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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: Free chargers for Canadian ELR buyers, Renovo gets funding for EV supercar

Chevrolet offers versions of its Express passenger van with B20 biodiesel and E85 capability. Customers can buy the van with the Duramax turbodiesel V8, which is compatible with the 20-percent biodiesel blend. There is also a FlexFuel V8, which can use the 85-percent ethanol gasoline blend. It's a great option for shuttling the whole soccer team to practice using renewable fuels. Read more at Domestic Fuels. Early buyers of the Cadillac ELR in Canada will get a 240-volt charger installed at their home for free. It should help convince some buyers to adopt the range extended luxury EV. Cadillac's Chief Marketing Officer Uwe Ellinghaus says, "Professional installation of the fastest home-charging unit is a natural way to mark the introduction of ELR to the luxury market." Read more in the press release below. Renovo has received venture capital funding from California-based True Ventures to build its Coupe electric supercar. The impressive EV, with its 500 horsepower and 1,000 pound-feet of torque, is an inspiring vehicle built by a promising company, according to its financial backers. Toni Schneider of True Ventures says that Renovo has "created incredibly advanced technology and a beautiful machine that is well positioned to disrupt the automotive market." Read more in the press release below. Renault says it will build its Fluence ZE electric car in China for an unnamed brand, pending government approval. Chief Executive Carlos Ghosn announced the plan at a test drive event in France on Monday. Renault has a partnership with Dongfeng Motors to build and sell its cars in China. Read more at Reuters. Germany has lifted its ban on Uber. While the German court believes the ride-hailing service is operating illegally without proper licensing for drivers, it says Taxi Deutschland waited too long to file the case against Uber. The taxi association plans to appeal the decision soon. See more in the video below, and read more at The New York Times. A new report from UC Davis claims that a global expansion of public transit could save 1,700 megatons of carbon dioxide yearly and over $100 trillion by 2050. A "high-shift scenario" would be necessary, wherein governments invest in rail and clean buses, expand biking and walking infrastructure and shift focus away from projects that encourage car use. This shift to public transit would especially be important in the US, China and India. Read more in the press release below.

Malcolm Butler gets the MVP's Chevy Colorado

In the wake of the Super Bowl last week, we reported that New England Patriots quarterback Tom Brady intended to give the Chevy Colorado awarded to him as the game's most valuable player to Malcolm Butler instead. In our informal poll (to say nothing of the hundred-plus comments that ensued), an overwhelming 86.7 percent of you, our loyal readers, agreed that it was the right thing to do. And now that's precisely what's happened. "After consulting Super Bowl MVP Tom Brady," the automaker said in the press release below, "Chevrolet presented an all-new Colorado pickup to New England Patriots cornerback Malcolm Butler." The rookie, as you may have seen in between the commercials, made the game-saving interception that handed his team the victory, propelling Butler to stardom. "I am ecstatic that Chevrolet has chosen to reward me with a Colorado," said Butler upon taking delivery of his new red pickup. "It is just another unreal event in what has been an incredible week." We can only imagine. Enjoy the truck, Malcolm; you've earned it. Related Video: Upon Further Review, Chevrolet Awards Super Bowl MVP Colorado to Malcolm Butler 2015-02-10 DETROIT – After consulting Super Bowl MVP Tom Brady, Chevrolet presented an all-new Colorado pickup to New England Patriots cornerback Malcolm Butler, whose end zone interception preserved the Patriots' victory in Super Bowl XLIX. The Colorado was intended to be awarded to Brady, the Patriots' quarterback, in recognition of his Super Bowl Most Valuable Player award. However, Brady and Chevrolet huddled on Monday and Chevrolet determined Butler deserved recognition for his game-saving interception. "I've seen several game-changing moments in big games, and Malcom's interception last Sunday ranks up there as one of the biggest," said Brady. "I appreciate Chevrolet wanting to honor the Super Bowl's top performer, and I'm glad they have agreed to award the Colorado to Malcolm." Said Butler: "I am ecstatic that Chevrolet has chosen to reward me with a Colorado. It is just another unreal event in what has been an incredible week." The Chevrolet Colorado, 2015 Motor Trend Truck of the Year®, was engineered to be the most capable, most versatile and most technologically advanced midsize truck in the market. With class-leading horsepower and fuel economy along with a 4G LTE built-in Wi-Fi hotspot, the Colorado adds a new dimension to the Chevy truck line.