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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

GM CEO to meet with U.S. lawmakers over job cuts

WASHINGTON — General Motors Co Chief Executive Mary Barra plans to visit Capitol Hill next week to discuss the company's plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two congressional aides said on Friday. GM has come under harsh criticism from lawmakers from both major political parties, and from President Donald Trump, since Monday when it announced the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago. Barra is expected to meet with lawmakers from Michigan and Ohio, where GM plans to shutter three plants, as well as senior leaders in Congress. GM did not immediately comment. Barra has been calling lawmakers this week to explain the decision to end production. Trump has threatened to revoke subsidies for GM. The Detroit automaker plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto. It will also stop building several models now assembled at those plants, including the Chevrolet Cruze, the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse. Additionally, GM plans to shutter the Warren transmission plant outside Detroit and a plant that makes electric motors and drivetrains outside Baltimore, Maryland. The Cruze compact car will be discontinued in the U.S. market in 2019, although GM may continue building it in Mexico for other markets, Barra said. Reporting by David Shepardson. Related Video:

GM follows U.S. trademark for AT4X with application in Mexico

Looks like GM is preparing to return the GMC Sierra 1500 All Terrain X to the marketplace, but with a new name. GM Authority found a trademark application filed in May this year in Mexico for the AT4X moniker. This comes three years after GM filed an application with the U.S. Patent and Trademark Office for the same alphanumeric in February 2016. When GMC introduced the all-new 2019 Sierra, it changed the previous All Terrain trim name to AT4, as seen on the Sierra AT4 we called "offroad overkill." The patent filings lend credence to the idea that the previous All Terrain X trim will soon be introduced by a Sierra 1500 AT4X model.  The erstwhile All Terrain X, introduced for the 2016 model year, took the former All Terrain further into the frame of serious-looking off-roader. On top of the Z71 suspension with a two-inch lift, Rancho monotube shocks, and a locking rear differential, the X added a sport bar for offroad lights, side steps, more dirt-friendly 18-inch wheels in 265/65 mud-terrains instead of 20-inchers on 275/65 all-terrains, a performance exhaust, and a lot more black and body-colored trim. At launch, we said it was "no Raptor threat," and even though GMC launched a 2500HD version in 2017 (pictured), it likely never worried the Ram Power Wagon. We wouldn't expect the equation to change with a possible AT4X, which is a shame, since hardcore OEM offroaders are becoming bro dozers for the mature, moneyed set.