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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.

Bentley Continental GT V8 and Toyota 4Runner | Autoblog Podcast #604

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Senior Editor, Green, John Beltz Snyder. First, they talk about driving the 2020 Bentley Continental GT V8 First Edition, followed by the 2020 Toyota 4Runner TRD Off-Road. Then they revive a format called "This or That," discussing the Jeep Wrangler vs. Gladiator, Subaru Forester vs. Outback, Mustang vs. Camaro vs. Challenger, and whether they'd rather spend $25,000 on a new or vintage car. They've got an update on a previous Spend My Money segment, and, finally, they help another listener pick a daily driver. Autoblog Podcast #604 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2020 Bentley Continental GT V8 2020 Toyota 4Runner This or That: Jeep Gladiator or Jeep Wrangler Subaru Forester or Subaru Outback Ford Mustang, Chevy Camaro or Dodge Challenger Vintage car or new car Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Podcasts Bentley Chevrolet Dodge Jeep Subaru Toyota Truck Coupe SUV Luxury Off-Road Vehicles Performance Classics

Chevy SS to get 1LE-like handling pack

Chevrolet engineers have more plans for the SS, but official approval stands between their wishes and our driving commands. After getting the no-cost option for a six-speed manual last year, Motor Trend reports that some company boffins want to throw the Camaro's track-focused 1LE package at it. On the Camaro that means the Performance Ride and Handling suspension, front and rear stabilizer bars, and 20-inch wheels all around concerning the road-focused bits. MT says that a 1LE on the SS would shed the staggered tires for one size all around, and get new dampers and a new suspension tune. It wouldn't turn the SS into a Dodge Charger SRT Hellcat, but the SS could do even more with its 415 horsepower and 415 pound-feet, hopefully without sacrificing too much of its plush road comfort in the process. It's said that a production example could be done in less than six months, but it sounds like the approval process will take longer. Featured Gallery 2014 Chevrolet SS: Review View 31 Photos News Source: Motor TrendImage Credit: Copyright 2015 AOL Chevrolet Luxury Performance Sedan chevy camaro 1le 1le