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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

Submit your questions for Autoblog Podcast #321 LIVE!

We're set to record Autoblog Podcast #321 tonight, and you can drop us your questions and comments regarding the rest of the week's news via our Q&A module below. Subscribe to the Autoblog Podcast in iTunes if you haven't already done so, and if you want to take it all in live, tune in to our UStream (audio only) channel at 10:00 PM Eastern tonight.
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GM ending stop-sale order on heavy-duty trucks

General Motors responded to an inquiry from Autoblog regarding a stop-sale order on its full-size heavy-duty pickup trucks. Here's GM's official statement. GM is committed to building the highest quality products possible. We paused delivery on a small number of HD pickups with the 6.6 liter Duramax engine last week to finalize an investigation into a potential quality issue. The investigation has been completed and the stop sale will be lifted for the small number of vehicles at dealerships.Customers can be assured GM’s heavy duty pickups are covered by a 5 year/100,000 mile powertrain warranty. The original article continues below. General Motors has reportedly sent its Chevrolet and GMC dealers a stop-sale order that applies to some examples of the 2022 Silverado HD, the 2022 Silverado MD, and the 2022 Sierra HD. The units affected by the stop-sale order may develop an engine-related problem. Citing anonymous sources, website GM Authority wrote that the Duramax 6.6-liter turbodiesel V8 in the affected trucks can hydrolock, which means liquid could enter the cylinders and cause a substantial amount of damage. The report does not specify where the liquid would come from; hydrolocking can happen by driving through a deep puddle of water, for example, but a large amount of coolant can cause it as well. The publication adds that the stop-sale order was assigned internal reference number N222362910. It also notes that the trucks included in it can't be sold, delivered to buyers, traded with another dealer, sent to auction, or even used for demonstration purposes until further notice. Earlier in April 2022, GM Authority reported that General Motors planned to buy back an unspecified number of Silverado HD and Sierra HD trucks due to quality-related issues with the 6.6-liter V8. Details about the problems experienced by customers haven't been released; all we know is that each truck will be replaced, though the replacement may not have the same equipment due to the ongoing chip shortage. Related video: