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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.

General Motors designers sketch the GMC pickups of the future

It's been a busy few years for GMC's team of stylists. They penned a new look for the Yukon and the Yukon XL, and they gave the Sierra 1500 a nip-and-tuck that we'll discover in the coming months. Overhauling these hugely significant models hasn't stopped them from exploring how the firm's design language can evolve. General Motors Design posted two forward-thinking renderings on its official Instagram account that illustrate two ways to move GMC's design identity forward. Karan Moorjani, who works as an exterior designer for the company's autonomous and electric vehicle division, created a truck that breaks all ties with the Sierra. It's characterized by a tall front end with a wide grille and thin LED headlights, sculpted sides, and an unusually low cab. Generously-sized fender flares and tires suggest Moorjani envisioned it as a serious off-roader. Joe Boniface, a member of GMC's Strategic Advanced Design team, took a more realistic approach to moving the design language forward and away from sister company Chevrolet's. His rendering shows a Heavy Duty model with a Denali-branded grille that takes up most of the real estate on the front end and encompasses horizontal rows of LED daytime running lights. It wears less chrome than the current-generation Sierra HD. Nothing suggests either truck is currently on its way to production; General Motors Design regularly publishes sketches from the brand's stylists. Its fascinating Instagram account also shows a Cadillac off-roader, a battle-ready Chevrolet pickup, and a high-riding, open-top two-seater with General Motors emblems that looks like a race car for the Moon.  "Often, these works are not intended for production," a GM spokesperson told Autoblog. "Instead, designers create them to hone their creative skills, to try new shapes or themes, and sometimes simply for the fun of sketching something badass. The GM Design Instagram account was launched to share some of the most compelling, most badass works GM Designers produce." They're sketches created for the sake of sketching, but they give us a peek at the ideas floating around the minds of the men and women who will draw the next generation of General Motors products. Related Video:

Driving the GMC Canyon, and pour one out for the Camaro | Autoblog Podcast #812

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They start by discussing the the cars they've been driving, including the 2023 GMC Canyon AT4, ECD Jaguar E-Type EV, ECD Land Rover Defender 110 and the Genesis GV60. Next, they hit the news starting with the Chevrolet Camaro production ending. Rumors about the Hyundai N Vision 74 are bandied about, and then the two discuss the latest McLaren iteration named the GTS, which is a refresh of the GT. Lastly, the pair discuss who they think were the most influential leaders in the automotive industry throughout 2023.  Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #812 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 GMC Canyon AT4 ECD Jaguar E-Type EV ECD Land Rover Defender 110 2024 Genesis GV60 Performance AWD News Chevrolet Camaro productions ends The Hyundai N Vision 74 might reach production McLaren GTS revealed These were the most influential leaders in the automotive world in 2023 Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Aftermarket Green Plants/Manufacturing Podcasts Chevrolet Ford Genesis GM GMC Hyundai Jaguar Land Rover McLaren Technology Truck Convertible Coupe Crossover SUV Electric Luxury Off-Road Vehicles Performance Supercars