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GM CEO Barra says 'we are selling every truck we can build'

DETROIT — General Motors Chief Executive Mary Barra said on Monday the automaker is "selling every truck we can build" and expanding North American truck-building capacity, even as U.S. gasoline prices hit record highs. Barra made her comments during the automaker's annual shareholder meeting. GM is pursuing a two-track strategy: Investing heavily in electric vehicles for North America, China and other markets, and funding those investments by trying to maximize profits from its North American combustion pickup truck and large SUV lineups. Barra said GM is planning higher-priced versions of its Silverado large pickup and its large SUV models. GM and its Detroit rivals Ford Motor Co and Stellantis NV rely heavily on sales of large pickup trucks and SUVs for global profits. High U.S. gasoline prices in the past have undermined consumer demand for relatively inefficient models. Nominal pump prices hit an average of above $5 a gallon for the first time ever last week, the federal government said Friday. GM is ramping up production of EVs. Barra said the Cadillac Lyriq electric sport utility is sold out through 2023. In response to shareholder questions, Barra said the "clear priority" for using cash generated by its operations is to "accelerate our EV plans." She did not rule out share buybacks or other approaches to returning cash to shareholders. GM still expects to increase production this year by 25-30%, despite continuing pressure on semiconductor supplies globally. Barra said GM is working to redesign vehicles to reduce the number of processors required by 95%. Barra serves as GM's board chair and CEO. GM shareholders overwhelmingly rejected a proposal to separate those roles.

2016 Chevrolet Camaro design teased

Chevrolet just can't seem to help itself from continuing to tease the next-gen Camaro. The pony car gets its official debut at a big event on Detroit's Belle Isle on May 16, but the upcoming model's new exhaust, suspension components, and wheels are already well known. With this latest taste, we're finally getting an official glimpse at what the coupe actually looks like. The 2016 Camaro's shape hasn't completely been a secret, and even Chevy showed it testing while covered in camouflage in March. Still, these shots are a great opportunity to check out some undisguised details for the new model. The styling is supposed to be "more athletic," according to Chevy, and the aluminum hood looks especially good with crisp, straight lines forming the design. "It's a more expressive evolution of the Camaro's iconic character – and one that complements its leaner size and sharper reflexes," GM global design boss Ed Welburn said in a statement. These two photos suggest a more angular, futuristic shape for the upcoming pony car. We're looking forward to seeing it all in a couple weeks. Sculpted Exterior Reflects 2016 Camaro's New Athleticism 2015-04-30 DETROIT – For the all-new 2016 Chevrolet Camaro, the design team set out to create a leaner, more athletic design that complemented the new driving experience. "The Camaro went to the gym and came out with a lithe, more athletic physique for the sixth generation," said Ed Welburn, vice president, GM Global Design. "It's a more expressive evolution of the Camaro's iconic character – and one that complements its leaner size and sharper reflexes." The exterior design vocabulary is defined by complex shapes, which appear to be form-fitted around the mechanical components. Every shape and surface detail is a skilled, artistic collaboration of hand and digital sculpting. Camaro's new design details draw the eye into the design. For example, the new aluminum hood features powerful, smoothly curved sculpted forms accented with sharp creases. As a result, the hood appears to be shrink-wrapped around the engine. Similarly, the new Camaro retains the broad, dramatic rear fenders that became a defining feature of the award-winning Gen 5 Camaro. The design is updated with greater detailing, including a subtle crease running parallel to the fender edge. The effect makes the new Camaro look even lower and wider despite having a slightly smaller footprint than its predecessor.

U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.