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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.

2016 Chevy Corvette Z06 C7.R Edition brings track style to the road

The Chevrolet Corvette has a long history of excelling at endurance racing, and continues to dominate today. To celebrate that legacy, Chevy is bringing some of the look of its track machine to the road with the 2016 Corvette Z06 C7.R Edition. These machines might be gone faster than the racecar's lap time around Le Mans, because the company is building just 500 of them. All of these track-inspired, special editions are based on the 650-horsepower, supercharged Z06 in the top 3LZ trim, and they also come equipped with the Z07 Performance Package that includes carbon-ceramic brakes, adjustable aero elements, and Michelin Pilot Sport Cup 2 tires. Offered as a coupe or convertible, these 'Vettes use some tricks to match the style of the C7.R. They're available in the racer's traditional bright yellow livery, but black is optional. Unpainted carbon fiber trim (including material for the hood) and grilles that are painted Spectra Gray Metallic also add to the motorsport look. The car rides on a set of black wheels with Corvette Racing logos on the center caps. Inside, buyers of this limited edition are nestled in Competition Sport Seats that are upholstered in Jet Black leather. Suede microfiber accents with yellow stitching cover the steering wheel, gearshift, instrument panel and doors. Plus, there's some additional carbon fiber trim for good measure. Each car also comes with a cover with C7.R graphics. Chevy isn't disclosing the price for the Z06 C7.R Edition yet, but the limited edition model is slated to hit the market later this year. Related Video: CHEVROLET INTRODUCES 2016 CORVETTE Z06 C7.R EDITION 24/04/15 Track-to-street connection honored with limited production model BOWLING GREEN, Ky. – Chevrolet today introduced the 2016 Corvette Z06 C7.R Edition – a road-going, track-capable homage to the Corvette Racing C7.R racecars. It's offered in Corvette Racing's signature yellow livery – or black – with coordinated exterior and interior accents. Only 500 examples of the C7.R Edition will be built and all will include the Z07 Performance Package with carbon ceramic brakes, as well as a specially serialized vehicle identification number. They go on sale later this year. "Corvette Racing's legacy and technology were significant influences on the development of the Corvette Z06 and the new C7.R Edition honors the direct link between the racecar and the production model," said Harlan Charles, Corvette product and marketing manager.

GM diesel pickups first to undergo extra EPA, CARB testing

The effects of Volkswagen's long-running diesel emissions evasion are starting to spill over to other automakers, but General Motors is taking things in stride. The 2.8-liter, four-cylinder Duramax in the 2016 Chevrolet Colorado and GMC Canyon is the first engine to get extra scrutiny by the Environmental Protection Agency and the California Air Resources Board, Automotive News reports. Rather than just the usual in-lab test, it's also being checked on the road. However, the extra evaluation shouldn't have any impact on when the trucks with his mill hit dealers later this fall. "We're in our final stages of the EPA certification, and our launch is on track," Chevy spokesperson Otie McKinley tells Autoblog. The four-cylinder diesel in the trucks makes 181 horsepower and 369 pound-feet of torque, and the automaker is touting low NOx production. In the announcement for the Colorado's specs, the company calls it "the cleanest diesel truck engine ever produced by General Motors." The tech includes exhaust gas recirculation to lower combustion temperatures and improve emissions. There's also a urea tank like on the bigger diesels for full-size trucks, and it gets refilled in time with oil changes. An indication on the instrument panel lets drivers know when that's needed, too. Even with the more demanding testing, the company doesn't seem too worried about the four-cylinder passing. "Part of our development process is on-road and off-road [laboratory] testing," Scott Yackley, Chevy Trucks assistant chief engineer, said to Automotive News. In the wake of the VW scandal, the EPA has pledged more rigorous testing. Before, on-road emissions evaluations were largely limited to heavy-duty vehicles, but the agency has decided to apply the checks more often to other models. There's also now greater cooperation with Canadian authorities.