blackwing became victim to some of The General's bugbears, like the reticence to — for whatever reasons — unleash its excellence everywhere, fund that excellence, and be consistent with that excellence over the long term beyond the Corvette and full-sized pickups and SUVs. The R/T story relates tales told by "several people deeply involved with the Blackwing project" about how an engine 18 years in the making was deprived of its reasons for being in less than three. Starting around 2000, GM spent a dozen years building Cadillac up to the point where the American luxury brand could rationally flip to the chapter called, "Taking the Fight to the Germans, but for Real this Time." The first steps in the plan meant an exclusive platform and an exclusive engine. The platform was called Omega. You know the engine's name. They were going to be the aluminum-blocked fist and velvet glove enabling Cadillac to break on through to the other side of luxury — proper luxury to global standards, that is — with a range of beautiful and dynamic crossovers and sedans. An engineer involved in the project estimates GM poured $16 million into the Blackwing's clean-sheet development. Many more seven-figure sums went into creating the first sedan on the Omega platform, the CT6. The automaker dropped millions again poaching ex-Audi and Infiniti chief Johan de Nysschen, and moving Cadillac's headquarters to New York City in 2014. Further pallets of cash funded the development and debut of the Escala concept at Pebble Beach in 2016. In 2018, GM revealed its dramatically named DOHC twin-turbo V8. Considering what came before, the Blackwing clearly wasn't designed for cars. It was designed for world domination. However, against the backdrop of plummeting sedan sales, the CT6 didn't sell like GM had hoped. The automaker hesitated to marshal another fleet of Brinks trucks to fund entries into a cratering bodystyle. Removing sedans from the world domination equation created more difficult math for the crossovers and the Escala.

Mystery Cadillac coupe concept revealed in patent drawings

We have been reminded once again that when Cadillac designs a coupe, it's usually spectacular. The reminder comes in the form of a patent drawing filing that was previously reported on by Jalopnik. In the filing are shots of the two-door from just about every angle, and there's not a bad one in the bunch. Unfortunately, there isn't really any other information about the car in the patent, so the car remains a mystery in that regard. Still, there's a fair amount to be gleaned from the images. It certainly looks sportier than most recent Cadillac concepts. It has a fastback roof and a short deck lid. The rear bumper has a diffuser design fitted to it. The rear fenders are very wide. It has large auxiliary grilles on each side of the center one, and the way the taillights are designed seem to hint at extractor vents. The overall proportions even look a bit like those of the Camaro, but possibly a little larger. The car also looks like it's probably a concept. The side mirror stalks are far too skinny to actually be production units. The big diffuser and center exhaust, plus those rear extractor vent designs seem a little much for a production model, too. The headlights are also a little on the small side. Being a concept (probably), we're a little worried. We really want to see this thing come to market, but Cadillac has a bad track record of showing beautiful concepts that never make it to production, even when they aren't particularly over-the-top. The Elmiraj and Ciel are two that come to mind. The former was a coupe, too, and was elegant and grounded. We never got a production version of either. We did see some styling inspiration from the Elmiraj on the ATS and CTS, but they never quite captured the concept's beauty. Then again, when Cadillac has managed to bring a recent concept to production, the results haven't great. The Converj concept became the ELR, and while the styling came through fine, it was hampered by an uninspiring powertrain and an excruciating price tag. But hey, Cadillac could always prove us wrong. And we would like them to. Related Video: Featured Gallery Cadillac Coupe Patent Drawings News Source: U.S. Patent and Trademark OfficeImage Credit: U.S. Patent and Trademark Office Cadillac Coupe Concept Cars Luxury