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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

Electric Cadillac Lyriq, Chevy Bolt EUV and more GM electric cars are on the way

GM’s murky and somewhat secretive electric car plan is falling into place, as the company dumped a massive amount of information about whatÂ’s in the pipeline at an event at its Warren, Michigan campus today. New EVs are going to be popping up across the GM brand lineup, with new entries from Chevrolet, Cadillac, GMC and Buick in progress. We also learned some big news about GMÂ’s new Ultium battery tech today, but check out this story for all of those nitty-gritty details. The electric vehicle onslaught will begin with the Cadillac Lyriq, an electric SUV thatÂ’s already been teased out. Naming it the Lyriq is the news today. No explanation for the name was provided, so weÂ’ll have to wait for April to learn more. GM didnÂ’t specifically say if the Lyriq would be launched at the NY Auto Show, but that show (assuming coronavirus doesnÂ’t cancel it) will begin on April 8 this year. Next up in the order of events is the GMC Hummer electric truck that we know will be launching on May 20. This truck will use GMÂ’s modular Ultium battery technology. However, the wait to buy a GMC Hummer will be a long one, as the truck isnÂ’t going to dive into production until fall 2021 at GMÂ’s Detroit-Hamtramck plant. GM revealed that its new modular Ultium batteries can be configured anywhere from a 50 kWh pack to a 200 kWh pack depending on the application. Range is estimated to be about 400 miles on the upper end with the largest battery pack, and GM continues to boast about a 0-60 mph acceleration time of three seconds. Charging estimates for the Ultium battery-equipped Hummer EV were also provided. GM says its truck platform will have 800-volt battery packs and be capable of 350 kW fast-charging. Time estimates werenÂ’t given, but those numbers suggest the truck will be a rapid charger. The Hummer truck on hand, which was the same that previously starred in GMC's Super Bowl spot, showed off removable roof panels that store in the frunk, as well as what appeared to be a version of GMC's Multi-Pro tailgate. It also featured sail panels on the sides, similar to those in front of the bed of the Chevy Avalanche. In addition to the Hummer, expect to see a couple Chevys launching. GM says the refreshed Bolt EV will be launched “in late 2020” with a refreshed interior and what appear to be thicker front seats.

Buick Century attracts 15,000 bees searching for new hive

By most accounts, the fifth-generation Buick Century isn't considered a desirable place to live. For a swarm of 15,000 bees, however, the lure of the front-drive A-body proved irresistible, much to the chagrin of the car's Las Cruces, N.M. owner. The unidentified man had gone shopping in an Albertson's grocery store, returned to his car, placed his purchases in the car, and began driving away. Then he noticed that something was, according to the New York Times, "amiss." The Buick owner called 911, which dispatched the Las Cruces Fire Department to the scene. Luckily, one firefighter and paramedic in the brigade, Jesse Johnson, is a hobbyist beekeeper. Though he was off duty at the time, Johnson sprung into action and arrived at the Buick with equipment to transfer the bees safely, including an empty hive box, a beekeeper's outfit and lemongrass oil, which mimics the scent of the queen. Johnson told the Times that bee colonies will often split in springtime, with a swarm following a queen to search for a new home. Apparently, the partially open window of a 1982-96 Buick Century looked like an inviting, perhaps temporary, location as the bees relocated. Johnson removed 3.5 pounds' worth of bees in a span of less than a half hour. He is rehabitating the bees at his home, where he maintains other hives. “IÂ’ll do anything to keep people from killing the bees,” Johnson told the Times. He also explained that when bees swarm like this, they are typically pretty docile. Amazingly, the Buick owner was only in the store for 10 minutes, the paper reports. Johnson believes the bees came from a nearby neighborhood. Fortunately, no one was injured during the incident. One Albertson's security guard was stung, according to the Las Cruces Fire Department, and another firefighter was stung on the lip. For the record, the Las Cruces Fire Department says they don't routinely handle bees. It was just fortunate that Johnson was around. It's not clear if the bees would have flocked to a similar era Chevy Celebrity or Oldsmobile Cutlass Ciera. Related Video: