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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 follows up Lambda CUV stop-sale with tire recall

In late January, General Motors announced a stop-sale for about 6,281 examples of the 2015 Chevrolet Traverse, GMC Acadia and Buick Enclave because of the possibility for the treads cracking on their 18-inch Goodyear Fortera HL tires. At the time, GM said that this would also eventually lead to a safety campaign to repair the problem, and the National Highway Traffic Safety Administration has just published those details. GM's recall covers 5,876 of the three Lambda platform crossovers to replace their tires. According to NHTSA, if the treads crack, there could be a loss of pressure and possible failure. Goodyear already announced its own recall of the tires after internal testing found small tread cracks. The company did not believe this was safety issue, but the problem did put the rubber out of compliance with federal laws. The business's safety campaign covered an estimated 48,512 tires. Of those, around 32,000 were reportedly made for GM to either be fitted to vehicles or sold as replacements. The remainder went to the aftermarket. Goodyear's portion of the recall is expected to begin around February 20. RECALL Subject : Tire Tread Cracking/FMVSS 110 Report Receipt Date: JAN 28, 2015 NHTSA Campaign Number: 15V044000 Component(s): TIRES Potential Number of Units Affected: 5,876 All Products Associated with this Recall Vehicle Make Model Model Year(s) BUICK ENCLAVE 2015 CHEVROLET TRAVERSE 2015 GMC ACADIA 2015 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2015 Buick Enclave vehicles manufactured December 9, 2014, to January 14, 2015, 2015 Chevrolet Traverse vehicles manufactured December 9, 2014, to January 20, 2015, and 2015 GMC Acadia vehicles manufactured December 9, 2014, to January 16, 2015, and all equipped with Goodyear P255/65R18 Fortera HL tires. These vehicles are equipped with tires that may experience tread cracking. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) No. 110, "Tire Selection and Rims and Motor Home/Recreation Vehicle Trailer Load Carrying Capacity Information for Motor Vehicles with a GVWR of 4,536 kilograms (10,000 pounds) or Less." CONSEQUENCE: If the tire treads crack, a loss of tire pressure and possible tire failure may result, increasing the risk of a crash. REMEDY: GM will notify owners, and dealers will replace the tires that were manufactured within a specific date range, free of charge.

2021 Buick Envision is a vision of Buick's future that's shockingly stylish

Allow us to introduce you to the new and much improved 2021 Buick Envision. Don’t let the handsome shape and sharp design fool you. This compact crossover is a Buick. The Envision has been a frumpy and rather boring looking crossover since its launch for the 2017 model, and now GM has remedied that sticking point. This new made-in-China (the first Buick sold in America that was assembled there) crossover is full of sharp edges, muscular lines arcing through the body and crisp lighting fixtures. ItÂ’s verging on European in nature. If this is a hint of things to come at Buick, we are quite optimistic for the future of its crossover designs now that the cars are dead. “The 2021 Envision will be lower and wider, with premium proportions and striking styling designed to combine the expressiveness of a car with the practicality of an SUV,” said Helen Emsley, executive director, Global Buick and GMC Design. Perhaps youÂ’re hoping for additional details? We only have a few. Buick says it will be powered by a 2.0-liter turbocharged four-cylinder, and shifting duties will be handled by a nine-speed automatic transmission. ItÂ’s likely the same 2.0-turbo that makes 252 horsepower and 295 pound-feet of torque in the outgoing Envision. ThereÂ’s no word on the 2.5-liter naturally aspirated four-cylinder model, but itÂ’s likely being dropped from the lineup. There are no interior photos, but itÂ’ll have a 10-inch infotainment screen in the center that comes with Apple CarPlay and Android Auto functionality as standard equipment. There will also be a number of safety and driver assistance features tacked on as standard including lane-keeping assist, forward collision warning with automatic emergency braking and pedestrian detection, rear parking sensors and GMÂ’s safety alert seat that pulses directionally for alerts. Some options include a 360-degree camera, front parking sensors, rear cross-traffic alert, blind-spot warning, head-up display and GMÂ’s rearview camera mirror. Buick also says the Envision will be available in their top-tier Avenir trim. Other details will have to wait for later in the year, as Buick says all will be revealed at some point down the road. Consider this a preview with a few tasty bites of info about whatÂ’s to come. For now, weÂ’re liking the direction that Buick is taking this crossover. Related video: