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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.

It looks like Buick is working on a new Regal GS

When Buick revealed its Regal-badged version of the Opel Insignia/Holden Commodore sedan and wagon, it left out one significant model, the GS. The high-performance Regal was missing in action, but these new spy photos seem to indicate one is coming soon. It looks like it will be pretty subtle on the outside. Upon close examination, we can see that each side of the front bumper features a much larger grille than the normal Regal Sportback and TourX. The thick upper borders on the grilles also look like good places for some LED accent or fog lights. These larger grilles appear to be the only significant difference to the front, though. On the sides, there are slightly deeper side skirts than those on a standard Sportback, and the rear bumper looks to be lifted from the TourX, but without the wagon's aluminum cladding. One other indication that this is a high-performance Regal is the car's front braking equipment. We can make out a Cadillac logo on the front brake calipers, which shows that this isn't running standard Regal stoppers. As for what's under the hood, it's tough to say, but we don't think it will use a turbocharged four-cylinder as the previous generation did. Instead, we think it may be using a V6. That's a hard maybe. The base Regal's turbo four makes as much power as the old GS, and although Buick could crank up the boost for more power, it could also make use of the V6 it will offer overseas. In the mechanically identical Commodore, a 308-horsepower V6 will be available along with a 9-speed automatic and the same type of all-wheel-drive system as the Ford Focus RS. This option would make the upcoming GS more powerful than the old one, and the new standard model, plus offer all-wheel drive. We would like to see even more power than 308, since the top-dog previous-generation Insignia OPC had a 325-horsepower V6. Related Video: Featured Gallery Buick Regal GS Spy Shots View 15 Photos Image Credit: Brian Williams Spy Photos Buick Hatchback Luxury Performance Sedan buick regal gs

Buick Envision aces IIHS crash tests

If you had any qualms about the safety of a Chinese-built car, set them aside. At least when it comes to the Buick Envision. The Insurance Institute for Highway Safety (IIHS) has tested the new GM crossover and it passed with flying colors. The Envision is the first Chinese-built Buick sold in the States, and it's also the first Chinese-built car the organization has ever tested. In what is an impressive feat for any new automobile, it earned the IIHS TOP SAFETY PICK+ rating. This means the crossover comes equipped with a forward collision warning system and earned "Good" marks in all types of collisions, including the difficult small overlap crash test. In addition to the forward collision warning system, an automatic emergency braking system is available on the Envision. Eleven other vehicles earned the TOP SAFETY PICK+ rating, including models from Volvo, Lincoln, Acura, Audi, Mercedes-Benz, Lexus and Infiniti. That's good company, and combined with a pleasant, if not world-beating, driving experience, should make the Envision a car worth consideration. Related Video: