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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.

GM recalls Chevy Express, GMC Savana over rollaway concern

The National Highway Traffic Safety Administration has issued a recall notice for a small number of General Motors fullsize vans due to possible rollaway concerns. On certain 2013 Chevrolet Express and 2013 GMC Savana models, it is possible to remove the key from the ignition without the shifter being in park.
Only 980 total units are being affected by this recall, and GM is fixing the issue by replacing the ignition cylinder and associated keys. Affected Chevy vans were built during most of November and December while its GMC counterpart was only built for a week in November. The recall goes into effect on January 23, and to find out if your vehicle applies to the recall, the GM and NHTSA contact numbers can be found on the official recall notice, which is posted below.

GMC teases Hummer EV's removable roof panels

Today was supposed to be the day that GM took the wraps off its GMC Hummer EV. We were told as much during the Super Bowl commercial, but GM revised it to an undecided future date, citing the coronavirus as the reason. Instead of the big reveal, we have a teaser.  The Hummer EV is going to feature removable roof panels, and now we get a better look at them. There are four roof panels and a front T-bar that come out of the truck. You can see what that looks like in the video at the top of this post. Comparisons to Jeep are obvious as the open-air experience is likely similar to the Gladiator and Wrangler with their hardtop roof panels removed. That zero-limits slogan makes a bit of sense from this respect. With the sheer number of roof panels, we suspect a single person will be able to remove them alone. In addition to the video of the roof, we get a small peek at the massive digital screens the Hummer will be sporting. Check them out at the bottom of the photo below. They appear to be two large slabs, separate from each other. Other details are scarce on the ground. We’re not sure when the Hummer will make its grand entrance at this point, but are still excited to see the 1,000-horsepower truck hit the road. GMC is still advertising the 0-60 mph time of just 3 seconds, too. The latest tidbit of news suggests that further teasers might be coming, so we could be in for a rather drawn out reveal process. Our senior green editor John Snyder got to see the GMC Hummer in person earlier this year at GMÂ’s EV Day and described it like this: “ItÂ’s a big, off-road-ready pickup complete with giant all-terrain rubber and tow hooks. It features removable roof panels for access to the open sky, which appears to be depicted in the teaser above. It features sail panels behind the C-pillars, similar to those on the Chevy Avalanche and Honda Ridgeline. Its bed was concealed with a tonneau cover, but it sported GMCÂ’s MultiPro tailgate that we first saw on the Sierra Denali. Interior photos showed a spacious interior with blocky shapes, squared hourglass vents that mirror the look of the taillights and a lunar theme that incorporates the topography of the Sea of Tranquility into things like the floor mats and speaker covers. It also has a large infotainment screen as well as a digital instrument panel.” Related video: