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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

GMC has received 65,000 Hummer EV orders so far

The GMC Hummer pickup truck only just went on sale, and already there's word from company brass that demand is higher than expected. According to a report from CNBC, Duncan Aldred, global vice president of GMC, said the automaker has received more than 65,000 combined orders for the current electric truck and upcoming SUV. What's more, the number of customers converting reservations into orders is humming along at 95%, which is also higher than the company projected. "Production’s actually slightly ahead of plan and weÂ’re putting things in place now to actually expedite that as well, so we can deliver these reservations quicker than we originally thought," Aldred said, adding that new orders placed today probably won't result in a delivered vehicle until 2024. "WeÂ’re doing all the studies on that and weÂ’re confident we can go a lot quicker than we originally thought," Aldred said, "But it still means a reservation now probably means delivering in Â’24." The version of the Hummer pickup that's currently being built is the highest-spec Edition 1 model. That truck ran at least $110,295, but since it's already sold out, new customers will be looking at Hummer EV 3X that starts right around the $100,000 mark before any optional equipment is added (and assuming you can find a dealer that won't try to jack up the price). At some unspecified point in the next year or so, GMC will start building a lower-cost Hummer 2X for $89,995. A year or so later, the  $79,995 Hummer EV 2 will make its debut. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Elvis Presley owned this GMC pickup. Now you can, too

Befitting his status as America's first rock star, Elvis Presley lived large. Among his many excesses, Elvis was well known for his prolific new-car purchases. Mostly, it seems the King favored Cadillacs and Lincolns — although, during his Army stint in Europe, he picked up a BMW 507 roadster. Here we have something different from the Elvis Presley canon: a 1967 GMC pickup. And this GMC will be crossing the block at the GAA Classic Cars auction on February 27. This GMC is one of three that Elvis purchased from Guy Caldwell Motors in Senatobia, Mississippi, almost exactly 54 years ago: on February 7, 1967. He bought a red one, a blue one, and this green one for use on his Circle G Ranch in Horn Lake, Mississippi. According to a badge on the glovebox door, this pickup is a GMC Cheyenne Super, which sounds like a fancy-pants trim level, although the truck still looks pretty bare-bones to our eyes. The steel wheels have dog-dish hubcaps, and the grille and bumpers are painted white rather than chrome. It's a standard-bed half-ton pickup and is powered by a six-cylinder engine with a three-on-the-tree column-shift manual transmission. The truck spent just over a year on the ranch before being sold off. It then went through a series of owners and several museum stints. Among the paperwork included with a sale is a letter from Elvis Presley Enterprises confirming that a GMC pickup with this VIN number was bought new by Elvis. It has now been restored, so there shouldn't be a whole lotta shakin' going on. The truck has been repainted green, although the side mirrors are different than what's shown in a vintage photo, and the chrome trim along the sides is missing. More notably, we'd like to see the "Circle G Ranch" logo it once wore on its doors be added. No pre-sale estimate is given. The final hammer price for this GMC will depend on the degree to which bidders are all shook up at the prospect of owning one of the more unusual Elvis Presley vehicles.