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GM earnings rise 1% as buyers pay more for popular pickups

DETROIT — General Motors said Thursday that higher prices for popular pickup trucks and SUVs helped overcome slowing global sales and profit rose by 1% in the second quarter. The Detroit automaker said it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44. Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion. Global sales fell 6% to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year. In the United States, customers paid an average of $41,461 for a GM vehicle during the quarter, an increase of 2.2%, as buyers went for loaded-out pickups and SUVs, according to the Edmunds.com auto pricing site. The U.S. is GM's most profitable market. Chief Financial Officer Dhivya Suryadevara said she expects the strong pricing to continue, especially as GM rolls out a diesel pickup and new heavy-duty trucks in the second half of the year. "We think the fundamentals do remain strong, especially in the truck market," she said, adding that strength in the overall economy and aging trucks now on the road should help keep the trend going. Light trucks accounted for 83.1% of GM's sales in the quarter, and pickup truck sales rose 8.5% as GM transitioned to new models of the Chevrolet Silverado and GMC Sierra, according to Edmunds, which provides content to The Associated Press. As usual, GM made most of its money in North America, reporting $3 billion in pretax earnings. International operations including China broke even, while the company spent $300 million on its GM Cruise automated vehicle unit. Its financial arm made $500 million in pretax income. Suryadevara said GM saw $700 million in savings during the quarter from restructuring actions announced late last year that included cutting about 8,000 white-collar workers through layoffs, buyouts and early retirements. The company also announced plans to close five North American factories, shedding another 6,000 jobs. About 3,000 factory workers in the U.S. whose jobs were eliminated at four plants will be placed at other factories, but they could have to relocate. GM expects the restructuring to generate $2 billion to $2.5 billion in annual cost savings by the end of this year.

2016 Chevy Volt sneak peek at CES

Here it is, folks – your first real glimpse at the 2016 Chevrolet Volt. The gasoline-electric sedan will officially debut at the Detroit Auto Show next week, but Chevy gave us a sneak peek of its redesigned Volt at a media event in Las Vegas late Sunday, as part of its CES festivities. There isn't a ton to see here, and sorry about the low quality video (and for us not standing front and center during the reveal). But we can clearly see the car's redesigned front fascia – something recently previewed at a fan event in Los Angeles. For another view, check out a high-res photo of the new Volt from our friends at The Verge, here. Chevy even tweeted a photo of the Volt's new nose on its official Volt Twitter account, which you can see below. The automaker didn't divulge any details about its new Volt, but we already know quite a bit. For starters, the Volt will use a new, 1.5-liter gasoline engine and won't require premium fuel. It'll have more EV range and a bigger battery, too. We'll have a whole mess of information when the 2016 Volt is fully revealed in Detroit in about one week's time. In the meantime, here are some more looks at the Volt, courtesy of the Twitterverse. We're so excited about #NextGenVolt we brought it out early at #CES2015! Full details on 1/12 at #NAIAS. pic.twitter.com/hPCbTFGSV4 - Chevrolet Volt (@ChevyVolt) January 5, 2015 Take a look at the new Chevy Volt http://t.co/laCvWLRMXk pic.twitter.com/uOzRh5XCrP - Engadget (@engadget) January 5, 2015 The very first look at the 2016 Chevy Volt doesn't disappoint: http://t.co/PM0HcnyQOo pic.twitter.com/WFtoyd0utH - Gizmodo (@Gizmodo) January 5, 2015 Chevy just gave @Tim_Stevens a very quick look at the next-gen Volt at #CES2015. #CNETatCES http://t.co/3n6EK1yOrC pic.twitter.com/7KDYh0VSg0 - CNET (@CNET) January 5, 2015 Related Gallery 2016 Chevy Volt at CES Related Gallery 2016 Chevrolet Volt Teaser Images Green CES Detroit Auto Show Chevrolet GM Alternative Fuels Green Automakers Electric Hybrid Videos Sedan 2015 Detroit Auto Show CES 2015

2016 Chevrolet Malibu Hybrid Quick Spin [w/video]

If a Chevy Volt is like a hybrid that prefers its electric motor, then the new Malibu hybrid is like a Volt you never have to plug in. That's partly because you can't plug it in, but more because the Volt and the gas-electric Malibu share a lot of major components. Since we happen to like the newly refined Volt, that's good news for the larger family sedan. The shared parts include the blended braking system, A/C compressor, the auxiliary power module, and most of the hybrid transaxle (what you might call a fancy electro-transmission). In the Malibu, the electric motors use neodymium magnets for efficiency and power, while the Volt has weaker ferrite magnets to reduce drag, and the Volt also gets an extra clutch to lock out the engine. The two use different batteries, with their size, power capabilities, and chemistry suited to the task for each vehicle. Unlike most of the midsized sedan leaders, the Malibu has never had a full hybrid option. For a few years in the last generation, Chevy offered the Malibu Eco with a version of GM's eAssist mild-hybrid system, which featured a small motor-generator in place of an alternator hooked up to a bigger battery that could harvest energy during deceleration and add some back in when you hit the throttle; it also brought engine stop-start functionality to save a little more fuel. But it saved only a little fuel, so eAssist was nixed in favor of a more efficient four-cylinder with a standalone stop-start system. Driving Notes Mode switches between gas and electric are just as smooth as in the Volt. No shudder or weirdness in the throttle. It drives as much like a gas-only car as any midsized hybrid does. The blended braking system is also noticeably well sorted. There's no deadness in the pedal, no touchiness, and no artificial, wooden feeling when you step through the regen portion of its travel. There's nothing abrupt or jarring about any of the experience, and the Malibu's baked-in quietness helps to deal with noise from the somewhat coarse 1.8-liter gas engine. Engine startup and shutdown are noisy from outside, but much less noticeable from within. The 2016 Malibu is larger yet lighter. The hybrid weighs about 125 pounds more than a comparably equipped 1.5T. You don't notice the extra weight, but there is some space eaten out of the trunk by the battery.