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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: Chevy hits CO2 goal, eVgo and BMW build fast charging

Chevrolet has met its goal of preventing 8 million metric tons of CO2 emissions over the last five years. Through its community-based carbon reduction initiative, Chevy invested $40 million and took part in 38 different projects in 29 different states. The projects included supporting wind farms, powering a hospital with landfill gas, helping truckers reduce their idle time and helping create the ongoing #CleanEnergyU dialogue between students and clean energy leaders. In the end, Chevy retired all its carbon credits rather then spending them to offset its own emissions. Read more from Chevrolet. NRG eVgo and BMW are partnering to add DC Fast Combo charging to locations around the country. Over the next two years, the groups will bring hundreds of the 50-kW chargers to 25 cities, with 24 of those markets getting at least one installed by the end of 2015. "eVgo will add reliable DC Fast Combo capability to what is already America's largest DC Fast charging network," says eVgo President and CEO Arun Banskota. "This will be the fastest and most cost effective build out of a new network ever – thanks in large part to our existing infrastructure and committed retail host partners." Read more in the press release from eVgo. The EPA has settled with a Utah gasoline refiner over Clean Air Act violations. The HollyFrontier Corporation subsidiaries will pay $1.2 million for producing about 42 million gallons of gas that didn't adhere to Reid Vapor Pressure standards, resulting in 10 excess tons of volatile organic compound emissions. Its Salt Lake City refinery will also implement a program to offset past emissions. "This agreement will benefit public health by requiring retrofits of storage tanks at HollyFrontier facilities that will reduce volatile organic compound emissions and use next generation technology to verify these reductions," says Assistant Attorney General John Cruden. "This settlement shows that fuel refiners can and must meet the nation's standards for controlling the emissions that cause ground level ozone and serious health problems for Americans." Read more in the press release below. U.S. Settles with Gasoline Refiner to Reduce Emissions at Utah Facility WASHINGTON -- The U.S.

2014-15 Chevy Impala recalled over airbag fault

Over 5,700 current-generation Chevrolet Impala sedans are being recalled, General Motors announced today. The fullsize four-doors suffer from an issue with the front seats. According to a report from The Detroit News, a production problem during the seat steaming process could cause "a calibration error in the electronic control module." In turn, that would cause an issue with the Automatic Occupant Sensing system. The AOS is a crucial element, as it looks at the weight on the front seat to determine whether the airbags should be armed or not. According to a bulletin from the National Highway Traffic Safety Administration, a problem with the system could mean that the airbags deploy when they shouldn't, such as when there's a child or infant seat mounted in front. The problem is limited to 2014 and 2015 models that have both heated and vented front seats. Owners will be asked to report to dealers for a free recalibration and ECU reset. Scroll down for the official bulletin from NHTSA. Related Video: Report Receipt Date: JUL 24, 2015 NHTSA Campaign Number: 15V465000 Component(s): AIR BAGS Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2014-2015 Chevrolet Impala vehicles manufactured April 15, 2013, to June 19, 2015, equipped with front vented-heated passenger seats. Accordingly, the Automatic Occupant Sensing (AOS) system may fail to suppress the front passenger air bag if a child seat is in the front passenger seat. These vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) No. 208, "Occupant Crash Protection." CONSEQUENCE: If the front passenger air bag deploys with a child seat in the front passenger seat, it increases the risk of injury to the child. REMEDY: GM will notify owners, and dealers will correct the calibration-learning error by preconditioning the empty seat, and also resetting the ECU to a seat zero-value, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chevrolet customer service at 1-800-222-1020. GM's number for this recall is 15400. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.