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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.

Neil Young's 1953 Buick Roadmaster Skylark brings $400,000 at auction

Singer-songwriter Neil Young's extensive collection of model trains have fetched nearly $300,000 at auction, along with classic cars and musical equipment owned by the 72-year-old folk-rock icon. Young, a model train enthusiast for decades, offered more than 230 pieces at Julien's Auctions in Los Angeles from his collection of Lionel trains, including a custom-painted Commodore Vanderbilt 4-6-4 locomotive that sold for $10,000. Several cars that Young owns were also sold. A 1953 Buick code 76X Roadmaster Skylark convertible with a steering wheel hub that says, "Customized for Neil Young," went for $400,000, the auction house said on Saturday. Young, best known for his Woodstock-era songs as well as his work with the bands Buffalo Springfield and Crosby, Stills, Nash & Young has said the vast model train layouts at his California ranch helped him connect with his son Ben, who has cerebral palsy. Other items auctioned off on Saturday included some of Young's guitars, amplifiers and microphones. A portion of the proceeds will benefit the Bridge School in California, which Young's ex-wife Pegi Young co-founded in 1986 for children with severe speech and physical impairments.Reporting by Joseph AxRelated Video:

The 10 car brands cheapest to maintain over 10 years

Buying a car can be fun and bring a lot of freedom, but things can go sideways when it comes time for repairs. Some car brands are better than others, however, and Consumer Reports recently ranked the least- and most-expensive brands for owners to repair. There are few surprises on this list, but the cheapest new car and the runner-up might come as a shock. Tesla and Buick were the cheapest new car brands to maintain and repair over 10 years, followed by Toyota, Lincoln, and Ford. 10 car brands cheapest to maintain over the next 10 years: Tesla: $4,035 Buick: $4,900 Toyota: $4,900 Lincoln: $5,040 Ford: $5,400 Chevrolet: $5,550 Hyundai: $5,640 Nissan: $5,700 Mazda: $5,800 Honda: $5,850 Consumer Reports noted that maintenance costs for some brands can look deceiving, as many offer free maintenance for a period after the purchase. New-car warranties also play a role, with the powertrain coverage spanning four or five years and 50,000 or 60,000 miles, depending on the company. It's also worth noting that Tesla only sells EVs, which don't require engine air filters, oil changes, and some other routine maintenance, lowering their average costs. Related: Cheapest electric cars Cheapest SUVs The most expensive brands to maintain might not come as a surprise, but the costs associated with owning them might. Land Rover was the worst, at $19,250 over 10 years, while Porsche came in second at $14,090. Mercedes-Benz’s average costs were $10,525 and AudiÂ’s $9,890. While this suggests that these brands need more frequent repairs over the 10-year period, it also points to higher labor and parts costs for the European automakers. If you own one of the more expensive brands to maintain and youÂ’re worrying as you read this, there are a few things you can do to prolong your vehicleÂ’s life and minimize unnecessary maintenance costs. The first is to follow the automakerÂ’s suggested maintenance periods, changing your oil, rotating tires, and doing all the “boring” stuff before it becomes a problem. ItÂ’s also a good idea to take care with the way you drive, avoiding potholes, accelerating gently, and trying not to abuse your brakes. Finally, donÂ’t modify your vehicle. Car companies spend billions on research and development, and most know better about how a vehicle is meant to operate than you do in your garage with third-party parts. Buick Tesla Auto Repair Driving Maintenance Ownership Consumer Reports