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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 recalls 17,500 SRX CUVs in Canada

When reporting on recalls, Autoblog generally tries to focus on the US market. However, a recent campaign in Canada seems important enough to be worth mentioning because it could eventually affect American drivers. General Motors is repairing 17,481 Canadian examples of the Cadillac SRX from the 2010-2015 model years because of the possibility of a loose nut in the rear suspension. For the moment, the automaker hasn't yet announced whether the CUV in the US would require a similar campaign.
The notice was dated September 18, 2014, on the website for Transport Canada, similar to the National Highway Traffic Safety Administration in the US. It says, "the rear suspension toe link jam nuts" might not have been sufficiency tightened, which could allow a rear wheel to turn "inboard or outboard" while driving. If this happens, it could cause a sudden change in handling. Canadian Cadillac dealers are inspecting the parts and replacing the toe link if necessary.
This campaign isn't listed on the GM's running recall tally from September, which includes exported models, but it does list four other campaigns for the SRX this year - three in this range of years and one for the 2004-2006 model. Autoblog reached out to the company to ask about the possibility of this recall expanding to the US and were told "We have not publicly announced US recalls" for the issues affecting the SRX. The New York Times was given a similar quote. Scroll down to read the notice from Transport Canada.

Texas sues GM, saying it tricked customers into sharing driving data sold to insurers

Texas filed a lawsuit Tuesday against GM over years of alleged abuse of customers' data and trust. New car owners were presented with a "confusing and highly misleading" process that was implied to be for their safety, but "was no more than a deceptively designed sales flow" that surrendered their data for GM to sell. The suit contends that at no point was selling driving data ever even suggested as a possibility, putting GM in violation of the state's consumer protection laws. Texas Attorney General Ken Paxton is seeking a jury trial and at least $10,000 per offense (every GM car sold in the state since 2015) and a hefty add-on of $250,000 in cases where the victim was over 65. Texas seems to be flying high after a recent $1.4 billion settlement from Meta over other privacy concerns. This may well be a way to solve any pending budgetary issues in the Lone Star State.