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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

GM moving international sales HQ to Singapore from Shanghai

General Motors has announced that it will be moving its international headquarters from Shanghai to Singapore, a move that will see 120 employees working from the city-state by the time business opens in 2014. Meanwhile, 250 to 300 of the employees at the Shanghai office will remain in China, according to a report from The Wall Street Journal.
The shuffle is part of a bigger reorganization that will see GM isolate its operations in the People's Republic from its broader international efforts. This sort of divide-and-conquer strategy will allow GM to still react to emerging markets while, according to the WSJ, providing a dedicated management team for the Chinese market. The team in Singapore will be responsible for operations in Africa, southeast Asia, Australia, India, South Korea and the Middle East, on top of managing Chevrolet and Cadillac in Europe, according to a statement from GM.
The shift to Singapore "will help us to create a renewed identity for CIO (Consolidated International Operations) and lead GM's umbrella strategy for the region," said GM Executive Vice President of CIO, Stefan Jacoby.

2020 Cadillac XT4 Review and Buying Guide | Competence and curb appeal

The 2020 Cadillac XT4 is a handsome little crossover distinctively sized between two segments. This allows it to boast backseat space on par with larger SUVs like the Audi Q5, while being a bit more park-able and fuel efficient like the BMW X1. There should definitely be a Goldilocks "just right" thing going on for many shoppers. Cadillac's baby SUV also impresses on the technology front, boasting loads of standard, advanced features along with a user-friendly touchscreen interface that shouldn't be too hard to figure out. There are dynamic missteps, though. The steering, throttle and brake pedals lack the driver-oriented response and feedback we've come to expect from Cadillac's sharply tuned sport sedans, while also not exactly possessing the nice-and-easy isolation of Caddy's past. In either scenario, we're not sure it "drives like a Cadillac" despite some otherwise impressive engineering going on underneath that handsome skin. The XT4 is also pretty expensive given its features, size and interior quality. Competitors both larger (Acura RDX) and smaller (Volvo XC40) provide better value. Still, as we noted in our XT4 first drive, there's enough novel tech to provide bragging rights, it's obviously a Cadillac in design (and definitely not just a rebadged Chevrolet in execution), and it's a pleasing enough place to sit while scooting around in traffic. It has competence and curb appeal, which count for a lot. What's new for 2020? After being an all-new model last year, the XT4 heads into 2020 with some noteworthy features updates: Forward collision warning and automatic emergency braking are now standard, while the Premium Luxury trim level gets the hands-free power liftgate as standard equipment.   What's the XT4's interior and in-car technology like? The XT4's interior design isn't as memorable as that of its exterior, nor its stylish Volvo XC40 and Lincoln Corsair competitors. It's a bit generic, which just doesn't seem right for a Cadillac. Materials quality is acceptable when closer to its base price, but begins feeling less so as options are added and the price tag rises. We've also driven multiple XT4's with an annoying rattle in the B pillar. Standard infotainment technology is abundant. Apple CarPlay and Android Auto are included with the standard 8-inch touchscreen and benefit from a pair of USB ports: one standard USB-A and the other a newer USB-C.