Royal Oak Tribune
U.S. automakers put virus behind them, see boom
DETROIT » General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months, after a short money-losing stretch as the spread of COVID-19 shut down all U.S. auto factories.
Automakers have sprinted out of their pandemic lockdowns, and GM’s big quarter follows similar performances at crosstown rivals Ford and Fiat. All three blew past Wall Street’s sales and profit projections.
Last week, Fiat Chrysler reported a $1.4 billion quarterly profit.
Ford earned $2.39 billion, triple Wall Street projections. While shares are down for the year, the stock of all three automakers has surged in the past three months.