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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

2016 Chevrolet Malibu Hybrid: 48 mpg for $28,645

With the 2016 Chevrolet Malibu Hybrid, General Motors wants to show it's as serious about mainstream hybrids as it is about mainstream midsize sedans. Keeping with the theme, Chevy announced the Malibu Hybrid will have a serious price tag of $28,645. Chevy said Thursday the 2016 Malibu Hybrid will go on sale in the spring, with that price also including an $875 destination charge. That's about $3,000 more than where the Ford Fusion Hybrid kicks off, and about $2,000 more than a Toyota Camry Hybrid LE. The big news being pushed with the Malibu Hybrid, however, is the fuel economy. GM says it's capable of 48 miles per gallon city and 45 highway, for a combined rating of 47 mpg. That's better than any other 2016 midsize hybrid sedan. Power comes from a 1.8-liter gasoline engine and an electric motor with a 1.5-kWh lithium-ion battery, producing 182 combined horsepower. That's competitive with both the Camry and Fusion. Chevy also likes to say it's roughly the same system as the one installed in the 2016 Volt – although with a smaller battery, larger gas engine, and without the plug – so the Malibu Hybrid has that halo effect going for it. With both this Malibu and 2016 Toyota Prius, there's a lot of activity around gas-electric hybrids amid lowering fuel prices and a raft of plug-ins and full-electrics. The gas-only 2016 Malibu was found to be, "at least good again," so the 2016 Malibu Hybrid should be able to attract those who want a competent midsize sedan with excellent fuel economy that awaits EPA verification. We'll go with that thought until we get to drive it. Related Video: NEXT-GEN CHEVROLET MALIBU HYBRID LT STARTS AT $28,645 Projected to offer 48 MPG city using technologies borrowed from Volt DETROIT – The 2016 Chevrolet Malibu Hybrid LT, which achieves a General Motors'-estimated 48 mpg city, will be available this spring with a starting price of $28,645. "The Malibu leverages knowledge and technology directly from the second-generation Chevrolet Volt," said Steve Majoros, marketing director of Chevrolet Cars and Crossovers. "By leveraging technology, we are broadening our level of expertise and lessons learned to bring consumers a world-class hybrid." With an all-new, hybrid powertrain that uses a slightly modified drive unit and electric motors used in the 2016 Chevrolet Volt, the Malibu Hybrid offers a GM-estimated 48 mpg city, 45 mpg highway – and 47 mpg combined, unsurpassed in the midsize car segment. Official EPA estimates are pending.

Opel pulls out of Russia, GM to focus on Cadillac, 'iconic' Chevys

General Motors is going to realign its priorities in the struggling Russian marketplace, withdrawing its Opel brand and pulling out mainstream Chevrolet models. Instead, the General will take aim at Russia's well-established oligarchy, pushing Cadillac as well as "iconic" Chevrolet models, like the Corvette, Camaro and Tahoe. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," GM president Dan Ammann said in a statement. "This decision avoids significant investment into a market that has very challenging long-term prospects." Russian customers interested in an Opel or mainstream Chevys like the Spark, Aveo (the US market Sonic), Cobalt (shown above), Cruze, Orlando and the like have until December to snap up a car before the brands are pulled. "We do not have the appropriate localization level for important vehicles built in Russia and the market environment does not justify a major investment to further localize." Opel Group CEO Karl-Thomas Neumann said. GM will continue to offer service to customers in Russia. "We can assure our customers that we will continue to provide warranty, parts and services for their Chevrolet and Opel vehicles," Neumann said. Beyond realigning its brands in Russia, GM also announced that it would also be idling the company's factory in the country's second-largest city, St. Petersburg. This is the second time the St. Petersburg factory has been in the news – GM announced that it'd be idled for roughly two months back in February. Scroll down for the official press release from GM. GM to Change Business Model in Russia 2015-03-18 Focus on Cadillac and iconic Chevrolet vehicles Wind down Opel brand and sale of mainstream Chevrolet cars Idle GM Auto manufacturing facility in St. Petersburg Part of GM's strategy to ensure long-term sustainability in global markets DETROIT – General Motors today announced plans to change its business model in Russia. GM will focus on the premium segment of the Russian market with Cadillac and U.S.-built iconic Chevrolet products such as the Corvette, Camaro and Tahoe. The Chevrolet brand will minimize its presence in Russia and the Opel brand will leave the market by December 2015. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," said GM President Dan Ammann.