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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 Wildcat EV concept previews the future of the brand

Once again, Buick has revealed a drop-dead stunner of a coupe concept, the Wildcat EV. And just like the Avista that came before it, don't get your hopes up too high for a production model. Buick hasn't said "no," but they haven't said "yes," either. But unlike the Avista, the Wildcat does give us a look at where Buick is going as far as styling, branding and technology. Also, did we mention it's freaking gorgeous? The Wildcat EV started out as a sketch by a Buick designer that caught the eye of the department, simply because it was really cool. The team started developing it further, and eventually the brand gave the go-ahead to bring it to the full-size concept you see here. It is purely a design concept, so although it's an EV by name, it doesn't have any kind of production powertrain or real specs. But it is designed with electric power in mind, as evidenced by the extremely long wheelbase and short overhangs. And this translates into Buick's electric future. The brand plans to be fully electric by 2030, and its first EV will launch in 2024 as a 2025 model. The shape of the coupe is very clean, simple and organic, but with interesting creases and intersections scattered throughout. It has wide haunches and a low, pointy nose. The grille is pushed down and made wide, which accentuates the shape of the car. The badge now sits atop the bumper, too. The greenhouse has blacked-out front pillars to create a wraparound look, and the roof has a gentle slope toward the rear. It incorporates a glass hatch, and the taillights blend into the glass and extend all the way up the rear pillars. While Buick isn't making a commitment either way for the Wildcat EV, these styling cues will appear on future Buick models. So imagine the front and rear fascias, the window treatment and sheetmetal detailing, but on other bodystyles, likely crossovers and SUVs. In fact, Buick said it has two models it will reveal later this year with some styling based on the Wildcat. Before we get too far from design, we should also highlight other cool aspects of the Wildcat EV concept. The wheels are turbine shaped as a throwback to Jet Age design and optimism. Each wheel took two months to produce and finish. The doors on the Wildcat are conventional, except for the gull-wing upper panels. They open up to make ingress and egress easier. And the interior is a gorgeous, mid-century-modern design.

Buick Envision crossover to premiere in China

Buick currently offers two crossovers: the compact Encore and the extra-large Enclave, leaving plenty of room to slot a mid-size crossover in between. And that's just what Buick is planning on doing. In China, anyway.
Previewed in the teaser above, Buick's upcoming new crossover is cloaked and nestled in between its aforementioned stablemates-to-be. Set to be unveiled in China sometime later this year, the model has been confirmed to wear the name Envision - at least in that market. That's the name which the concept version wore three years ago, but we're still waiting on word over whether that name will carry over to the US version or whether we should expect something different like Anthem. But we have to admit that Envision fits better in the brand's crossover naming scheme.
Shanghai GM isn't saying much about the Envision in the press release below, aside from it having "dynamic and assertive styling" backed by all-wheel drive and stop/start ignition. The last time Buick offered a mid-size crossover in North America was with the Pontiac Aztek-based Rendezvous that was discontinued seven years ago.