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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.

Junkyard Gem: 1985 Buick Somerset Regal Limited

The Oldsmobile, Buick and Cadillac divisions of The General's mighty army got serious about their attempts to compete with futuristic and stylish German and Japanese coupes during the second half of the 1980s, with cars such as the Cadillac Allante, Oldsmobile Toronado Trofeo, and Buick Reatta. They featured edgy styling, wild digital dashes, and other interesting gadgetry. Before them, however, came the Buick Somerset. Built for the 1985 through 1987 model years, only the '85s were badged as Somerset Regals. Here's one of those ultra-rare cars, spotted in a San Francisco Bay Area self-service wrecking yard. This badging confused many Buick shoppers at the time, because the 1985 Regal was a "traditional" midsize rear-wheel-drive car, based on the increasingly antiquated G-Body platform, and the Somerset Regal was an N-Body front-wheel-drive compact. For 1985 and 1986, the car became the Buick Somerset. The interior is your standard Whorehouse Red velour, a theme used by everybody from Nissan to Chrysler during the 1985-1995 period. This cloth looks pretty nice for a car from sunny California. Digital dashes became very trendy during this period, with Mitsubishi, Subaru, Nissan, and even Toyota getting into the act during the first part of the decade, and everyone else jumping on the bandwagon a bit later. The radio face went into this weird pod perched over the HVAC controls, which looked like something from the Mars Base and made aftermarket audio-system installation nearly impossible. The factory cassette deck, if desired, had to go elsewhere in the console. The base engine in the Somerset Regal was the decidedly un-European Iron Duke four-cylinder with 92 horsepower, but this car has the optional 120-horse 3.0-liter V6. In theory, a 5-speed manual transmission was available, but I'm guessing that the quantity of so-equipped Somerset Regals was numbered in the high dozens. There's plenty of hard red plastic and fake wood inside, of course. Base price on a V6 Somerset Regal Limited came to $10,026 (about $24,000 in 2018 dollars). Meanwhile, a Pontiac Grand Am LE with the 3.0 V6 was nearly the same car and listed at $8,970. If you wanted even crazier electronics and an interior that looked like something out of a jet fighter, the 1985 Subaru XT GL had a $9,899 price tag. Give me savvy. Give me cool. Give me a car that breaks all the rules. Give me the look. Give me the feel. Give me the magic. Give me the wheel.

GM recalling 2013 Buick LaCrosse, Cadillac SRX over transmission software

The National Highway Traffic Safety Administration has issued recalls for the 2013 Buick LaCrosse and 2013 Cadillac SRX due to a problem with the software for the transmission controller. On about 27,000 SRX and LaCrosse models, the transmission could accidentally be shifted to Sport mode, which would reduce the amount of engine braking drivers experience.
NHTSA says this could increase the risk of a crash, but, fortunately, the required fix is simply an update to the software.
While we're on the subject of General Motors vehicle recalls, a small number (48) of compressed natural gas versions of the 2011 Chevrolet Express are also being recalled for a potential risk of fire or explosion. Yikes. Both official recall notices are posted below.