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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.

1987 Buick Grand National was made to be Kevin Hart's 'Dark Knight'

The Meguiar's booth at the SEMA show isn't the only place comedian and actor Kevin Hart is combining cars and cinema, his "Michael Myers" 1969 Plymouth Road Runner brooding in the car care products pen, while his SpeedKore "Hellraiser" 1970 Dodge Charger also menaces. Hart bought a 1987 Buick GNX last year and put it on Instagram with the caption, "Sundays are perfect for old school drives…. If you know you know." Looks like old G-Bodies are perfect for restomod builds, too, which we all already knew, but this car isn't the GNX that featured on social media. This is the 1987 Buick Grand National, one step below the GNX and half the price at the time. It's nicknamed "Dark Knight" and it's one of the stars of the Magnaflow exhaust booth at SEMA. Going back to work with regular collaborators Dave Salvaggio of Salvaggio Design and Sean Smith, of course there's a lot involved in the overhaul. Still, we appreciate how the team stayed true to the ethos of the Grand National in ways that made the build more complicated than it already was. Take the engine. The original came with a 3.8-liter V6 wearing a single turbocharger to register an official output of 245 horsepower and 355 pound-feet of torque compared to the GNX's 276 hp and 320 lb-ft. Instead of swapping it for a V8, it's been replaced with the 3.6-liter twin-turbo V6 from the Cadillac CT4-V Blackwing. And instead of leaving both turbos on, the engine junkies plumbed a single turbo in a layout recalling the 1987 engine even as it cleans up the original Chutes 'n' Ladders mess of tubes. We didn't get an output rating for the setup. The Cadillac's twin-turbo mill makes 472 hp and 445 lb-ft. in the CT4-V Blackwing. We would bet Dark Knight's engine's pretty close to that with the single large turbo at the prow, plenty of juice for a car weighing 3,545 pounds. Exterior upgrades include a custom front fascia with a carbon fiber hood and splitter. The interior shows the same tasteful restraint, polished design and nicer materials draped over the stock 1980s layout. That shifter controls GM's 8L90 eight-speed automatic instead of the original four-speed auto.  Elsewhere, Salvaggio did the same here as with the Michael Myers Road Runner, creating a custom frame to increase rigidity and get the car closer to the ground on its 19-inch HRE wheels in the Buick's original weave look.

Junkyard Gem: 1962 Buick Electra 225 4-Door Sedan

Buick built its first Electras as 1959 models, with Electra production continuing unabated through 1990 (after which the Park Avenue trim level took over as the model name, much as the Malibu trim level designation had shoved aside the Chevelle model name in 1978). Some of the handsomest Electras were the second-generation models, built for the 1961-1964 model years, and today's Junkyard Gem is one of those cars. I'd always assumed that the Buick Electra took its name from the daughter of Clytemnestra and Agamemnon in Greek mythology, because the people who named cars back then were forced to read Euripides and Sophocles as undergrads. In fact, the car was named after Electra Waggoner Bowman Biggs, a Texas heiress and sculptor who married the brother-in-law of Harlow Curtice, who ran the Buick Division before being promoted to president of General Motors in 1953. How did she feel when the last Electra rolled off the assembly line in 1990? The junkyard is full of history, if you know where to look. The 1959-1960 Electra had enormous tailfins, angled something like the ones seen on the same-year Chevrolet Impalas. This Electra generation ditched the fins but kept much of the general Space Age spirit of its predecessor. The Electra lived on the same platform as the Cadillac DeVille and Oldsmobile 98 from start to finish, and it was the most expensive Buick available in 1962. The MSRP of this one was $4,051, or about $41,462 in 2023 dollars. The engine in this one was present when it arrived at U-Pull-&-Pay, but a junkyard shopper grabbed it within a couple of days of arrival. It would have been a 401-cubic-inch (6.5-liter) "Nailhead" V8, rated at 325 horsepower and a whopping 445 pound-feet of torque (keep in mind that these are gross, not net, power numbers). The Nailhead's small valves meant that it wasn't much good for high-rpm use, but its big torque was perfect for moving two-ton land yachts. The final Nailheads were installed in 1966 Buicks. Every production Electra ever built came with an automatic transmission, and the 1959-1963 models received the extremely smooth and alarmingly inefficient Dynaflow (known as the Dual-Path Turbine Drive for 1962). Originally developed for use in the 1943 M18 Hellcat tank destroyer, the Dynaflow was considered a two-speed automatic but drove more like a CVT with two selectable drive ranges.