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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 Colorado grabs Motor Trend Truck of the Year award

It's not an easy feat to win Motor Trend Truck of the Year twice in a row, but the 2016 Chevrolet Colorado managed to do just that. Thanks to the introduction of the 2.8-liter Duramax four-cylinder diesel, the magazine decided to bring the pickup back to defend the title. In more good news for the Bowtie brand, the 2016 Camaro earned the magazine's Car of the Year award. The Colorado beat a tough group of finalists to earn the nod this year, including its GMC Canyon sibling. The Chevy Silverado and GMC Sierra also made this year's list. The Nissan Titan XD and latest Toyota Tacoma rounded out the challengers. A model had to shine in six criteria to earn the title: advancement in design, engineering excellence, safety, efficiency, value, and performance of intended function. Like it did with the Camaro, Motor Trend posted a story online that explained the rationale for picking the Colorado again. They praised the diesel profusely and lauded the whole platform as quite a capable hauler. This year's Motor Trend SUV of the Year honor went to the Volvo XC90. The Swedish 'ute had to win against an initial group of 16 candidates that the magazine eventually whittled down to finalists that consisted of the Honda Pilot, Lincoln MKX, the combined Mercedes-Benz GLE-Class and GLE Coupe, and Nissan Murano. "Seven-passenger people movers aren't supposed to drive like this," senior features editor Jonny Lieberman said about the Volvo in the announcement of the champions. The Honda CR-V won last year. In the explanation online, the judges applauded the XC90's new modular platform, and they loved both the T6 twin-charged engine and T8 hybrid version. The SUV's key enamored the writers, too. Related Video: MOTOR TREND Announces 2016 "Of The Year" Winners Car of the Year, Truck of the Year, SUV of the Year, and Person of the Year announced during live ceremony and webcast in Los Angeles LOS ANGELES, Nov. 16, 2015 /PRNewswire/ -- Today, for the first time in the brand's 66-year history, MOTOR TREND announced winners of the Golden Calipers for Car of the Year, Truck of the Year, SUV of the Year, and Person of the Year at a red-carpet gala in front of an audience of industry insiders and celebrity guests. The awards show was also streamed live on the MOTOR TREND Channel on YouTube, with 3.5 million subscribers the world's largest automotive video channel, and on MOTOR TREND OnDemand, the brand's new subscription video on demand (SVOD) channel.

Kid Rock's Chevy Silverado is a working-class hero [w/video]

Rock stars are known for their swagger, and Kid Rock brings a mountain of that confidence to his design for this chrome-festooned 2016 Silverado 3500HD at the SEMA show. Inspired by his song Born Free and a visit to the pickup factory in Flint, MI, the styling is meant to celebrate the folks that build these trucks everyday. The Silverado sparkles like a beacon under the lights at the SEMA Show thanks to its black metallic-flecked paint and acres of chrome. The shiny stuff covers the custom grille, exhaust stacks, 22-inch wheels, and side steps. In a patriotic nod, silver Stars and Stripes run down the side to offer a little contrast to the dark body. Further emphasizing the pickup's huge size, a trailer carries a pair of Gibbs Sports Quadskis that are decorated to match the truck. Kid Rock takes inspiration from – get this – acid-wash jeans for the interior by combining Sky Cool Gray leather seats with metallic-looking inserts. Appropriate for a musician, there's also a custom Kicker stereo in there, and Made in Detroit logos adorn the door sills and glovebox. Related Video: Show full PR text SILVERADO 3500HD KID ROCK CONCEPT CELEBRATES FREEDOM Boldly styled custom 'dually' truck honors working-class Americans LAS VEGAS – Inspired by his hit song "Born Free," musician Kid Rock collaborated with Chevrolet to design a customized 2016 Silverado 3500HD "dually" that celebrates freedom and honors American workers. The truck was introduced today at the SEMA Show in Las Vegas, where it joined other personalized Chevy truck concepts designed to showcase the depth and breadth of the brand's pickup truck lineup. Michigan-born Kid Rock visited the Silverado HD assembly plant in Flint, Mich., to meet with the members of UAW Local 598, who built the truck, before driving it to Chevrolet's design studio to share his ideas for its customization. "The Flint plant – and everyone on the line – is the backbone of America," said Kid Rock. "I wanted the design for the truck to be bold, but with features and elements that wouldn't be out of reach for working-class guys." As a result, his Silverado features several enhancements, including a custom chrome grille with the Born Free logo and an enlarged Chevy Bowtie emblem, chrome exhaust stacks and patriotic graphics that flow across the body sides. A unique execution of the patriotic motif was an idea he expressed at the start of the project.