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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 Chevy Tahoe High Country spied along with next-gen Escalade

Have no fear, the big grilles are here. Or, at least we think they're coming. One of our spy shooters caught the next-gen Chevrolet Tahoe and Cadillac Escalade out testing with more of their fronts ends exposed than before. Starting with the Tahoe, we can see what amounts to a blinding amount of chrome under the wrappings. We're guessing this would be a new Tahoe High Country trim level, mirroring the range-topping trim level currently offered on the Silverado and Traverse. The Tahoe's current range topper is the Premier. Although the rather ornate details in the grille are not found on the current High Country trims, they also seem like something that would be available on the priciest Tahoe available. The same could be said of the LED lighting details visible under the camo as the Silverado High Country, shown below, does indeed have unique LED elements. The next-generation Cadillac Escalade only shows up in two of the photos. As we can't see shiny chrome reflecting through the camo, we're guessing the Escalade will adopt a blacked out grille similar those found on the XT6 and other Cadillacs. We can also see horizontal lighting elements similar to those on other recent Cadillacs. As this is an Escalade, however, we'd imagine everything will be supersized. GM will be ushering these trucks out soon, with the independent rear suspension being the big story. Besides the improved ride and handling, it should result in substantially improved cargo space and third-row legroom. Doing so would at least close the gap with the biggest Lincoln and Ford SUVs.

Peter Max staring down $1M lawsuit over Corvette collection sale

Pop artist Peter Max recently sold off his collection of 36 vintage Chevrolet Corvettes – one each from 1953 to 1989 ­– for an undisclosed amount. The new owners have already announced plans to restore some of them and auction the models off sometime soon. Up until then, the sports cars had been languishing in various garages around New York City for decades and were caked in dust and grime. However, Max's end of the transaction has just become more complicated, because two men are suing the artist claiming he employed them to complete the deal first. The men allege that Max hired them to broker the sale of the 36 Corvettes in exchange for a 10-percent commission, according to the New York Post. They claim to have emails and text messages proving the existence of the deal, and are taking Max to court for $1 million over the squabble. The collection of Corvettes was amassed in 1989 as part of a prize package from the television network VH1, and Max bought the cars from the winner intending on using them for an art project. He never got around to it, though, and parked the sports cars around New York, until he finally sold them over the summer.