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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.

Buick Velite is a not-so-Volt-like plug-in hybrid concept for China

Is the Buick Velite a Volt by any other name? That's a question worth asking after General Motors said that the Buick Velite concept vehicle will make its global debut at the Guangzhou Auto Show later this month. GM says the car "will provide a template for upcoming models being launched under the Buick Blue new energy vehicle strategy." Whether that means the Velite is a variant of the second-generation of the Chevrolet Volt extended-range plug-in is open to interpretation. Some automotive publications, including Autoweek, are saying that's the case, but GM China doesn't mention the Volt in its press release, only saying that the car is a "high-performance" plug-in hybrid vehicle. As we know, GM doesn't use the "PHEV" descriptor for the Volt, which makes us thing the Velite's powertrain is more like the Cadillac CT6 PHEV. Either way, the concept was developed by the Pan Asia Technical Automotive Center (PATAC), which is a joint venture between GM and Shanghai-based SAIC. As far as the name, GM has been shopping the Velite moniker around for a while now. The automaker first used Buick Velite for the convertible concept vehicle it showed off at the 2004 New York Auto Show. More recently, GM in 2014 filed to use the name for the US variant of its Opel Cascada four-seat convertible model, which debuted in 2013. As for the second-generation version of the Volt, that model appears to be gaining favor in the US. Domestic sales of the Volt through October have surged 64 percent from a year earlier to more than 18,500 units. The new version boosted its all-electric range by 40 percent to 53 miles while increasing its power output by 20 percent. Related Video: News Source: General Motors via Autoweek, Automotive News-sub.req. Green Buick Chevrolet Electric Hybrid PHEV buick velite

Chevy Silverado HD gets the Custom Sport treatment

Everyone remember the Silverado 1500 Custom Sport Chevrolet showed at the 2015 Detroit Auto Show? Good. Now, the company has applied the same styling treatment to its heavy-duty pickups, introducing the 2500 and 3500 Custom Sports. The two trucks appeared today at the 2015 Denver Auto Show. A monochromatic look is the order of the day, with the heavy-duty Silverados getting body colored bumpers both fore and aft as well as a body color grille. Chrome accents sit in said grille, while the shiny finish can also be found on the door handles and mirrors. Buyers of the 2500 Custom Sport will get five-spoke, 20-inch, polished wheels, while the brawnier 3500 gets 18-inch polished hoops as standard (dualies are downgraded to 17-inchers). Custom Sport models are only available in Summit White or Black. The trim package can be added to both LT and LTZ models, with a price premium ranging from $700 to $1,695, depending on the truck. Scroll down for the official press release from Chevrolet. Related Video: CHEVROLET INTRODUCES 2015 SILVERADO CUSTOM SPORT HDs Monochromatic appearance for 2500 and 3500 HD pickups DENVER – Chevrolet adds a sophisticated monochromatic look to the Silverado 2500 HD and 3500 HD with new Custom Sport editions, which debuted today at the Denver Auto Show. Silverado Custom Sport HDs feature body-colored front and rear bumpers, a body-colored grille with chrome-accent bars, chrome door handles and body-side moldings, and chrome-accented trailering mirrors. Silverado 2500 Custom Sports feature 20-inch polished aluminum wheels, while 3500 Custom Sports feature 18-inch polished aluminum wheels on single-rear-wheel models, and 17-inch polished aluminum wheels on duallys. Silverado Custom Sport HDs are available in LT or LTZ models in either Summit White or Black. Suggested retail package prices will vary from $700 to $1,695, depending on the model. Dealers can place orders now. Silverados targeted at unique customer needs The Silverado Custom Sport HDs join a family of Silverado 1500s targeted at the needs and tastes of specific groups of truck customers: The Silverado Black Out takes advantage of the black grille and bumpers of the Silverado 1500 WT to let customers to create a dramatic look at an affordable price. Available for regular and double cab WT models, the Black Out special edition includes 20" black painted aluminum wheels, P275/55R20 all-season blackwall tires, deep tinted glass and black bowties.