Z06, 7.0l V8, Manual, Leather, Push Start, Bose 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.

Recharge Wrap-up: Tesla P85D upgrades coming soon, lease a Chevy Volt for $149 a month

CarCharging has raised $6 million from shareholders and has restructured to save cash. The EV charging company plans to expand further in 2015 - with an eye toward achieving profitability - in part by investing in technology and "unlocking the value of our significant equipment inventory," says CarCharging CEO Michael D. Farkas. The group expects to reduce administrative costs by 40 percent, and has hired an interim Chief Financial Officer to help carry out its plans for growth. CarCharging raised the cash through offering convertible preferred stock to its shareholders, whom Farkas thanked "for their passion and patience." Read more in the press release below. Rydell Chevrolet in Los Angeles is offering Chevrolet Volt leases for $149 per month. In a video ad, Rydell offers the Volt for $169 a month with $3,390 due at signing, but another ad shows the offer at $149 a month with $3,550 down or $248 per month with $0 down. Rydell Chevrolet will ship the car anywhere in the lower 48 states. It also appears they offer cupcakes. See Rydell's video below, or read more at Inside EVs. Tesla will upgrade the Model S P85D with higher performance and top speed. The free update, which is due "in the next few months" according to a statement from Tesla, will raise the electronically limited top speed from 130 to 155 miles per hour. "Additionally, an over-the-air firmware upgrade to the power electronics will improve P85D performance at high speed above what anyone outside Tesla has experienced to date," Tesla says. The update will be available for the lifetime of the car, which includes subsequent owners. Read more at Green Car Reports. Car Charging Group Completes $6 Million Capital Raise Concurrently Enacts Restructuring Actions to Reduce Cash Burn MIAMI BEACH, Fla., Dec. 29, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging" or the "Company"), the largest owner, operator, and provider of electric vehicle (EV) charging services, today announced that it has closed an offering (the "Offering") and raised net proceeds of up to $6 million with current institutional shareholders. The Offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00. Proceeds will be used to: - Strengthen CarCharging's balance sheet; - Build on the past year's progress; and - Provide growth capital for expanding the Company's network.

Let's Drive NYC is GM's car sharing program for the Big Apple

Under a new car sharing program offered by General Motors and others, a New York Minute will cost about 15 cents. GM is working with a luxury-apartment building owner and a parking lot operator to run a car sharing program in Midtown Manhattan. The program is called Let's Drive NYC and it was announced Thursday. Let's Drive NYC is being offered to residents of the Ritz Plaza, a 479-unit luxury apartment building near New York's Times Square. The program is being run with the help of Icon Parking Systems, which runs about 200 parking garages in Manhattan where the cars can be parked. GM is contributing eight Chevrolet Trax crossovers and two Chevrolet Equinox SUVs, and the automaker is slated to add more vehicles "later." Residents of the Ritz Plaza, which is owned by Stonehenge Partners, can make "periodic apartment lease payments" and in exchange receive electronic credits for three hours of driving a month. After those three hours are up, the drivers will be charged less than $10 an hour, or as much as $75 a day. The program was piloted earlier this year to some of the apartment's tenants. The program marks the second bit of car sharing news in New York within the past two months. In August, Mercedes-Benz and Smart parent Daimler announced that its Car2go car sharing service would expand into Queens and add about 100 Smart ForTwo two-seaters to the city's program. Car2go made its New York debut in Brooklyn last October and has attracted more than 27,000 members since then. You can take a look at Let's Drive NYC's press release below. GM Unveils 'Let's Drive NYC' Car-Sharing Program NEW YORK, Oct. 1, 2015 /PRNewswire/ -- Running an errand to a big box store or planning a weekend excursion are about to get easier for some Manhattan residents because of a car-sharing program revealed today by General Motors. It's the company's latest move to deliver urban mobility options to customers around the globe. Let's Drive NYC is available to eligible residents of The Ritz Plaza, a 479-unit luxury apartment building at Times Square in midtown Manhattan, owned and managed by Stonehenge Partners. Residents use a GM-developed mobile app to reserve a vehicle and access parking in one of 200 garages throughout Manhattan managed by Icon Parking Systems. The fleet currently includes eight Chevrolet Trax small SUVs and two Chevrolet Equinox compact SUVs, with more vehicles to be added later.