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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's Super Bowl ad puts Will Ferrell and EVs in Netflix shows

GM is kicking off the automotive Super Bowl commercial season with EVs and Will Ferrell. The ad highlights GM's new relationship with Netflix in which the automaker's many upcoming electric cars and trucks will appear. More specifically, the ad has Will Ferrell appearing in settings from major Netflix TV movies and shows such as "Army of the Dead" and "Squid Game," talking about how there's no reason not to have EVs there. And then he also appears with EVs in shows where they don't make sense, such as "Bridgerton" and "Stranger Things," but only to reassure people that Netflix won't be shoving new cars where they don't fit in. The GM lineup on display is pretty varied, with the GMC Sierra EV, Hummer EV, Chevy Blazer EV, and Cadillac Lyriq all making appearances. Most interesting is the Chevy Silverado EV Trail Boss in the "Stranger Things" part. Chevy hasn't said much about it beyond a teaser and saying it'll be a late addition to the line. It looks pretty much like the truck in the teaser with the black plastic front fascia and fender flares. But it gets different wheels, Trail Boss badges on the rear pillars, and a gloss black roof like the RST trim. Related video: 2024 Chevy Silverado EV | 2022 Chicago Auto Show

GM intends to offer semi-autonomous vehicles by 2020

Prepare for a few years of technological saber-rattling, as the world's automakers begin pushing to bring self-driving cars to market. Earlier this week, Nissan announced that it aims to offer autonomous vehicles by 2020, while Google, BMW and several other marks are working on similar efforts.
General Motors is doing things differently, though. Rather than push for a fully autonomous car, it's continuing to refine its semi-autonomous Super Cruise, a product that we tested in April 2012 and that will eventually see use on some Cadillacs before trickling down to the rest of the General Motors family. Super Cruise, which is undergoing testing in the Cadillac SRX, doesn't take complete control out of the driver's hands. Rather, under a very specific set of circumstances on the freeway, it will marry the capabilities of things like lane departure warning and adaptive cruise control to allow the driver to take their hands off the wheel. All of which sounds a lot like the system Mercedes-Benz is launching on the 2014 S-Class.
The system is still in development, according to John Capp, GM's director of electrical controls and active safety technology. Now that that the biggest hurdle, steering control, has been cleared, GM's engineers can focus on things like teaching the system to adapt to differing road conditions and visibility levels. As we reported in 2012, Super Cruise is still befuddled in low-visibility situations or when road markings aren't particularly clear.