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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.

Next-gen GMC Canyon spied with big screen and heavy camo

The next generation of midsize GM pickups is well on its way to being ready, and these new spy shots give us an early look at the new interior inside the GMC Canyon. To our delight, the new Canyon interior doesn’t even remotely resemble the current truck. The relationship between the refreshed SierraÂ’s new interior and what we can see in these Canyon spy shots is impossible to ignore. While itÂ’s not an exact replica of, or a shrunken version of, the CanyonÂ’s screen hardware looks similar to the SierraÂ’s. We can see the volume knob sprouting out of the top left corner, and the whole screen is surrounded by shiny black plastic. The software itÂ’s running is GMÂ’s new Android Automotive-based infotainment that weÂ’ve already sampled in the 2022 Yukon. Just like in that vehicle, we can see that Google Maps is the native navigation system, and it features similar shortcuts on the left-hand side of the screen. Below the screen, the next-gen Canyon features all of its climate controls. The model weÂ’re looking at here must be an upmarket trim, because itÂ’s featuring heated and cooled seats. Another indication that this model could be a Denali (or other higher trim) is the small piece of wood trim on the door that is mostly shrouded by camouflage. We canÂ’t make it out all that well, but any amount of wood trim in a midsize pickup means luxury.  ItÂ’s difficult to make out whatÂ’s going on with the steering wheel, though we can see what appear to be silver switches flanked by flat black buttons. The instrument cluster is similarly difficult to see, but if the little glimpse of a “125 miles to empty” readout is any indication, it could very well be a totally digital cluster. WeÂ’ll need to wait to fully confirm that thought, though. When it comes to the exterior, there isnÂ’t a whole lot to see under the heavy camouflage. We have a reasonable look at the grille behind the mesh, and the front LED lighting signature is partially visible, too. WeÂ’ll note that there isnÂ’t much of a front bumper on this test truck, which is giving it the appearance of being an off-road capable pickup — itÂ’s just nowhere near as extreme as the Canyon prototype we spied last year sporting a ZR2-style suspension.  Big wheels fitted to this tester gives more credence to it possibly being a Denali. The rear is perhaps even more covered up than the front, making it even more difficult to see what GM is hiding.

GMC Canyon AT4 OVRLANDX concept previews potential Bison-like model

GMC is signaling a move into serious off-road territory with this Canyon AT4 OVRLANDX concept. As its name suggest, this one-off was put together as a demonstration of what an overland-style GMC midsizer could potentially look like, but a glance beneath the surface reveals the bones of what we expect to be the forthcoming Canyon AT4X.  While "AT4" has been trickling down through the GMC lineup for the past few model years, AT4X kicks the basic off-road formula up a notch, a la Chevrolet's Colorado ZR2, which gains extra underbody protection, locking front and rear differentials and Multimatic's phenomenal DSSV dampers.  GMC Canyon AT4 OVRLANDX Off-Road Concept View 23 Photos OVRLANDX takes that to the next level, borrowing (and building upon) cues from the even-more-rugged ZR2 Bison, including rocker panel guards, cast-iron control arms, a custom front bumper with an integrated winch, built-in front recovery points, wheel arch trim with integrated LED task lighting, and guy lines for protecting the windshield from low-hanging branches. The custom rear bumper is even from American Expedition Vehicles (AEV), with whom Chevy partnered to produce the Bison's unique exterior bits. Does that seem like a wink and nod to you? “We wanted to showcase GMC Canyon with this concept and punctuate GMCÂ’s commitment to premium, off-road capable vehicles,” said Buick & GMC Global Vice President Duncan Aldred. "Consumer reaction to this conceptÂ’s design will help us further serve the growing market of buyers leading authentic outdoor lifestyles." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. To that end, they threw a few more goodies at the concept. In a way, the roof-mounted tent, awning, cooler and kitchenette are just there to disguise the fact that GMC will likely build a production pickup with much these same specs when the new model debuts for the 2023 or 2024 model year – or perhaps even sooner. While this concept is built around GM's existing 3.6-liter V6 powertrain, the redesigned Canyon is expected to be offered with just one engine: a 2.7-liter turbocharged four-cylinder lifted from the Silverado and Sierra pickups.  Rumors have pointed to a GMC variant of the Colorado ZR2 since the midsize pickup adopted the AT4 branding for its off-road variant.