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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

GM can't keep up with most popular pickup orders

With the market for pickup trucks at its best since before the recession, General Motors can't afford any hiccups with the launch of its new 2014 Chevrolet Silverado and GMC Sierra twins, but it sounds like the popularity of V8-powered trucks is causing some supply-chain issues. Bloomberg reports that GM is experiencing a shortage of 5.3-liter V8 engines because an unnamed parts supplier has been unable to keep up with demand. This is leading GM to restrict the number of V8 Silverado and Sierra trucks that Chevrolet and GMC dealers are allowed to order.
Although it's unclear how long it will take to resolve the parts shortage, GM doesn't have much time to sort it out, as a new Ford F-150 looms on the horizon. At launch, GM's fullsize trucks were offered only with a base 4.3-liter V6 and the 5.3-liter V8, but a burlier 6.2-liter V8 will be available soon. Interestingly, at least at the moment, GM truck buyers don't seem as willing to downsize to V6 power as buyers of the F-150, which gets some 42-percent of its sales from trucks equipped with its EcoBoost V6 engine (not including the normally aspirated base V6).
Working out the kinks in the Silverado and Sierra's supply chain couldn't be more important to the health of the company. Full-size pickups are a huge profit driver - in 2012, the trucks were said to make up about two-third of GM's total profits.

The electric Hummer gets a new logo

GM submitted three trademark applications to government offices here and in Canada, as discovered by GM Authority. Two applications went to the U.S. Patent and Trademark Office and the Canadian Intellectual Property Office on February 4 this year, seeking to reserve the new Hummer logo, at the top in the image above. Note, the two logos aren't to scale; they're about the same size all things being equal, but we shrunk the old mark. GM sent a second application to the USPTO on February 7 requesting the brand name "Hummer" for application to "motor land vehicles, namely, automobiles, trucks and sport utility vehicles; bicycles." True, we've seen the new Hummer script stretched across the front of the coming electric pickup in a teaser clip, but the paperwork continues the process of getting the entire continent ready for the alternate universe resurrection of one of America's most notorious brands.     In 2010, gas prices were in orbit, GM committed to closing the Hummer brand, vandals were setting fire to the scattered Hummers left on dealer lots, the Chevrolet Corvette ZR1 made 638 horsepower, the eco-minded revered the Toyota Prius and the Tesla Model S was still two years away. In that year, it would have been hard to say something more bonkers than, "Hummer's coming back in ten years as an electric pickup, its top trim making 1,000 horsepower and 11,500 pound-feet of torque." But here we are. The new logo's squareness connects it to the resolute bluntness of the old mark, yet the thinner font and chopped corners both modernize the old logo and lessen its truculence. The brand appears headed the same way, with lurid specs and square-jawed looks just like old times, but having in LeBron James a more modern take on the hardcore male vibe than it once got from (unpaid) association with guys like Arnold Schwarzenegger. To be fair, old Hummer commercials always featured women in the driver's seat, or men and young boys dreaming of big adventures, or Regis Philbin chatting up models, but the marketing department couldn't — or didn't want to — outrun the lineup's reputation on the street. We'll see how the electric version and its “incredible on- and off-road capability" fare. According to the teaser site, the new Hummer's debut is still on track for May 20. If the brand manages to recreate the old H3T pickup but with an electric powertrain, it's got one buyer right here lined up already. Related Video: