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GM says over 40% of new China launches in next five years will be EVs

SHANGHAI — General Motors is planning an electric car offensive in China with more than 40% of its new launches in the country over the next five years set to be electric vehicles (EVs), the U.S. carmaker said on Wednesday. GM's electric vehicles, many of which will be all-electric battery cars, will be manufactured in China with almost all parts coming from local suppliers, the company said in a statement released at its Tech Day event in Shanghai. Reuters reported earlier on Wednesday that GM was planning to overhaul its Chinese line-up to stem a slide of sales after more than two decades of growth in a country that contributes nearly a fifth of its profit. GM's new China boss Julian Blissett told Reuters that new technologies, such as EVs and cars with near hands-free driving for highways, would play a key role in GM's China initiatives, which are part of a push to get annual sales in the country back to the 4 million peak it hit in 2017. GM did not say in its statement how many new or significantly redesigned models it was planning to launch in China over the next five years. "China will play a crucial role in making our vision a reality," GM CEO Mary Barra said in the statement, referring to its initiative to create what it describes as a future of "zero crashes, zero emissions and zero congestion" through electrification and smart-driving technologies. GM has said it plans to invest more than $20 billion in electric and automated vehicles globally by 2025. It was not clear how much of that investment will be spent in China. (Reporting by Norihiko Shirouzu in Shanghai; Editing by David Clarke) Related Video: Green Buick Cadillac Chevrolet GM Electric China

Mark Reuss: GM can't afford product 'misses,' has 'thought about' CT6 V-Series

Mark Reuss is a busy man. He oversees General Motors' global product portfolio, an all-encompassing task for a company that sold more than 9.9 million cars and trucks last year. When GM launches a well-received product, like the road-going rocket ship that is the Chevrolet Corvette Z06 – he gets credit. When the company stumbles with the slow-selling Chevy Malibu or grapples with fallout from the decade-old Saturn Ion and its flawed ignition switch, he gets blamed. GM owners, the press and sometimes the federal government, demand answers. Bob Lutz famously held the job before Reuss. So did Mary Barra, who's now GM's chief executive. There's a New GM, but the lineage is connected to a long history. When he's not thinking product, Reuss, an executive vice president, also runs the purchasing and supply chain for the company, which is still one of the largest industrial empires in the world. We caught up with Reuss on the floor of the New York Auto Show, where GM had just rolled out two crucial new products: the 2016 Cadillac CT6 and the 2016 Chevrolet Malibu. Speaking with a small group of reporters, Reuss delved into a variety of subjects, including the new Malibu, Cadillac's future (he thinks the ATS-V is going to "flame the M3 and M4"), and other topics. On fixing the Malibu: "We can't miss. We can't have those kinds of misses [like the previous generation] on our cars and crossovers and trucks. We can't do that. If we do that, we give a reason for someone to go buy something else. It's that simple. "On a car like the Malibu we have a chance to really fix all of that, which we have, and then lead. Then you've got a real opportunity there. So that's what we've really been focused on here – to fix those things." He later added: "We need that car here to transform Chevrolet desperately because it's the heart of the market. And when you think of Chevrolet, people will come back and think about what we did with the [new] Malibu and the Cruze... It's hugely important to us." On Cadillac: "If we go out and try and out-German the Germans, it's probably not going to work. We've got an opportunity here generationally where there's a lot of people younger than me that have parents that drove BMWs and Mercedes, and I think there's an opportunity there for those people to drive something different than what their parents did, and I think that's always been an opportunity in the auto industry if you look at the history of it.

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