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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

Chinese-made Cadillac CT6 Plug-In starts US sales

General Motors has started US sales of the Cadillac CT6 Plug-In after taking its first domestic deliveries of the China-produced sedan last month. The model is GM's first new plug-in hybrid in the US since the automaker discontinued sales of the ELR extended-range plug-in last year. The arrival and sales, first reported by InsideEVs, were confirmed by Cadillac spokesman Andrew Lipman. Not surprisingly, the sedan isn't cheap, as the CT6 Plug-In is priced at $75,095, or almost $12,000 more than the gas-powered variant, though that figure doesn't include federal and state tax credits for electric vehicles. For that tab, buyers get a 335-horsepower luxury car that can go 31 miles on electricity alone, and 0-60 miles per hour in a little over 5 seconds. The model gives GM three plug-in vehicles to sell to the American public, or the same number US competitor Ford offers. InsideEVs estimates that about 100 of the sedans have been delivered to US dealers, so the car remains a relatively low-volume affair. By comparison, GM's Chevrolet division has sold 5,563 Volt extended-range plug-ins and 3,092 Bolt electric vehicles through March. Cadillac sold 534 units of the ELR in 2016 after moving 1,024 the previous year. GM opted to produce the plug-in hybrid in China because of that country's receptiveness to new models that feature alternative and environmentally friendlier powertrains. Additionally, such production shortens the distance to the CT6's battery maker LG Chem, which is producing the car's battery packs in South Korea. On that note, GM has previously estimated that the Cadillac CT6 Plug-In will move more units in China than in the US. Related Video:

2015 Cadillac ATS Coupe priced from $37,995*

Cadillac has released pricing details on its new-for-2014 ATS Coupe. The new model, which will be available with buyer's choice of a 2.0-liter, turbocharged four-cylinder or a 3.6-liter V6 (the ATS Sedan's base 2.5 won't be making the trip) can be had with optional all-wheel-drive in place of the standard rear-wheel setup, while customers can also snag a six-speed manual or six-speed auto.
Prices start at $37,995, which represents a $2,900 premium over the 2014 ATS Sedan (pricing on the 2015 four-door isn't available yet) with the same 2.0-liter engine. Still, the ATS Coupe starts at just over $2,500 less than a base BMW 428i, which is also less powerful and offers less standard equipment. The Caddy is also less costly than the Mercedes-Benz C250 Coupe, although only by about $200. It's even cheaper than the Audi A5, which starts at $38,105, but that model includes all-wheel drive as standard. It should be noted that these prices are without their respective destination charges (*$995 for the Caddy, $925 each for the BMW and the Mercedes and $895 for the Audi).
Unfortunately, Cadillac hasn't released any additional pricing information beyond what we have here, so we can't tell you how much things like all-wheel drive, an automatic transmission or the 321-horsepower V6 will cost. That makes it difficult to figure out just how reasonable the ATS Coupe will be relative to its challengers, but so far, the value equation looks to be in the car's favor. When those full details roll in, though, you know where to look. Scroll down for the official press release from Cadillac.