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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

2021 GMC Sierra 1500 Review | More towing, same truck

The 2021 GMC Sierra 1500 and the Chevrolet Silverado 1500 are close siblings, and they’re getting closer every year. One of the SierraÂ’s previous standout features, the Multi-Pro tailgate, can now be found on the Silverado for 2021, providing even fewer reasons to choose the GMC instead of the Chevy. Really, if youÂ’re looking at the more modest SLE and SLT models, the choice between the two largely depends on styling preference. The Sierra Denali is a slightly different story, as its available adaptive suspension is exclusive to GMC and notably improves both the ride and handling.  Of course, it still can't match the Ram 1500 in either regard, plus the Denali cabin continues to be a rather half-hearted attempt at luxury. Especially considering the genuinely high-lux offerings of Ram and Ford. The gap isn't so huge between the Sierra's lower trim levels and its non-Chevy competitors, but the cabin's design, quality and functionality still leave something to be desired. True, that often isn't a priority for truck buyers, but the Sierra isn't superior in enough other ways to balance it out. It's a capable truck with a compelling variety of powertrains, but it generally just doesn't go that extra mile beyond the competition as well as its Silverado sibling. What's new for 2021? Changes for 2021 are mostly equipment-related, but there were some vital towing and pricing changes made for the new year, too. All 2021 Sierra 1500s come with a suite of new towing tech detailed here. New technologies include a trailer length indicator, jack-knife alert, trailer backup guidelines, and camera enhancements that include a rear side view and cargo bed view. GMC expanded availability of the Multi-Pro tailgate, now allowing folks who opt for the lower SLE and Elevation trims to option it. The AT4 adds new Goodyear Wrangler Territory all-terrain tires and an off-road high-clearance step. Diesel buyers will be delighted to hear that GMC has lowered the price by $1,500 to $995, and raised the trailering capacity by 1,900 pounds to a more competitive 9,300. Maximum towing for the 2.7-liter turbo-four-cylinder is also up by 2,300 pounds to 9,200 pounds. GMC says the increase for the diesel is due to “better-than-expected rear axle durability,” and the four-cylinder is up because GM found the engine possesses “better-than-expected cooling performance.” What's the interior and in-car technology like?

GM opens military discount to 21M veterans and their spouses

May marks the start of National Military Appreciation Month, and General Motors is getting into the spirit by expanding its military discount program to, well, just about everyone. That includes a total of 21 million military veterans and their spouses, along with the current slate of active duty, reserve, and National Guard members. The discount can slash thousands of dollars off the price of a new Buick, Chevrolet, or GMC vehicles, with Automotive News listing an $1,100 discount on the top gas-powered version of the Malibu, the Premiere. Those that want a bit more spice can get $1,700 off the price of a last-generation 2015 Camaro SS, while truck buyers will enjoy $3,000 off the Chevy Silverado All Star. That's just a start, though, since the military discount can be paired with other GM incentives. The discount doesn't apply to everything, though. Some are understandable – none of Cadillac's vehicles are included in the deal, nor is the Corvette Z06. You'll also be unable to apply the discount to a range of base-level trims, like the Chevy Cruze or Equinox L, the base Colorado, or the entry level GMC Acadia, Canyon, and Terrain. A full list is available at GM's dedicated military discount website. GM's expanded discount plan runs from today through May 31. News Source: General MotorsImage Credit: General Motors Buick Chevrolet GM GMC Car Buying Car Dealers Military