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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.

2019 Cadillac XT4 First Drive Review | Fashionably late

SEATTLE, Wash. — The 2019 Cadillac XT4 compact crossover debuted in New York, Cadillac's recently-adopted home, several months ago. Since then, a lot's changed. Cadillac honcho Johan de Nysschen got the boot, the economy's continued to improve, and we've changed coasts to experience the XT4. The setting is Seattle and its environs, a place that embodies the moment – a town flush with tech money and outdoor lifestyle experiences. Oh, and traffic. Lots of that. What hasn't changed is that this is a vehicle that Cadillac desperately needs. Between and below the Escalade and XT5 are vast gulfs of white space that could swallow entire crossover-focused brands. The dealers, we imagine, howled. And de Nysschen was replaced, it turns out, by a career GM exec with a penchant for building bridges with dealers. Must be a coincidence. The XT4 should please everybody involved in that power struggle. It's cute, for one, which will make for happier dealer-customer interactions. It brings appreciable but unintimidating technological advances to a brand looking to flex some segment leadership muscles. And it doesn't strictly feel like a rebadged version of a lower-tier product, a bad habit that Cadillac keeps failing to kick. We'll discuss its competition within its segment, and how they compare to the XT4, in another piece to follow. If you're wondering where the XT4 comes from, the easiest way to think about it is as a cut-down version of the basic underpinnings of the XT5, wrapped in nicely-proportioned sheetmetal. To be blunt, there's more unadorned plastic on the lower fascia and rockers than we'd like at this price point, but the rest is handsome. Large, elegant lamps sit at both ends, set off with trendy creasing and little accent vents – Sport models have clear taillight elements, while others have red-tinted lenses. The XT5, itself a newer vehicle, looks outclassed and dated instantly when put up next to its sleeker, more modern little sibling. The interior, however, is more alike than different. The major shapes are similar, as are the placement of the switchgear. The 8.0-inch infotainment screen is, as in the XT5, embedded in a slabby wedge of dash. It's still a touchscreen, but a little dial now provides an alternate way to navigate. A Qi charging panel and easily accessible, but not too prominent, USB, charging, and aux inputs reside just above. The seats in our tester, a Premium Luxury trim, are covered in a soft, warm caramel-colored leather.

If Cadillac’s smart, the CT5 will be a CTS without baggage

Cadillac is, mercifully, about to rationalize its lineup, something that's been a long time coming. The CTS is one of those cars that gets admiration from reviewers, like us, for a concerted effort from GM to engineer an underlying platform that matches the Germans in terms of raw dynamics. From buyers, it gets not even a shrug as they, oblivious to its existence, walk right into BMW and Mercedes dealerships. The reasons for this have a lot to do with the sheer brand recognition, and the image, of the German competitors. You can't really lay that all at GM's feet, but what you can do is critique the uninspired drivetrain selection. The 3.6-liter V6 is a crude implement, making its 335 horsepower roughly. The BMW's equivalent inline six makes its power smoothly, with modern forced induction. There's no directly comparable E-Class sedan until you get into the V-Sport versus E43 situation, but the turbo four is smooth. And the interior? No question. The Mercedes is jaw-slacking. The story for the CTS's turbo four is largely the same. Some blame also has to be leveled at the first- and second-generation CTS sedans, which adopted an odd strategy: sell a slightly larger sedan to folks looking at 3-Series, A4, and C-Class, but at about the same price. Folks weren't interested in a larger car for the same money. Despite the third-gen CTS's growth into the 5-Series size class, the CTS still seems like an odd in-betweener in the sport luxury segment – psychologically, if not physically. CTS sales are in the toilet in 2017, and GM is smart to shake things up. So with the announcement that Cadillac head honcho Johan de Nysschen has finally been allowed to kill off underperforming models, the CTS is toast. (As is the ATS, and much more importantly, the XTS – a shambling dinosaur of a sedan.) What's next is the CT5, and that's what we're interested in now. Cadillac has until 2019 to figure out what the CT5 actually is. That isn't a lot of time, so our money is on it being a repositioned, rationalized CTS. The platform's not bad; it's heavier than the larger CT6, but it's fairly modern. Sadly, it's unlikely that any of the standard powertrain options will get a revamp, but maybe some additional sound deadening or an active engine mount system to reduce NVH will quell the V6's bad habits. View 32 Photos More importantly, Cadillac will get a chance to work on the interior look, almost certainly aligning it more closely with the much improved CT6. That'll help a lot.