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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.

Buick Envista Luggage Test: How much cargo space?

First, I am well aware that there is an inflatable hearse on my lawn, which is also haunted. Just go ahead and get used to that background for a few weeks.  Second, the 2024 Buick Envista is a great car! Easily the most surprising thing I've driven this year, and although I'll go into everything else in a full review coming soon, the cargo area contributes to that general sense of pleasant surprise. The specs say it has 20.7 cubic-feet of space, which would be consistent with the subcompact SUV segment it competes with on price (even if it's more comparable to a compact in terms of length). Let's see how that amount translates into actual stuff. At first look, I was not expecting good things. Yes, its ample length is pretty indicative of a compact SUV, but the height is nowhere close. With the rigid cargo cover in place, it basically looks like a trunk -- but more on that cover in a moment.  Unlike most subcompact and compact SUVs, the Envista does not offer a dual level cargo floor that adds extra cargo space while still making a fold-flat back seat possible. In other words, Buick is clearly leaving some cubic-feet on the table here. This cover would be of the gigantic, rigid, nowhere-to-keep-it-in-the-car, hatchback variety. I am not a fan, especially for the Envista. You're about to see why. Bring on the bags. As with every Luggage Test, I use two midsize roller suitcases that would need to be checked in at the airport (26 inches long, 16 wide, 11 deep), two roll-aboard suitcases that just barely fit in the overhead (24L x 15W x 10D), and one smaller roll-aboard that fits easily (23L x 15W x 10D). I also include my wife's fancy overnight bag just to spruce things up a bit (21L x 12W x 12D). That would be the three biggest bags, but that's all you're fitting. I tried to dislodge the cover and let it rest on top, but nope, liftgate wouldn't close. At least the middle bit of the cargo cover has that raised middle bit that perfectly wrapped around my big blue bag. Without that, this result would've been even worse.  So, if you were picking up someone from the airport, they had more bags than this and you forgot to remove the cargo cover, you'd be in trouble. If, however, you remember to chuck the cargo cover ... Holy cow, all the bags fit!  I was genuinely surprised by this result. The Tetris formation is a little weird, but it wasn't hard to fit everything in here.

Buick version of Equinox/Terrain CUV spied testing... with autonomous gear?

Let's get the most pressing bits of this story out of the way right off the bat: What we see here appears to be a new compact crossover from Buick. According to the spy photographer, this machine may be a little bit smaller on the outside than the current Chevrolet Equinox and GMC Terrain 'utes, which makes sense since recent rumors suggest GM's small crossovers will migrate to a new platform that will mark a convergence between the automaker's Delta (Chevy Cruze, Buick Verano) and Theta (Equinox, Terrain) platforms. This Buick would likely use this new D2UX platform.
We've been expecting Buick to unleash a crossover to slot between the very small Encore and the very large Enclave, and various rumors have indicated that the model may be known as either the Anthem or Envision. It's worth mentioning that Buick had planned, back in 2009, to release a vehicle in the compact CUV market, but abandoned those plans after a particularly poor reception.
And now for something completely different... Take another look at the spy shots above, and pay special attention to the cylindrical device mounted to the vehicle's roof. We can't say for sure what it is, but our spy photographer opines that it looks quite a bit like the 360-degree Lidar camera equipment used by Google for its autonomous cars. Is General Motors working with Google on autonomous car technology? We don't know, but you can definitely consider us intrigued.