1998 Corvette Low Mileage, 2 Roofs, on 2040-cars

Auto blog

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.

Thanks for keeping us on our toes, Detroit Auto Show [w/poll]

Here at Autoblog, we love unexpected debuts at auto shows – and judging by our Detroit Auto Show comments and traffic, you do, too. Surprise reveals have been fewer and farther between in recent years with so many ways for vehicles to be teased or leak out, but this week's show has been a revelation. More to the point, it's been a series of revelations, with automakers from around the globe successfully delivering a brace of concept and production surprises. It's made our jobs a lot more exciting and challenging this week, and even though it's actually more work to react and run-and-gun when the sheet is pulled on a surprise reveal than it is to publish an already-written embargoed story, we've had more fun covering this show for you than any domestic show in memory. We hope you've enjoyed the surprises along with us. To that end, borrowing the words of an unnamed automaker PR flack, we'd like to thank the following automakers for enduring "mountain of antacids" and that "creeping sense of paranoia" necessary to keeping ones' wares totally under wraps until the sheets are pulled off the sheetmetal: Buick Avenir concept Chevrolet Bolt concept Ford GT concept Ford Mustang Shelby GT350R Ford F-150 SVT Raptor Hyundai HCD-15 Santa Cruz concept And while we're at it, we'd like to throw in an shout-out to Detroit's substantially revised and revitalized Cobo Center, and in particular, the redone Michelin media center, which is arguably the single best accommodations for writing show stories that we've encountered on the entire international circuit. Well done, everyone. Thank you, and keep the surprises coming. Auto News Detroit Auto Show Buick Chevrolet Ford Hyundai Volvo 2015 Detroit Auto Show

GM tells 2021 Chevy Express and GMC Savana owners to park vans outside due to fire risk

GM is telling owners of certain 2021 Chevrolet Express and 2021 GMC Savana work vans to park them outside and away from other vehicles and structures due to a fire risk. Additionally, the company is recalling 10,154 of the vans it believes to be at risk of catching fire. The breakout is 7,891 for Chevy and 2,223 for GMC.  Only vehicles equipped with the 6.6-liter V8 (the new-for-2021 engine option) are included in the recall, and it’s limited to vans produced on or prior to December 7, 2020. The problem stems from some anti-rotation tabs on the positive battery terminal that are too close to a fuse block assembly attachment post. This lack of clearance could cause the tabs to come into contact with the fuse block, causing a short circuit. GM points out that a short-circuit of this nature could cause battery drain or lead to a fire under the hood. Your warning for the time being will come in the form of a low battery voltage warning, or you might just wake up with an unexpected dead battery. GM says that it first opened an investigation into this problem on January 26 this year after it was notified of an underhood battery fire on a 2021 Express. The investigation found three other underhood fires and concluded that these fires were originating from the positive battery cable attachment near the fuse. This recall was officially posted on March 11 this year, and the National Highway Traffic Safety Administration just sent a notification out to the media yesterday. The fix is a relatively simple one. Dealers are going to remove a portion of the anti-rotation tab on both positive battery cable terminals near the fuse block assembly attachments. This increases the clearance and eliminates the risk of fire, GM says. The job will be done under warranty, and GM says it will begin contacting owners for recall work on May 3 this year. Recalls Chevrolet GMC Safety Minivan/Van Commercial Vehicles