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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

Chevrolet SS previewed by Holden VF Commodore SS V show car

It won't be long before we see the official, production-ready Chevrolet SS sedan (hint: it will be revealed this weekend). And to tide us over until all of the official details are released about the US-spec version, we have this: the Holden VF Commodore SS V show car, a performance-oriented brother to the Calais V that debuted earlier in the week.
What we really want to know about the SS V is what lies underhood, but General Motors' Australian arm is keeping that under wraps until the Chevy model breaks cover this weekend. Nevertheless, it's obvious that the SS V will be a serious performer, with all sorts of aggressive cues driving that home on the car's exterior. Take a look at those 20-inch billet aluminum wheels that hide big Brembo brake calipers up front, the sculpted hood and front fascia, the wide air intakes with LED running lights and the quad exhaust pipes out back. It's like the Pontiac G8 GXP never even left us.
Inside, there's a sporty-looking interior with aluminum accents that mix in with black leather and suede surfaces, all tied together in the middle with an eight-inch MyLink touchscreen infotainment system. It looks great, and again, while we don't know anything regarding powertrain details, it makes us oh-so happy to see a manual shifter smack dab in the middle of the center console.

GM to trim Russian output, raise prices amid currency woes

General Motors is shutting down its factory in Russia's second largest city, St. Petersburg, from the middle of March until the middle of May as the country's currency, the ruble, continues to give economists fits. The ruble's value has plunged due not only to western sanctions, but a precipitous fall in oil prices. We knew these factors were already impacting the auto industry there, as Ford reported in its 2014 earnings statement, and now they're forcing GM to cut production at the factory, shown above, that is responsible for production of the Chevrolet Cruze and Opel Astra. Meanwhile, Automotive News is citing Russian outlet Kommersant as saying that GM has hiked its prices in the country by an average of 20 percent over the past two months. While a GM spokesman confirmed the St. Petersburg plant would be shut down for the two-month span reported by Kommersant and AN, he would not confirm the price increase. News Source: Automotive News - sub. req.Image Credit: Alexander Nikolayev / AFP / Getty Images Earnings/Financials Plants/Manufacturing Chevrolet GM Opel opel astra