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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

2019 Chevy Blazer vs Honda Passport, other midsize crossovers: How they compare

The two-row midsize crossover market is a sizable one that just keeps growing. The two newest additions being the 2019 Chevy Blazer and the 2019 Honda Passport, additions we just recently drove. As such, it seemed like a good time to see how their numbers compare with the veterans of the segment: Ford Edge, Jeep Grand Cherokee, Hyundai Santa Fe and Nissan Murano. In this comparison to see where it lands in the numbers game, we'll take a look at everything including power, torque, towing, ground clearance, passenger room, cargo space, fuel economy and pricing. Cue the chart. Powertrain The Passport only has one engine option, Honda's trusty 3.5-liter V6. You can find this engine in both the Pilot and Ridgeline, and we like it in all its applications. But if you're looking for something more affordable or more frugal, you're out of luck. The Passport is one of just two that offer just one engine option. Most of the others have two choices, and Jeep even offers three. Compared with similar engine options, the Passport is pretty middling. The Ford Edge ST's turbo V6 makes the most power and torque at 335 ponies and 380 pound-feet. Next up is the Blazer, the only other to break 300 horsepower, and then the 295-horsepower Grand Cherokee. The Passport does beat the V6 Murano and the turbocharged Santa Fe, though. 2019 Chevrolet Blazer View 37 Photos For vehicles with smaller engines, the Edge wins again with its 250-horsepower turbocharged four-cylinder. The Chevy Blazer is next, but at 193 horsepower, it's barely ahead of the 185-horsepower Santa Fe. The Jeep Grand Cherokee has a couple of powertrain aces, though. It's the only vehicle available with a V8, and it makes an impressive 360 horsepower and 390 pound-feet of torque. There's even a turbodiesel model with 240 horsepower and 420 pound-feet of torque, the most twist of the group. The Grand Cherokee is also the choice if you want to tow much. The V6 models will pull 6,200 pounds, and the V8 and diesel can handle 7,200 pounds. Add 200 more pounds to the diesel if it only has rear drive. 2019 Honda Passport View 19 Photos When it comes to fuel economy, the front-drive four-cylinder Edge and Santa Fe are tied for the best, with the all-wheel-drive Edge getting one more mpg on the all-wheel-drive Santa Fe on the highway. The Murano comes up next.

Deep discounts — $12K, $13K, $16K — are fueling a pickup price war

Heavy discounts of up to $16,000 per vehicle are fueling a "truck war" among full-size pickups sold in the United States by the Detroit Three, a Reuters analysis shows. Strong U.S. sales this year of the highly profitable big trucks have helped offset lagging passenger car sales. But it is not clear how much of the truck demand is linked directly to ample factory incentives and dealer discounts, or how far sales might decline without those subsidies. A Reuters survey of Ford, General Motors Co's Chevrolet and Fiat Chrysler Automobiles's Ram truck dealers across the United States indicates stores are offering deep discounts the country's bestselling full-size pickup trucks. "The walls are not crashing down on full-size trucks," said Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions in Chester Springs, Pennsylvania. Detroit-based automakers want to keep cranking out their high-margin trucks, he added, and "giving up a little of the profit is the cheapest way to do it." Stores are offering discounts of up to $12,000 on the 2018 Ford F-150, which remains the best-selling vehicle in the country, recording more than 80,000 sales in May. Discounts run up to $13,000 on the 2018 Chevrolet Silverado and as high as $16,000 on the Ram 1500. Average transaction prices for full-size pick-ups range from around $42,000 to $45,000, industry analysts and automakers say. All three companies are spending furiously - GM and Fiat Chrysler to help sell off carryover 2018 trucks to prepare for redesigned 2019 models, and Ford to sustain its long-held sales crown. A supplier fire that temporarily shut down production of the F-150 last month "changed the game," said Jeff Schuster, senior vice president of forecasting at LMC Automotive in Troy, Michigan said. The supply halt nudged Ford's crosstown rivals "to ratchet up incentives on the current models to go after weakness at Ford," he said. Deals advertised on the companies' official websites range from rebates and low-interest loans to ultra-cheap lease rates, but they are not telling the whole story. Ford, for instance, advertises a $2,000 rebate and a $500 financing credit on sales of certain F-150 models. But James Collins Ford in Louisville, Kentucky, is offering discounts of up to $12,215 on the 2018 F-150 XLT SuperCrew 4x4. The price cuts are even steeper at a number of GM and Fiat Chrysler dealers. Quirk Chevrolet is selling the 2018 Silverado 1500 Double Cab at $13,000 off sticker.