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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.

How to hack a Buick Regal with CarKnow

If you own an Apple iPhone or Android device, perhaps you've been tempted to jailbreak or root it. This process gives you access to the the software's code, and can be used to make minor or drastic changes to its operating system. CarKnow, a company in Boston, is working applying a similar concept to the automobile.
Translogic recently took a look inside CarKnow to see just how it can tweak the computers inside a car and what sort of things can be done. As our transportation tech sister site explains, CarKnow basically created a digital duplicate of their Buick Regal in the cloud, while harvesting data generated to create custom apps and infiltrate the deepest function of their test car.
And before you freak out about people maliciously taking over your car, CarKnow's founder, Josh Siegel, stresses that it isn't quite so easy as driving up alongside someone. Take a look at the full video below to see just what it's like to jailbreak a car.

GM applies to trademark Buick's Electra name in Canada

At Auto China 2020 in Beijing, Buick revealed an Electra concept with a design language called Potential Energy created by one of GM's Shanghai-based design studios. A press release about the concept said the "all-electric crossover offers a sneak peek at Buick’s vision for a new intelligent electric future." It's possible that the "intelligent electric future" could include the Electra name, as the Rivian Owners Forum discovered Buick applied to trademark that model name in Canada on December 20. Buick isn't new to the name, having put it on a luxury sedan it produced from 1959 to 1990. What better way to resurrect history with electricity using the name Electra and a design language called Potential Energy? As the Rivian forum also noted, Buick snuck a concept car into General Motors' promotional video for the Ultifi software platform that will connect owners' digital lives across vehicles and locations. For less than two seconds at the end of the vid, a seriously chic fastback sedan speeds through a digital landscape, a Buick tri-shield logo set into what looks like an active rear spoiler. We don't see Buick building this car, but we'd love it if Buick did. What we imagine more likely is a more production-possible evolution of the Electra concept shown in Beijing last year that had Ultium batteries powering two electric motors that shared a combined 583 horsepower among both axles. The sprint to 60 miles per hour was said to take 4.3 seconds, range estimated at about 410 miles. The dihedral doors enclosed a buttonless cockpit with a rectangular, retracting steering wheel, huge curved screen, eConnect software, and an AI-powered assistant for feature control. There was also a skateboard tucked into the rear bumper for last-mile travel to the destination or the half-pipe. We expect Buick to launch at least one crossover in 2024, and another in 2025. One of them will likely compete with the Ford Mustang Mach-E and the production version of the Chrysler Airflow concept. Related video: