1972 Skylark Gs/gsx Clone Project on 2040-cars

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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 posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC

Junkyard Gem: 1986 Buick Riviera

The Buick Riviera personal luxury coupe attained monstrous proportions by the middle 1970s, scaling in at well over 4,500 pounds by 1976. After spending 1977 and 1978 as sibling to the Chevy Caprice, the Riviera then moved to the front-wheel-drive platform used by the Cadillac Eldorado and Oldsmobile Toronado, staying there through the 1985 model year. The Riviera world became a lot more interesting for the 1986 model year, when a smaller and more sophisticated generation hit showrooms with curvier lines and electronic gadgetry straight out of science fiction. Today's Junkyard Gem is one of those cars, found in a self-service boneyard in Phoenix, Arizona. What makes this car such a fascinating bit of automotive history is this dash-mounted touchscreen interface, known as the Graphic Control Center. The 1986 Riviera was the first GM vehicle to get the GCC, which means it was the first production car in history with a factory-installed touchscreen display. This system became available in the Buick Reatta and the Oldsmobile Toronado a few years later.  The GCC used a cathode-ray tube screen sourced from an ATM manufacturer, which ran on 120VAC power and required an inverter and dangerous high-voltage wiring inside the dash. It was used to operate the HVAC, the radio and the trip computer, as well as to display operating and diagnostic information. The system used numerous bulky components in addition to the dash screen; I've extracted a couple of complete sets of GCC components over the years and plan to build them into a junkyard-parts boombox. As it turned out, the senior-citizen-heavy demographic of Buick shoppers didn't feel great enthusiasm for the GCC and there wasn't a huge sales payoff for this revolutionary technology. That didn't stop GM from introducing the first mass-produced cars with head-up displays a couple of years later. The running gear wasn't quite as sophisticated as the GCC. The 1986-1993 Rivieras got old-fashioned 3.8-liter Buick V6s under their hoods; the one in this car was rated at 140 horsepower and 200 pound-feet. If you wanted a manual transmission in your '86 Rivvie, you were out of luck. A four-speed automatic was mandatory equipment. Note the unusual face-loading cassette deck in front of the shifter; the AM/FM radio was a remote-controlled unit living inside the center console. The MSRP for this car was $19,831, or about $55,691 in 2023 dollars.