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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.

Weekly Recap: Lincoln Continental serves up the style, Cadillac CT6 delivers the substance in New York

Lincoln and Cadillac grabbed the spotlight this week at the New York Auto Show in a dramatic fashion that evoked the brands' glory days. America's two luxury carmakers went toe-to-toe with their glittering reveals and plans for ambitious expansion. Both were selling their technology, style and the promise of a better future. Cadillac vs. Lincoln. At the Javits Center, 2015 seemed a lot like 1956. Neither company was interested in drawing comparisons with the other, which is fair, and accurate. They're in vastly different places in terms of sales and the pace of their turnarounds, but they hope to reach the same eventual destination at the pinnacle of the luxury-car world. Lincoln used the element of surprise to great effect with the Continental concept. A production version is still at least a year away, and the company was vague on details. Officially, we don't even know if it is front- or rear-wheel drive, though speculation abounds. Who cares? The seats can be adjusted 30 ways! The Continental also showed off a bold chrome grille that will be the new face of Lincoln. The blue bomber also rolled on blinged-out 21-inch polished aluminum wheels, used a 3.0-liter EcoBoost engine and had huge LED head lights with "laser-assisted" high beams. All of this resulted in almost blinding attention. The concept drew rave reviews, stirred controversy with Bentley designers who argued Lincoln ripped them off, and most importantly, pointed a way forward for the newly determined brand that hopes to compete with Mercedes, BMW, Audi, Cadillac and Lexus. View 32 Photos Meanwhile, Cadillac showed the CT6, a finished product that will top its range and is loaded with the best and latest technologies General Motors has at its disposal. With production starting late this year, Cadillac had more specifics at the ready. Engines? Cadillac has a couple V6s and a turbo four for sure. It's working on a hybrid, and has considered a V-Series variant. It's based on a new rear-wheel-drive, aluminum-intensive chassis called Omega, features an advanced collision-mitigation system with automatic braking and has a cabin that's laden with "leathers, exotic woods and carbon fiber." It will be assembled at GM's Detroit-Hamtramck factory and goes on sale next year. At this point, Cadillac is more than willing to talk about every except for the price. The devil was not in the details for Cadillac, as evidenced by the CT6. But it wasn't for Lincoln either.

Want to beat LA traffic? Chargers QB Philip Rivers has found a way

Slogging through traffic in Southern California is about as pleasurable as being slowly eaten by bears or being the awkward third wheel on a bad first date. It feels like it's never going to end. After the team relocated to Los Angeles from San Diego, Chargers quarterback Philip Rivers decided that three hours wasted each day in a car was too much. As The San Diego Union-Tribune reports, Rivers' rolling office makes his days more productive than ever. After deciding that he wasn't going to relocate his family to Orange County, Rivers was stuck with the prospect of either spending considerably less time with his children or skipping out on much-needed film work at the team's training facility (not really an option given his profession). Instead, he began investigating a number of options to make his lengthened commute slightly more viable and productive. First, he considered carpooling with a teammate. That was still too much of a pain. He looked at flying a helicopter, but unless it could land close to both his home and the practice field, it too was useless. A quick online search eventually led to the rolling footage review room you see here. Becker Automotive Design in Oxnard, Calif., builds these rolling offices for a wide range of customers. It sells modified Mercedes-Benz Sprinters, Ford Transits, and, in Rivers' case, a Cadillac Escalade with a raised roof. His needs were simple: a television and an HDMI input so he can hook up his computer. No fancy armor or recumbent exercise bicycle. His goal was to review game footage on his commute rather than slowly waste away behind the wheel of a car. Photos show a sea of leather and wood and a mini fridge, so it's not totally without niceties. Column | Philip Rivers' new ride allows him to stay home https://t.co/btwCEgIsFq pic.twitter.com/DHud3ho5UF — The Union-Tribune (@sdut) September 5, 2017 The Union-Tribune lists the price of the Escalade at about $200,000. That's not including the driver's salary. In 2015, Rivers signed a four-year deal with the Chargers worth $84 million, so he's not hurting for cash. If it increases productivity and saves the headache of being behind the wheel in traffic, we can imagine more people with means (and not just quarterbacks) will be opting for such daily transport. Related Video: