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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.

2021 Cadillac Escalade makes its grand debut among the stars during Oscars week

The 2021 Cadillac Escalade has arrived in high style in Los Angeles during Oscars week. With no January Detroit Auto Show, there’s no better place for the next generation of CadillacÂ’s iconic luxury SUV to be revealed than star-studded L.A. We got to spend some time in and around the Escalade a couple weeks ago, and now we can finally tell you all about it. As expected, the 2021 Escalade is following in the footsteps of all the other full-size GM SUVs by going with an independent rear suspension setup. Just like the Tahoe and Yukon, Cadillac is also making the next-gen magnetic shocks and new air suspension optional equipment. Engineers told us that thereÂ’s hardly any difference underneath the Escalade versus its platform stablemates, and our early impressions of the ride suggest thatÂ’s perfectly fine. Powering the new Escalade is GMÂ’s trusty 6.2-liter V8 or the 3.0-liter turbo-diesel inline-six — both are paired with a 10-speed automatic transmission.   Related: 2021 Cadillac Escalade vs. 2020 Lincoln Navigator | How they compare on paper 2021 Cadillac Escalade ESV will debut at the New York Auto Show   WeÂ’re not surprised to see the oil-burner being offered as an option with the Escalade after itÂ’s been tucked under the hood of the Tahoe and Yukon, but it is a significant addition to the Escalade lineup. GM has never fit a diesel engine to an Escalade before, but engineers tell us that this motor is refined enough for an Escalade buyer. We were surprised by its smoothness in the Silverado, and weÂ’ll wager itÂ’s even more discrete in the luxury SUV. The lovely 4.2-liter twin-turbo V8 Blackwing engine was never mentioned in CadillacÂ’s presentation to us. We asked, but thereÂ’s no news to be had on the Blackwing front, as Cadillac shrugged us off. Arguably, the most important aspect of the new Escalade is its interior. When the redesigned Lincoln Navigator came out, it made the aging Escalade look like a boring dinosaur. Cadillac knew this interior had to be extraordinary to compete, and itÂ’s taken an interesting approach.  Do you recall the Cadillac Escala concept? If so, thatÂ’s exactly what Cadillac has done with the EscaladeÂ’s interior. The tri-screen layout of the EscalaÂ’s concept dash has been translated into a final production design, and it looks spectacular in person.

Cadillac chief marketer admits ELR is 'a big disappointment'

During the Cadillac XT5 global launch in Dubai, Automobile interviewed Cadillac Chief Marketing Officer Uwe Ellinghaus and got the CMO to touch on just about every major issue affecting the brand and the industry. After two years on the job, having come from 15 years at BMW, Ellinghaus naturally started with the "passionate Cadillac customers" and "iconic brand" spiel, then they got into a top-down look at where America's preeminent luxury brand stands. Ellinghaus said Cadillac is in a period of transition, lately focused on smaller and more performance-oriented vehicles, which has alienated a chunk of veteran customers and left others trying to figure out what Cadillac is about. He believes that "for a few more years, the products will probably be stronger than the brand," while he does his work of conveying what the company has to offer. But the brand had to make the switch, because "Generation X and Y will make 80 percent of all actual buyers in the next five years..." On top of that, he'll be working on making sure the customer and dealership experiences are where they need to be. Speaking of dealers, Ellinghaus thinks the future will not be brick-and-mortar shops, but digital pickup-and-delivery services. "Nobody wants to go to a dealership for service and maintenance," he says. He said the ELR has been "a big disappointment," but it has taught Cadillac that converting its existing line-up to plug-in hybrids is a better way forward. However, he characterized the plug-in hybrid as "the next all-wheel drive," in that everyone's going to offer it soon, so it will be "an entry ticket into luxury automobiles rather than a differentiating aspect." The CMO thinks the CTS is suffering because of the decline in the US midsize luxury sedan market in general thanks to the SUV and crossover craze, so the brand really needs another small SUV. Head over to Automobile for more of Ellinghaus' intriguing answers, like "I do believe that very long-term hydrogen is really the way," and "it's time to get real" in Europe. Taking a dig at Volkswagen on that last matter, he also said, "I think the absence of the diesel is not as much of an issue as it was eight weeks ago." Related Video: