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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.

2020 Cadillac XT4 Review and Buying Guide | Competence and curb appeal

The 2020 Cadillac XT4 is a handsome little crossover distinctively sized between two segments. This allows it to boast backseat space on par with larger SUVs like the Audi Q5, while being a bit more park-able and fuel efficient like the BMW X1. There should definitely be a Goldilocks "just right" thing going on for many shoppers. Cadillac's baby SUV also impresses on the technology front, boasting loads of standard, advanced features along with a user-friendly touchscreen interface that shouldn't be too hard to figure out. There are dynamic missteps, though. The steering, throttle and brake pedals lack the driver-oriented response and feedback we've come to expect from Cadillac's sharply tuned sport sedans, while also not exactly possessing the nice-and-easy isolation of Caddy's past. In either scenario, we're not sure it "drives like a Cadillac" despite some otherwise impressive engineering going on underneath that handsome skin. The XT4 is also pretty expensive given its features, size and interior quality. Competitors both larger (Acura RDX) and smaller (Volvo XC40) provide better value. Still, as we noted in our XT4 first drive, there's enough novel tech to provide bragging rights, it's obviously a Cadillac in design (and definitely not just a rebadged Chevrolet in execution), and it's a pleasing enough place to sit while scooting around in traffic. It has competence and curb appeal, which count for a lot. What's new for 2020? After being an all-new model last year, the XT4 heads into 2020 with some noteworthy features updates: Forward collision warning and automatic emergency braking are now standard, while the Premium Luxury trim level gets the hands-free power liftgate as standard equipment.   What's the XT4's interior and in-car technology like? The XT4's interior design isn't as memorable as that of its exterior, nor its stylish Volvo XC40 and Lincoln Corsair competitors. It's a bit generic, which just doesn't seem right for a Cadillac. Materials quality is acceptable when closer to its base price, but begins feeling less so as options are added and the price tag rises. We've also driven multiple XT4's with an annoying rattle in the B pillar. Standard infotainment technology is abundant. Apple CarPlay and Android Auto are included with the standard 8-inch touchscreen and benefit from a pair of USB ports: one standard USB-A and the other a newer USB-C.

Chinese-made Cadillac CT6 Plug-In starts US sales

General Motors has started US sales of the Cadillac CT6 Plug-In after taking its first domestic deliveries of the China-produced sedan last month. The model is GM's first new plug-in hybrid in the US since the automaker discontinued sales of the ELR extended-range plug-in last year. The arrival and sales, first reported by InsideEVs, were confirmed by Cadillac spokesman Andrew Lipman. Not surprisingly, the sedan isn't cheap, as the CT6 Plug-In is priced at $75,095, or almost $12,000 more than the gas-powered variant, though that figure doesn't include federal and state tax credits for electric vehicles. For that tab, buyers get a 335-horsepower luxury car that can go 31 miles on electricity alone, and 0-60 miles per hour in a little over 5 seconds. The model gives GM three plug-in vehicles to sell to the American public, or the same number US competitor Ford offers. InsideEVs estimates that about 100 of the sedans have been delivered to US dealers, so the car remains a relatively low-volume affair. By comparison, GM's Chevrolet division has sold 5,563 Volt extended-range plug-ins and 3,092 Bolt electric vehicles through March. Cadillac sold 534 units of the ELR in 2016 after moving 1,024 the previous year. GM opted to produce the plug-in hybrid in China because of that country's receptiveness to new models that feature alternative and environmentally friendlier powertrains. Additionally, such production shortens the distance to the CT6's battery maker LG Chem, which is producing the car's battery packs in South Korea. On that note, GM has previously estimated that the Cadillac CT6 Plug-In will move more units in China than in the US. Related Video: