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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.

Recharge Wrap-up: Renault Zoe recall, Proterra buses log 2M miles

Renault is recalling 10,649 examples of its Zoe electric car for potential brake hose failure. Cars built at the company's Flins factory between the Zoe's 2012 introduction and October 6, 2014 - a quarter of all Zoes ever built - are subject to the recall, though no accidents have been reported from rupturing brake lines. Recalled vehicles will have the brake hose positions inspected and, if need be, fixed. Read more from Reuters. Proposed legislation in Massachusetts would make the state even more EV friendly. While the state already encourages EV adoption with a $2,500 rebate incentive, the new bill would give battery electric vehicle drivers HOV lane access. Additionally it would set up a standard building code for EV chargers, and allow EV-only parking spaces. "With decreased gas prices, a 10 percent increase in vehicle miles traveled over the last 20 years, and a carpool rate below the national average, we must address personal vehicle use directly as part of our transportation emissions reduction strategy," says Rep. Frank Smizik. Read more from Teslarati. The New York Daily News has named the 2016 Chevrolet Volt as its "Green Machine of the Year." Seamless operation, peppiness, and a nice suite of equipment make it a top choice for the publication. "The 2016 Chevrolet Volt is all new, inside and out, and takes the plug-in hybrid segment to another level, thanks to its increased EV range, updated cabin, and more efficient gas-powered engine," writes Daily News Autos writer (and all-around good guy) Nick Kurczewski. Honorable mentions go to the Tesla Model S, BMW i3, Toyota Prius, and the hydrogen-powered Toyota Mirai. Read more from the Daily News, or at Clean Technica. Proterra electric buses have accumulated 2 million miles of revenue service. That equals 3,800 tons of carbon emissions that have been prevented and 420,000 gallons of fuel unburned. Proterra says it has 63 buses in service in 15 cities, and that it is ramping up production to meet growing demand. "This latest milestone exemplifies the economic, environmental and civic value of electric mass transit," says Proterra CEO Ryan Popple, "and demonstrates to the transit agencies that diesel - often viewed as a necessary evil - is no longer necessary." Read more at Inside EVs. Evercar, a unique EV carsharing service, has found success in Los Angeles. Evercar bills itself as carsharing for rideshare and delivery drivers.

2014 Chevrolet Silverado and GMC Sierra show all their sides in Detroit

There could hardly be more riding on the next-generation General Motors full-size pickup trucks, so the automaker has wisely made sure to have a selection of different models on hand at the Detroit Auto Show to show off. The 2014 Chevrolet Silverado and 2014 GMC Sierra were both officially introduced last month at a stand-alone reveal, and now they'll be on display for the public to see in various body configurations and trim levels.
The Silverado LTZ Crew Cab and Sierra SLE Extended Cab are aimed at providing more of a high-end pickup experience, while the Silverado LT Z71 Extended Cab and Sierra SLT Z71 Crew Cab should have off-road fans scouting out their favorite trails. The crew cab trucks won't go into production until sometime during the second quarter of this year - with other bodystyles coming later in the year - but we have plenty of live images from Detroit for you to enjoy.