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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 cutting production at two plants

General Motors is continuing to adjust to excess supply of some of its brands' models. To get production more in line with the vehicles' actual demand, the automotive giant is idling two of its factories in North America in the coming months. The Orion Assembly plant is going to be down from March 9-13, according to an anonymous plant worker and another insider speaking to Automotive News. The factory builds the Chevrolet Sonic and Buick Verano, but there are plenty of both models sitting on dealer lots, including 216 days worth of Sonics, according to AN. The factory already had two idle periods announced to reduce the excess. In addition, downtime is scheduled at GM's "Flex" line at the Oshawa, Ontario, Canada, plant from April 13-17. This affects supply of the Chevrolet Camaro, Impala, Buick Regal and Cadillac XTS. Among them, the automotive giant has the largest supply of Regals ready for dealers with 213 days worth of them, according to AN. The future for the whole Oshawa factory is cloudy in general, though. There are rumors that it could close entirely in the future because the Camaro is leaving and the Regal and XTS might not last much longer than 2017. The Canadian government and the labor union there intend to put up a fight, though. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Cadillac Chevrolet GM orion assembly oshawa plant idle

2017 Buick LaCrosse priced at $32,990

Buick has announced the starting price for its totally redesigned LaCrosse sedan, and it's looking competitive. According to the company's consumer website, the base trim will start at $32,990, while the vehicle featured on the page is helpfully listed as "As Shown: $45,560." Buick is being coy about the standard equipment list, but we do know a few traditionally higher-end options will be free of charge, including an eight-inch touchscreen that's compatible with Android Auto and Apple CarPlay, and HID headlamps. General Motors' 4G LTE wifi is a no-cost feature (although you'll need to shell out for a data plan, eventually). The optional extras list, which will include goodies like adaptive cruise control, hasn't been published yet. Underhood, all LaCrosse models will get eight-speed automatic transmissions paired with 305-horsepower, 3.6-liter V6 engines. The new powertrain, plucked from the Cadillac XT5, has stop-start and cylinder deactivation as standard to save fuel, although it's still too early to predict where the LaCrosse will fall on the EPA scale. Front-wheel drive is standard, but all-wheel drive will be available for a unknown premium. Buick says the sedan's reasonable starting price backs the company's "position of attainable luxury." And that's true. At $32,990 the LaCrosse is $560 less than the $33,550 base Toyota Avalon, $355 less than the $33,345 Nissan Maxima S, and $850 less than the $33,840 Kia Cadenza. Only the antiquated Ford Taurus, at $27,985, can undercut it. On the opposite end, the LaCrosse is $6,945 less than a front-drive Lincoln MKS and $6,060 less than a Lexus ES. Starting prices are useful tools for comparison but they only go so far – we'll have to wait until next month, when full details are released, to see how truly reasonable the LaCrosse's price is.