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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.

GM’s move to Woodward is the right one — for the company and for Detroit

Back in 2018, Chevy invited me to attend the Detroit Auto Show on the company dime to get an early preview of the then-newly redesigned Silverado. The trip involved a stay at the Renaissance Center — just a quick People Mover ride from the show. IÂ’d been visiting Detroit in January for nearly a decade, and not once had I set foot inside General MotorsÂ’ glass-sided headquarters. I was intrigued, to say the least. Thinking back on my time in the buildings that GM will leave behind when it departs for the new Hudson's site on Woodward Avenue, two things struck me. For one, its hotel rooms are cold in January. Sure, itÂ’s glass towers designed in the 1960s and '70s; I calibrated my expectations accordingly. But when I could only barely see out of the place for all the ice forming on the inside of the glass, it drove home just how flawed this iconic structure is.  My second and more pertinent observation was that the RenCen doesnÂ’t really feel like itÂ’s in a city at all, much less one as populous as Detroit. The complex is effectively severed from its surroundings by swirling ribbons of both river and asphalt. To the west sits the Windsor tunnel entrance; to the east, parking lots for nearly as far as the eye can see. To its north is the massive Jefferson Avenue and to its south, the Detroit River. You get the sense that if Henry Ford II and his team of investors had gotten their way, the whole thing would have been built offshore with the swirling channel doubling as a moat. This isnÂ’t a building the draws the city in; itÂ’s one designed to keep it out. Frost on the inside of the RenCen hotel glass. Contrasted with the new Hudson's project GM intends to move into, a mixed-use anchor with residential, office, retail and entertainment offerings smack-dab in Detroit's most vibrant district, the RenCen is a symbol of an era when each office in DetroitÂ’s downtown was an island in a rising sea of dilapidation. Back then, those who fortified against the rapid erosion of DetroitÂ’s urban bedrock stood the best chance of surviving. This was the era that brought us ugly skyways and eventually the People Mover — anything to help suburban commuters keep their metaphorical feet dry. The RenCen offered — and still offers — virtually any necessity and plenty of nice-to-haves, all accessible without ever venturing outside, especially in the winter, but those enticements are geared to those who trek in from suburbia to toil in its hallways.

2017 Buick Encore freshens up for New York debut

Buick has rolled in to the New York Auto Show this year with a revised version of the Encore, bringing with it a series of revisions to what's billed as "America's most popular small SUV." Most obvious is the new front end that adopts the brand's latest design language with a fresh grille and headlamps – full LEDs on top-spec models. The taillights are also new, the exhaust tips are now chromed, the door mirrors color-keyed to the bodywork, and of course it all rides on a new set of wheels. The updates continue inside, where you'll find new trim, new gauges, and an eight-inch color touchscreen display to run the IntelliLink system that now supports Apple CarPlay and Android Auto as well as OnStar 4G LTE with on-board wifi. Buyers will be able to choose between five trim levels and between front- or all-wheel drive. There are three new exterior paint choices as well. The Encore is based closely on the European-market Opel Mokka, which was similarly revealed in updated form at the Geneva Motor Show just last month. In Buick guise, the Encore has only been on the market now for three years, but already stands as the brand's top seller. Last year it alone accounted for nearly one in every three vehicles Buick sold, and has risen 34 percent so far this year as well. Subtle though they may be, these updates ought to keep the Encore at the top of its game for another few years to come. View 5 Photos Related Video: 2017 Buick Encore Gets Latest Tech, Sculpted Design New LED headlights, Apple CarPlay, Android Auto for Buick's best-seller 2016-03-22 NEW YORK – Buick today introduced the new 2017 Encore, strengthening the appeal of America's most popular small SUV with more refined styling and new connectivity technology – including available Apple CarPlay and Android Auto compatibility. A new front-end appearance and a new premium interior highlight the visual refinements, while Apple CarPlay and Android Auto are supported by a next-generation IntelliLink system featuring an 8-inch-diagonal color touch screen. Push-button start, keyless unlock via the exterior door handles and an 8-inch color touchscreen highlight the Encore's roster of new standard features. "The Buick Encore created the premium small SUV segment and remains the top choice for customers seeking premium features and dependability coupled with timeless design," said Duncan Aldred, vice president of Buick Sales, Service and Marketing.