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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

Cadillac XT4-V on the way?

An anonymous photographer sent Cadillac Society two tightly cropped images of an XT4 crossover wearing two surprising badges. On the right, above the taillight, there's a 2.7 badge, In the lower right corner there's a V Series badge — the full-fat, multicolored V badge, not the monochrome V-Sport version. The images — assuming they're real — elicit more questions and no answers, the first being, is this the XT4 V-Sport that's been rumored since last October? Back then, GM Authority discovered front and rear images of such a vehicle hiding in plain sight, on a Cadillac site landing page. The backside of a thick-hipped XT4 is graced with the old V-Sport badge. We know the carmaker has split its V Series cars into two tiers, the lower intended to be less intimidating than before, the upper tier the continuation of the mongo V Series cars we've known and loved. The hints have been that the entry level will be called V Series, while the upper level takes the name "Blackwing," after the name of Cadillac's new 4.2-liter, twin-turbo V8 engine. With Mark Reuss himself having said, "We got rid of all the V-Sports," this supposed XT4-V offers more proof that V Series effectively represents a new V-Sport line. The only cosmetic giveaways to increased performance we can see are a carbon fiber trim in the license plate area, and an exhaust treatment similar to that on the recently introduced CT4-V. We're not certain what the 2.7 badge means for V branding on crossovers. The standard XT4 wears a 2.0 badge on the tailgate, representing its 2.0-liter four-cylinder with 237 horsepower and 258 pound-feet of torque. The XT5 gets a number, too, but the XT6 does not. GM's 2.7-liter four cylinder with 311 hp and 348 lb-ft first showed up in the Chevy Silverado, will get 320 hp and 369 lb-ft in the coming CT4-V, and has been predicted for the XT4-V. However, V cars — both Sport and Series — have never worn displacement badges. The new CT4-V and CT5-V go without numerical identifiers on their decklids. If there is an XT4-V on the way this year, we only have a few months before we see it and get some answers.

GM, UAW poaching Nissan workers in Tennessee

General Motors and the United Auto Workers are going on a recruitment drive at the Spring Hill factory in Tennessee, and they're hoping to poach some skilled workers from Nissan's nearby plant in Smyrna, TN. The General and the union even bought a billboard advertising for industrial electricians near the Japanese automaker's facility, according to the Daily News Journal. The reason for the billboard was simple. "GM was short of electricians," said Tim Stannard, the president of the UAW local at Spring Hill, to the Daily News Journal. The factory currently builds the Chevrolet Equinox but has a contract to assemble the next generation of Ecotec engines and the Cadillac XT5, which replaces the SRX. Thanks to the $185-million deal, employment there is expected to double by May 2016, according to Stannard, with roughly 1,800 additional union jobs. Beyond just several billboards, GM has job postings online for the Spring Hill plant looking for workers with specific skills. There has already been some interest in the positions among Nissan employees, Stannard indicated. According to a recent study by the Center for Automotive Research, the average GM worker currently makes $58 an hour, including benefits. Comparatively, Nissan pays an average of $42 an hour with benefits. The General's number could change in the coming weeks because its contract with the UAW is about to expire, and higher wages are among the major negotiating points.