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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.

2015 Callaway Corvette Z06 gets new supercharger, adds $17K to starting price

Callaway's proud tradition of modifying Chevrolets is about to add a very significant chapter this weekend, as the company prepares to unveil a modified version of the 2015 Corvette Z06. The engine mods are simple, though we expect them to be very potent. That's because Chevy has replaced the factory supercharger with a new "GenThree" unit that's nearly a third larger than what's bolted on in Bowling Green. A new intercooler is also added, along with a new high-flow intake system. Beyond that, the changes are exclusively of the subtle cosmetic variety. There's new badging inside and out, as well as new engine covers, floormats and an underhood plaque. Naturally, there's documentation to verify the Callaway Z06's authenticity, and the comfort that comes with a three-year, 36,000-mile warranty. Callaway has priced the upgrade package at $16,995, in addition to the price of the stock Z06. While we're still waiting to hear official power figures, that seems like a reasonable asking price for what were wagering will be a major increase in power. The Callaway Z06 will debut this weekend at the National Corvette Museum's C7 Bash in Bowling Green, KY. Expect more details following the debut. Scroll down for the official press release. Related Video: 2015 Callaway Corvette Z06 to Debut at National Corvette Museum The 2015 Callaway Corvette Z06 will debut at the National Corvette Museum C7 Bash in Bowling Green, Kentucky, April 23 through April 25. Here's a sneak peek at the new package. Based on Chevrolet's track-proven Z06, Callaway engineers' no-compromise approach takes this Corvette to an astounding power level. While advertised Callaway horsepower and torque are pending final validation, the Callaway package adds Callaway's new GenThree supercharger system with 32% more displacement than the stock Z06 supercharger, improved manifold design and unique triple-element intercooling system. Callaway engineers recognize that a key contributor to maximizing power is reduction of inlet air temperature. By exposing the supercharger's large plenum area to outside ambient airflow, the design takes advantage of the significant charge air temperature reduction provided by convective cooling. The completely redesigned intercooling system also helps maintain nearly ambient charge air temperature with exceptionally low air restriction.

Next Chevy Silverado could get this built-in tailgate step

General Motors just received patent approval for a tailgate step in a pickup bed. And given the timing, don't be surprised if you see this on the upcoming 2019 Silverado pickup (not the mention its GMC Sierra twin), expected to arrive in late 2018. According to the patent, granted in December of last year, the whole mechanism is housed in the tailgate assemble. The magic happens when a portion of the top half of the tailgate swings down and a step folds out. There's also a handle that locks into position to help climb up into the bed. As trucks get bigger and taller over the years, it gets harder and harder to access the cargo bed. Ford's solution with the 2009 F-150 was a step that slides out from the end of the tailgate. Back then, Chevy made an ill-advised ad highlighting the feature for Ford. And while Howie Long mocked the F-150's "man step" Ford saw almost a third of its trucks with the option in the first year. The GM design seems to improve on Ford's idea as it appears to be wider and has a back to the lower step. That is, you don't have to worry about stepping through the ladder-rung design as on the F-150. Ford's tailgate step later spread to the F Super Duty, and other cargo access assists have proliferated through the truck world. On the most recent redesign, the Chevrolet Silverado took a trick from the Avalanche and added cutouts to the corners of the rear bumper that act as a foothold. Ford also offers a deployable side step, Chevrolet has running boards that scoot rearward with a kick of the boot, and Ram offers fixed wheel-to-wheel side rails. Nissan is in on the game too, with an optional folding step that tucks under the rear bumper. We don't expect Chevrolet to comment on when or if we'll see this feature in the showrooms. But given that engineers are already hard at work on the next Silverado and the timing of this patent lines right up with the new truck's development cycle, we'll be disappointed if this patent stays in the file cabinet. Related Video: