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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.

2021 Buick Encore sheds top two trims, offer only Base and Preferred

A few days ago, CarsDirect reported that the 2021 Buick Encore would prune its top two trims, the Sport Touring and Essence variants. Paring those two trims would leave the Base and the Preferred, creating larger price and amenities differences between the stalwart Encore and the new, larger, nicer Encore GX. It turns out the change has already gone into effect for the 2020 model year, as shown in Encore's Build & Price page at the brand's web site. Now the only trims available are the 1SV and Preferred. The prices for these trims won't change for next year, either. The Encore will start at $24,195 after a $995 destination charge, and now topping out at $26,215 for the all-wheel drive Preferred model. Previously, the Essence AWD established the top of the hill at $31,795. The move eliminates almost all of the MSRP overlap with the Encore GX, which ranges from $25,195 to $31,595. There will be less feature overlap, too. The now-dead Encore trims opened the door to proper luxury amenities like LED headlights, leather seats, dual-zone climate control, and an auto dimming rear-view mirror. The amenities available on the Preferred are limited to floor mats and accessories, save for the $495 Safety Package that adds Rear Cross Traffic Alert and Side Blind Zone Alert, and the $300 Remote Start. The Encore GX comes in three trims, Preferred, Select, and Essence, and "Leather-appointed seating" doesn't appear until the top-dollar Essence trim for $29,495 in FWD fettle.  The closest the Encore and Encore GX will get to one another is in engine output. The smaller crossover comes only with a 1.4-liter turbocharged four-cylinder that makes 138 horsepower and 148 pound-feet of torque. The Encore GX offers two engines depending on powertrain. A 1.2-liter turbocharged three-cylinder with 137 hp and 166 lb-ft comes solely with front-wheel drive, and a 1.3-liter turbocharged three-cylinder with 155 hp and 174 lb-ft is available with either front- or all-wheel drive. Related Video:    

Buick shows off Wildcat EV in gold, debuts new brand tagline

Buick keeps putting the gorgeous Wildcat EV concept back in front of our faces, and it’s just not fair. GMÂ’s premium brand released a new tagline today, “Exceptional by design,” and the Wildcat EV is the face of the companyÂ’s new motto. Check out the video above to see what all the fuss is about. There are a lot of glamor shots showing beautiful Buicks of the past before it cuts to the also-glamorous Wildcat EV concept. ThereÂ’s even a shot of a slight variation of the Wildcat EV dipped in a flashy orange-gold paint color. GM showed off this version of the Wildcat EV in an Instagram post last year, but now weÂ’re seeing the electric two-door coupe in yet another promotional piece. It differs from the final show car in its grille design, headlights, wheels, badging, color and more. Take a look at the side-by-side comparison below. Of course, Buick doesnÂ’t actually make products nearly as exciting as the Wildcat EV, but it does like to show its Encore GX and Envista sharing some design elements with the Wildcat EVÂ’s front end. A jump cut to those crossovers quickly follows our glimpse of the colorful Wildcat EV, though we canÂ’t help but be a little sad that this is all that will come of the stunning concept. Per usual (at least when we get the chance), we asked Buick if it had any updates or things to share about the Wildcat EV now that itÂ’s trotting this concept out to us in a brand campaign. HereÂ’s what the company had to say in response: "The Wildcat EV concept is still our blueprint for Buick design and youÂ’ll see Wildcat inspiration throughout our lineup, starting with the current Encore GX and Envista, and it will eventually extend to the 24MY Envision and 25MY Enclave. We still donÂ’t have any plans to bring that vehicle into production, itÂ’s strictly a concept." Basically, nothing's changed, and there are still no plans to turn the Wildcat EV into a production car. There wasnÂ’t much in the way of news today from Buick, but we can at least say this latest ad campaign is a clear step up over the “ThatÂ’s not a Buick” commercials seen years ago. Related video: