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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

Callaway debuts its new C7 Stingray at National Corvette Museum

Callaway showed off its first tuned version of the 2014 Corvette Stingray at the National Corvette Museum last week, giving the rampant enthusiasts of America's sports car a look at the roughly 620-horsepower, supercharged rocket.
Unlike the Corvette SC610 we showed you back in January, this Stingray packs a fair bit more oomph. Horsepower is only up ten ponies, but torque has jumped from 556 pound-feet to "at least" 600 pound-feet. Neither horsepower nor torque is official quite yet, although Callaway is expecting to know just what its creation can do once testing and validation is completed later this month.
The 6.2-liter, supercharged V8 now boasts a new, three-element intercooler, which Callaway claims only allowed the inlet air temperature to increase by ten degrees Fahrenheit during dyno runs. Previous designs saw a 35-degree-Fahrenheit jump. The exhaust system has also been fettled with, and now is even less restrictive.

Chevy Corvette is latest car breached by hackers

UPDATE: This story has been updated with comment from General Motors. In the latest car-hacking exploit in a summer full of them, researchers from the University of California-San Diego say they've found a way to manipulate braking in a 2013 Chevrolet Corvette. The vulnerabilities may not be limited to that model. Cyber-security researchers breached the car's security systems via a device they had plugged into the Corvette's OBD-II port, and through that connection, they sent messages that could turn windshield wipers on and off and tamper with the brakes as the car drove at low speeds. It's the latest in a series of car hacks that involve access to critical systems obtained via the OBD-II port, where drivers can plug in devices that provide anything from diagnostic information for mechanics to driving information for insurance companies. Last November, cyber-security engineers from Argus Cyber Security remotely controlled vehicle functions in a car that had a OBD-II dongle called a Zubie installed. In January, researchers from Digital Bond Labs found security holes in an information-tracking dongle popular with more than 2 million Progressive Insurance customers. Those came before prominent hacks unveiled in recent weeks, in which researchers remotely commandeered control of a Jeep Cherokee and, separately, showcased problems with GM's OnStar infotainment system. Regarding the dongles that plug into the OBD-II ports, Stefan Savage, a Cal-San Diego professor involved in the research, tells WIRED that, "we acquired some of these things, reverse-engineered them, and along the way, found that they had a whole bunch of security deficiencies." Savage and others unveiled the latest study at the Usenix security conference Tuesday. In a video of their exploit entitled "Fast and Vulnerable," they show how they sent SMS messages from a smartphone to the dongle plugged into the car's OBD-II port. From there, their messages accessed the CAN bus, a network on the car that connects individual electronic control units, which control dozens of vehicle functions. As they send the commands to brake the car, the driver of the Corvette notes "the pedal doesn't react to any pressure." General Motors issued a written response Wednesday, warning drivers to be careful with third-party devices they plug into their OBD-II ports.