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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

Corvette Z06 and Viper TA square off at the strip

There are many long-standing grudge matches among automobiles: 911 vs GT-R, Mustang vs Camaro, Ferrari vs Lamborghini... but as far as high-end American metal goes, it doesn't get much more legendary than Viper vs 'Vette. So after Chevy released the new Corvette Z06, we knew it was only a matter of time before it would have to square off against the Viper TA. And what better place to pit these two parallel pillars of American performance than on the drag strip? Fortunately that's just what we have here. In one corner, the 2014 Dodge Viper TA, with its 8.4-liter V10 pumping out 640 horsepower and 600 pound-feet of torque. In the other, the 2015 Chevrolet Corvette Z06, the supercharger on its 6.2-liter V8 more than making up for the discrepancy in displacement and cylinder count to produce 650 hp and just as much torque. But numbers don't tell the whole story, so watch the video clip to see which reaches the end of the quarter-mile first. News Source: To the Floor via YouTubeTip: James Chevrolet Dodge Videos drag race chevy corvette z06 quarter mile drag strip srt viper ta

2015 Chevy Volt gets larger battery, though range remains the same

The Chevrolet Volt isn't changing much for the 2015 model year. According to specifications uncovered by Inside EVs, though, the new Volt's battery does have a slightly larger capacity. According to the spec sheet, this doesn't translate to increased range. Real world driving, though, might tell a different story. The 2015 Volt's battery storage is slightly higher than the outgoing model's, up from 16.5 kilowatt-hours to 17.1 kWh. According to GM's manager of electrification technology communications, Kevin Kelly, speaking to Green Car Reports, the increased capacity is "a late change done in the cell... just another continuous improvement to surprise and delight our customers." The stated electric range, however, stays at 38 miles. Inside EVs followed up on its original report, and found that drivers could see some advantage to the battery tweak. When they spoke to Kelly, he told them, "As a result of this change, we would expect that some customers may see a slight improvement in overall EV range." It's worth noting that when battery capacity increased from 16 kWh to 16.5 kWh for the 2013 Volt, electric range increased by three miles to the current 38, while MPGe went from 94 to 98. The price of the 2015 Chevrolet Volt remains steady, at $34,995. The actual cost to the customer is considerably less with the $7,500 federal tax credit, as well as any local incentives.