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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

Chevy Colorado and GMC Canyon get trim levels reworked again

GM Authority reports that GM has fiddled with trim packages on the Chevrolet Colorado and GMC Canyon for the 2021 model year, eliminating the base trims on both pickups and implementing small price changes. When the new model year goes on sale, the Chevy will lose the rear-wheel drive Base Extended Cab with the automatic transmission that starts at $22,395 after a $1,095 destination charge. The new entry-level is going to be the Work Truck model with the extended cab in rear-wheel drive, starting at $26,595 assuming the destination charge holds steady. That represents a $4,200 jump over the base 2020 model. MSRPs for the entire Work Truck lineup, from base to the Crew Cab Long Box, rise by $400. Elsewhere in the Colorado line, the four Z71 trims go down by $100, while the two ZR2 trims increase by the same amount. Only the six LT trims don't see any change.  The GMC side is a bit more involved due to previously announced changes. The 2020 Canyon comes in SL, Base Canyon, SLE, SLT, All Terrain, and Denali steps. Last month, GM Authority reported the 2021 Canyon would give all that up for the new names Elevation Standard, Elevation, AT4, and Denali. Since the SL base model retires in 2021, the Elevation Standard takes over at the entry level. Unlike on the Colorado, which sheds one trim, the Canyon lineup gets pared from 20 total combinations of trims, cab sizes, and bed lengths, to 14 total combinations. But like the Colorado, due to the loss of the cheapest configuration, the least expensive 2021 Canyon becomes $4,200 more expensive than in 2020, assuming the destination price remains the same. What's more, the 2021 Elevation Standard pricing adds $700 or $800 to the prices of the 2020 Canyon base and SLE models. There are more increases up the range. The 2021 Elevation trim replaces a combination of SLE and SLT models, bumping prices up by up to $900. In 2020, the least expensive All Terrain model is the Extended Cab Cloth for $37,695. For next year, the least expensive AT4 trim is the Crew Cab Short Box for $39,295. Like-for-like, though, the AT4 represents a $300 premium over the 2020 All Terrain Crew Cab Short Box. Three Denali trims will still stand at the top of the heap, each one going up by $400 in 2021. Until GM details the equipment changes, we won't know how the new pricing equates to value.

Is your new-car warranty good at the race track?

We've all heard the horror stories. Your buddy knows a girl that was dating a guy whose best friend's brother once broke his brand-new, recently purchased performance car while making runs at a drag strip or laps at a track day, and the manufacturer wouldn't cover the repair under warranty. True story? Urban legend? Complete crap? Yes, no, maybe. One thing's for sure: Automotive warranties have always come with caveats. In 1908, an ad in the Trenton Evening Times clearly stated: "All Ford Cars Guaranteed for One Year." Although it changed over time, by 1925 the Ford New Car Guarantee only covered 90 days on material and 30 days on labor, and it clearly stated that that there was "No guarantee whatever on Fan Belts, Glass, Bulbs, Wiring, Transmission, Bands, Hose Connections, Commutator Shells, Rollers, Spark Plugs or Gaskets." Whether or not Ol' Henry would pay to fix your Model T if you broke it shaving a tenth off your lap time at the local board track seems to be lost to history. We're guessing no. But what about today? Do new-car warranties in 2017 cover cars when they are driven on race tracks? We researched the warranties of 14 auto brands to find out, and the answer is yes, no, maybe, depending on the brand, in some cases the model, and whether or not your car is modified from stock. Acura has been out of the high-performance car game for a number of years, but jumps back into the party in 2017 with its hybrid-powered $173,000 NSX supercar. And Acura's warranty, as well as Honda's, clearly states that it does not cover "the use of the vehicle in competition or racing events." View 33 Photos So we asked Sage Marie, Senior Manager of Public Relations for Honda and Acura. "If the car is stock, the warranty covers it on a track just as it does on the street. No question," he told us. "However, if the car is modified, say with slick tires or other components that would put higher stresses on the vehicle's parts and systems, then we would have to investigate the circumstances further." Marie went on to say the same would be true for any Acura model or Honda vehicle, including the new 2017 Honda Civic Si. This became a common theme. Chevrolet actually started this practice with the fifth-generation Camaro on the high-performance ZL1 and Z/28 models.