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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

2021 GMC Yukon will pull a 180 thanks to a Hurricane Turn feature

GMC isn't a hip, young startup, but its engineers are out to prove it's possible to teach an old dog new tricks. The next-generation Yukon will offer adventurers seeking a quick turn-around a "Hurricane Turn" feature that functions a lot like Rivian's Tank Turn technology. The two systems use different hardware to perform a similar action. We didn't hear anything about the Hurricane Turn feature during the Yukon's unveiling because GMC planned to keep it under wraps until later, but an eagle-eyed report at Motor Trend uncovered it and quizzed the firm. It's real, and it's engaged when the driver switches the stability control system off, energetically turns the steering wheel in either direction, and mashes the accelerator pedal to the floor. The Yukon needs to be on a loose surface, too. If you're turning right, the on-board computer applies braking power to the passenger-side wheels to prevent them from spinning, while the engine continues to turn the driver-side wheels to rotate the Yukon on its own axis. The exact opposite happens if you're turning left. It's clever and relatively simple; there's no extra hardware required to enable the feature, though it shows the next Yukon is far more advanced than its predecessor. It goes without saying that only four-wheel drive models will receive the Hurricane Turn feature. There's no word yet on whether it will be compatible with all three engine options, or if it will be limited to a certain trim level. GMC will publish additional details about the system, and hopefully a video of it in action, in the coming months. Rivian, on the other hand, leveraged its four-motor electric powertrain to teach the R1T (and presumably the R1S) how to pull a 180. The right wheels turn in the opposite directions as the left wheels – hence the name Tank Turn – to spin the truck around like a CD in a Walkman. Its system doesn't use the brakes. The 2021 Yukon is due in showrooms in the summer of 2020, and Amazon-funded Rivian won't start making the R1S until the end of 2020 at the earliest, so GMC will beat its younger rival to the punch. What remains to be seen is how often motorists use either function. We're betting not very once the initial novelty wears off. Related Video:    

GM is quietly slashing prices on base models

While General Motors' fourth quarter financial figures haven't yet been released, the automaker seems to be weathering a potentially rocky time well, even beating third-quarter projections last year. To keep the climb going, the company is launching new base trims for several popular models that make them cheaper than ever but with tight dealer margins. The new entry-level trims are the Chevrolet Cruze L, Equinox L, GMC Terrain SL and Buick LaCrosse 1SV. Buyers lose some content by picking them, but the prices are slashed. According to Cars Direct, the biggest savings are on the LaCrosse, where customers pay $31,065, plus $925 destination, $2,570 less than the previous base 1SB trim but must accept things like 17-inch wheels and no cargo net in the back. If you're wondering how Buick can remove only a little equipment but cut the price so much, it's because the company also slashed dealer margins. According to Cars Direct, the difference between the invoice and MSRP for the LaCrosse 1SV is only around $150, compared to around $1,350 before. The disparity is even greater for the Cruze with an $81 difference in the prices, compared to about $600 for the LS version. Showrooms are expected to keep very low stocks of these trims, though. "Dealers use such vehicles to get people in the door, but they do not generally want to do high volumes of these strippers. The margins are next to nothing; they don't make much money off these cars," said Ed Kim, Vice President of Industry Analysis for AutoPacific to Autoblog. Dealers are also expected to advertise that these new base trims undercut major competitors. For example, the Cruze L rings up for about $2,320 less than a Honda Civic LX, according to Cars Direct. One potential drawback for buyers is that these models might not be eligible for incentives. While the attractive prices might get customers into dealers, folks may not actually end up driving home with these entry-level models. Kim indicated base trims also make up a small portion of the sales mix. "Consumers aren't asking for stripped out vehicles, even at the low end of the marketplace," he said. Featured Gallery 2015 Chevrolet Cruze View 9 Photos News Source: Cars DirectImage Credit: Chevrolet Buick Chevrolet GM GMC Car Buying Car Dealers Crossover Sedan gmc terrain cheap cars