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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

Daily Driver: 2016 Cadillac ATS-V Sedan

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, reviewed by the staffers that drive them every day. Today's Daily Driver features the 2016 Cadillac ATS-V sedan, reviewed by David Gluckman. You can watch the video above or read a transcript below. And don't forget to watch more Autoblog videos at /videos. Show full video transcript text [00:00:00] Hey, it's David Gluckman with another Daily Driver. Today I'm driving a 2016 Cadillac ATS-V. This is the sedan model and it has the optional eight-speed automatic transmission. The ATS-V is the small performance car in Cadillac's lineup. It sits below the CTS-V, which is also new for 2016. Ever since the base ATS came out a few years ago, this has always been a wonderful chassis in search of a great engine to compliment it. This car really changes that. [00:00:30] They've dialed up the chassis, the suspension is a little stiffer, the body is even stiffer, and they've put this really nice 3.6-liter twin-turbo V6 engine under the hood. In terms of power and torque, the new V6 outguns it's main bogey, the BMW M3 and M4. The Cadillac engine puts out 464 horsepower and 445 pound feet of torque, which is tons. [00:01:00] The one issue, though, is the way it delivers that power. It's not as smooth as the BMW and there's a bit of turbo lag that you really don't feel in the German engine. Once you get moving, however, this engine really just wakes up. There's no lag once you're at highway speed. You can floor it and there's plenty of power and torque for easy passes and runup to extra-legal speeds. [00:01:30] It's tons of fun there but around town it just kind of lacks a little bit of the smoothness and responsiveness that we're kind of expecting for a car in this class. The engine does sound pretty nice, though. It has this nice little growl when you start it up and when you get on it, it actually sounds more like a supercharged engine than a turbocharged one. It's a little strange, I think that's maybe some active noise cancellation that Cadillac is doing to cancel out the whooshes and whirs that we're used to from a turbocharger. [00:02:00] That's fine with me. Whatever it is, it sounds good. This car gets the same fancy rear limited-slip differential that the Corvette introduced a couple years ago. It does a really good job of keeping everything manageable. You almost can't tell that the car has 464 horsepower. It keeps everything in line.

GM seeks national mandate for zero-emissions cars

DETROIT — General Motors says it will ask the federal government for one national gas mileage standard, including a requirement that a percentage of auto companies' sales be zero-emissions vehicles. Mark Reuss, GM's executive vice president of product development, said the company will propose that a certain percentage of nationwide sales be made up of vehicles that run on electricity or hydrogen fuel cells. GM says a nationwide program modeled on such a requirement in California could result in 7 million electric vehicles, or EVs, on U.S. roads by 2030. California wants 15.4 percent of vehicle sales by 2025 to be EVs or other zero emission vehicles. Nine other states, including Maryland, Massachusetts, New Jersey and New York, have adopted those requirements. In January, California Governor Jerry Brown set a target of 5 million zero-emission vehicles in California by 2030. The Trump administration criticizes California's ZEV mandate, saying it requires automakers to spend tens of billions of dollars developing vehicles that most consumers do not want, only to sell them at a loss. Reuss told reporters that governments and industries in Asia and Europe "are working together to enact policies now to hasten the shift to an all-electric future. It's very simple: America has the opportunity to lead in the technologies of the future." A national mandate also would create jobs and reduce fuel consumption, CO2 emissions and "make EVs more affordable," Reuss added. GM, the nation's largest automaker, will spell out the request Friday in written comments on a Trump administration proposal to roll back Obama-era fuel economy and emissions standards, freezing them at 2020 levels instead of gradually making them tougher. Under a regulation finalized by the Environmental Protection Agency at the end of the Obama administration, the fleet of new automobiles would have to get 36 miles per gallon by 2025, 10 mpg higher than the current requirement. But the Trump administration's preferred plan is to freeze the standards starting in 2021. Administration officials say waiving the tougher fuel efficiency requirements would make vehicles more affordable, which would get safer cars into consumer hands more quickly. GM on Thursday said it doesn't support the freeze, but wants flexibility to deal with consumers' shift from cars to less-efficient SUVs and trucks.