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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

2020 Chevy Trax spied sporting design cues from the new Blazer

We saw spy shots in August for what we thought was either a redesigned Chevrolet Trax or new GMC subcompact crossover. At the time we were leaning Chevy. But after this latest batch of spy shots taken near GM's proving grounds, we're now thinking this one is the Trax replacement and the other one was a GMC. For one, the thin row of LEDs looks remarkably similar to the 2019 Chevy Blazer's LED strip. The additional light slightly below that is similar to the Blazer as well, leading us to believe that the next Trax will have a Blazer-esque front end. At first glance, this vehicle looks slightly larger than today's Trax with a much brawnier shape than the current blob-like design. The rear roof cladding could be hiding the same sloped rear window with spoiler hangover we see on the Blazer. Circling back to the other small GM crossover we caught testing, this one doesn't have those Blazer elements. The curved windshield and sloping roof are like those of the GMC Terrain, as are the horizontal grille bars. By contrast, the above car has a straighter windshield and a roof shaped more like the Blazer. One element that does seem to diverge from the new Blazer are the taillights, but they don't exactly look production-ready anyway. If we're right about this being the next Trax (and we're pretty sure we are) then this looks to be a more distinctive vehicle than what it will replace. The mirrors have left their awkward spot on the doors, and it's shaping up to be a much sportier looking crossover as a whole. This vehicle will most likely end up being a 2020 model year car, and if so, we would expect to see undisguised photos of both it and the assumed GMC version next year. Related Video: Featured Gallery 2020 Chevrolet Trax spy shots Spy Photos Chevrolet GMC Crossover SUV Future Vehicles chevy trax

GM invests $24 million to build more crew cab trucks in Fort Wayne

The full-size pickup truck arms race continues unabated here in the United States as Ford, General Motors and Fiat Chrysler battle back and forth for sales supremacy. The Ford F-Series of trucks continues to lead the field in sales (214,611 units sold through the first quarter of 2019), but the race for second place has been a lot more interesting to watch. That's because Ram, long a distant third in truck sales, eked its way past Chevrolet late in 2018 and has managed to hold the position so far in 2019. Don't take this to mean that sales of GM's trucks have been poor across the board. In fact, the automaker reports that sales of its four-door crew cab pickups are up 20 percent in 2019 over the same period a year ago. And that's what makes GM's announcement today so interesting. The automaker is investing $24 million into its assembly plant in Fort Wayne, Indiana to build more Chevy Silverado and GMC Sierra pickup trucks, and the focus will continue to be on crew cab models. "We are building Chevrolet and GMC crew cab pickups at record volume and mix levels to meet customer demand and the $24 million investment will allow us to build even more," said GM chief Mary Barra in a statement. "Crew cab sales have been very strong, and we are expanding customer choice with new models, more cab choices and innovative new powertrains." It's worth noting that, if crew cab sales are up 20% this year, but overall sales are down (over 15% for Silverado and around 2% for GMC), that means it's the cheaper regular cab and double cab models that are lagging. At the same time, sales of the midsize Chevy Colorado have surged 16%. And finally, if you combine sales of the Silverado and Sierra into one bucket, GM still has a comfortable lead over Ram overall. If there's a takeaway here, it's that trucks of all shapes and sizes have been, currently are and will surely remain hot in America, and automakers will continue to invest money into making sure they are able to satiate consumer demand.