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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 investing $167m in Spring Hill for new midsize vehicles

General Motors has announced a large investment in its Spring Hill, Tennessee facility. The former home of Saturn production will be getting a $167 million addition to a previously announced $183 million, to cover a pair of new midsize vehicles. The investment is expected to create 1,800 jobs at the factory.
That $350 million is being divvied up for a pair of programs at Spring Hill. The first will take the bulk of the money ($223 million) and create 1,000 of the 1,800 jobs, while the other will take the remaining $127 million and generate the leftover 800 positions. But GM says the investment will cover "midsize vehicle programs." So what could they be?
The leading candidate in our minds is a new crossover for Buick, called the Anthem, that will slot between the Encore and Enclave, but will be slightly smaller than the Equinox and Terrain. As we've explained, the new model will likely be the first product to sport GM's new D2UX platform, which will eventually replace both the Delta and Theta platforms. Spring Hill is already building the Equinox, so there could be some credence to this theory.

2021 Buick Envision fuel economy revealed

Despite being revealed a few months ago, the 2021 Buick Envision has been lacking in in-depth details. But thanks to the EPA, we have a bit more information on the luxury crossover, specifically fuel economy. And it seems the new model is significantly more efficient than its predecessor. The only powertrain combination we have numbers for at the moment is the turbocharged engine with all-wheel drive. The Envision is expected to have a front-wheel-drive version, too, though an example with the old model's naturally aspirated four-cylinder is probably long gone. As for the turbo, all-wheel-drive Envision, it will get 22 mpg in the city, 29 on the highway, and 25 combined. That's the exact same as the old naturally aspirated, front-drive Envision, and it's an improvement of 2 mpg in town, 4 on the highway and 3 in combined driving over the previous turbo, all-wheel-drive version. As an extra bonus, the EPA notes that the new turbo Envision runs on regular gasoline, rather than premium like the old Envision. So not only will it use less gas, what it uses costs less. We're expecting the new Envision to go on sale early next year. While we know that the Envision will have a turbocharged engine, and the naturally aspirated one is probably discontinued, we don't know which engine it is. It could be an updated version of the old engine, which made 252 horsepower and 295 pound-feet of torque, or it could be the engine from the Cadillac XT4, which makes 230 horsepower and 258 pound-feet of torque. The latter seems more likely, since the XT4 gets similar fuel economy. A nine-speed automatic and front-wheel drive or all-wheel drive are also planned for the crossover. Related Video: