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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

Recharge Wrap-up: LA Auto Show may feature updated Cadillac ELR, Uber expands Chicago HQ

A Kentucky man has converted his 1939 Dodge pickup to an electric vehicle. Al Gajda of Lexington built the electric truck, which he now uses as his daily driver. "I take advantage of any excuse to drive it; just banging around town, errands, short runs on the interstate, delivering my granddaughter to school in the morning," he says. It is powered by a lithium-ion phosphate battery, which is mounted in a wooden box on the truck bed, and gets about 100 miles per charge. Read more at the Lexington Herald-Leader. Elon Musk will speak at the Automotive News World Congress in January. The Tesla CEO is a featured speaker for the program, "Setting the Pace in a Thriving Market." The event takes place in Detroit, which could lead to an interesting mix of people in the audience, and Musk will speak on January 13. Read more at Automotive News. Production of the Toyota Rav4 EV has ended. The shipment of the final Toyota EVs concludes Toyota's deal to source batteries from Tesla. Of the 2,600 Rav4 EVs to be produced, there are probably just a few hundred left to be sold, most of which are likely to be gone by the end of October. Read more at Inside EVs. Cadillac will likely show an improved version of the ELR at the Los Angeles Auto Show in November. The 2016 ELR will include unspecified "engineering enhancements," according to Cadillac spokesman David Caldwell. There will be no 2015 model, as the 2014 model will be sold until the 2016 ELR goes on sale in the first half 2015. Read more at Edmunds. Uber executives, along with Illinois Governor Pat Quinn, have announced a major expansion of the ride-hailing company's Chicago headquarters. Uber also plans to add 420 jobs by the end of 2016. "Uber's new expanded headquarters will allow the company to continue its rapid growth and serve its riders and drivers throughout Illinois," says Governor Quinn. Last month, Quinn vetoed legislation that would have put restrictions on companies like Uber in the state. Read more in the press release below. Governor Quinn and Uber Announce Major Chicago Headquarters Expansion Innovative Ridesharing Company to Add 420 Jobs by End of 2016 CHICAGO, Sept. 29, 2014 /PRNewswire-USNewswire/ -- Governor Pat Quinn and Uber executives today announced that the ridesharing giant is moving forward with creating 420 new jobs by the end of 2016 in a major expansion of its Chicago regional headquarters.

Cadillac Celestiq flagship EV shows off its tint-shifting smart roof

GM has high hopes for its upcoming Cadillac Celestiq sedan, slated for release in 2023. The flagship EV is being built to help the brand recapture its reign as “the Standard of the World.” As such, itÂ’s expected to arrive packed to the gills with cutting edge, futuristic technology including an all-glass roof that can adjust its opacity anywhere between crystal clear and completely opaque with the mere flick of a switch. These roofs, dubbed SPD-Smartglass, have been designed and manufactured by Research Frontiers of Woodbury, New York, and are based on Suspended Particle Device technology that was originally created as a replacement for the manual sliding window shades aboard commercial aircraft, Research Frontiers CEO Joe Harary told Engadget. Some of the earliest examples of SPD window treatments can be seen on the 2011 Mercedes Benz SLK roadster and in the 2012 Mercedes S Class coupe, which were used to increase headspace while eliminating the physical window shade screens, as well as various McLaren models over the past decade. As the YouTube video below explains, Research Frontiers SPD tech relies on polyiodide nanoparticles to generate its tint effect. Magic Sky Control Using SPD-SmartGlass Technology “SPD technology is smart glass that allows you to change the tint of the glass,” Harary explained. “There's this film that we invented that has little nanoparticles in it, which you can control with a small electrical voltage. So, basically this film... that allows you to dial in whatever tint level you'd like.”  “The crystals are about three to five tenths of a micron in length and they act as induced dipoles so when you apply an electric field to conductive coatings in the film,” Harary continued, “ the particles will line up, and allow light to pass through. Then, when you remove the voltage, their natural tendency is to be in the dark state due to Brownian movement and that causes the glass to tint.”  As the tint partially blocks incoming photons, it also reduces the amount of glare experienced by the driver and the heat trapped within the vehicle — over 99.5 percent of light and 95 percent of heat, per a January press release from the company. The claim is, this allows vehicle occupants to stay comfortable for longer without having to turn on the A/C, as well as keep the interior up to 18 degrees Fahrenheit cooler overall, Harary said.