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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

These cars are headed to the Great Crusher In The Sky

It happens every year. We bid adieu to some cars and trucks that will be missed, and say good riddance to others wondering how they stayed around so long. Whether they're being killed off for slow sales or due to a new product coming along to replace them, the list of vehicles being discontinued after 2012 is surprisingly long and diverse.
CNN Money has compiled a list of departing vehicles, to which we've added a few more of our own. In the slow sales column, cars like the Lexus HS 250h, Mercedes-Benz R-Class and the full Maybach lineup appear, while the Ford Escape Hybrid, Mazda CX-7 and Hyundai Veracruz are all having their gaps filled with more modern and more fuel-efficient alternatives. Obvious exceptions to the rule include models that still sell in decent numbers like the Jeep Liberty and the Chrysler Town & Country (which will eventually be replaced by a crossover-like vehicle).
Check out our gallery of discontinued cars above, then scroll down for more information.

Survey says $25k barrier is a problem for EVs

The majority of consumers are more or less priced out of the market.
Electric cars are gaining popularity with the general public, but are they still too expensive? According to a survey 1,084 consumers by Navigant Research, a consulting firm located in Boulder, CO, 71 percent want their next car to cost under $25,000, while 41 percent won't go a cent above $20K. Looks like people are even thriftier than we'd originally thought.