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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.

China-market Buick Envista rumored possible replacement for the Encore

Buick currently sells four crossovers, the Encore, Encore GX, Envision, and Enclave. That number will soon be whittled to three, the Encore expected to end production after this model year. If speculation provided by GM Authority is correct, there could be changes afoot in the middle of the line in time for the 2024 model year. Buick has said it will maintain four ICE-powered crossovers, so the brand will need something to fill the coming gap. GMA sources suggest the China-market Buick Envista could get the nod. Buick launched the coupe-esque model across the Pacific in August, a relation to the Chevrolet Seeker that appeared on the Chinese market in April. The Envista debuted the brand's latest design language inspired by pure-electric concepts like the Electra-X and WIldcat. Thin, angled headlights frame a wide, low grille, leading back to a roof that slopes into a high back and double spoilers. GM applied to trademark the Envista name in the U.S. in early 2019, then maintained it with extension requests until earlier this year. Then, in September 2022, the automaker abandoned the application, which could bode ill for whatever chance there was, if any. Another snag could be that the Envista is 182.5 inches long, 71.5 inches wide, and 61.6 inches high on a 106.3-inch wheelbase. Various reports have pitched the Envista to fill the (small) space between the Encore GX and the Envision; however, the Envista falls just 0.10 short of the Envision's length, and it's three inches smaller in every other dimension. On the other hand, the Envista is 11.1 inches longer and 0.1 inch wider than the Encore GX, with a wheelbase 4.1 inches longer. That makes a lot of overlap in the dimensional Venn diagram. Were the Envista to come as-is, it wouldn't so much be a replacement for the Encore as be a different kind of compact SUV from the Envision on a more modern platform. Further speculation from "sources familiar with the matter" says a U.S.-market Envista could get the Avenir treatment. Avenir marks the ultimate in Buick luxury, an appellation currently restricted to the Envision and Enclave. According to a separate report, the Encore GX is also headed into the Avenir club with the compact crossover gets refreshed for the 2024 model year. An Encore GX Avenir would adopt some exterior tweaks like 18-inch alloys, and turn a load of optional equipment available for the Encore GX Essence trim into standard equipment. Related video:

GM recalling 8.4M cars, 8.2M related to ignition problems

General Motors today announced a truly massive recall covering some 8.4 million vehicles in North America. Most significantly, 8.2 million examples of the affected vehicles are being called back due to "unintended ignition key rotation," though GM spokesperson Alan Adler tells Autoblog that this issue is not like the infamous Chevy Cobalt ignition switch fiasco.
For the sake of perspective, translated to US population, this total recall figure would equal a car for each resident of New Hampshire, Rhode Island, Montana, Delaware, South Dakota, Alaska, North Dakota, the District of Columbia, Vermont and Wyoming. Combined. Here's how it all breaks down:
7,610,862 vehicles in North America being recalled for unintended ignition key rotation. 6,805,679 are in the United States.