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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.

New Takata problem results in recall of 414 GM vehicles

An airbag-inflator rupture discovered by Takata during testing has resulted in a new recall affecting 414 vehicles from General Motors, including 395 of them in the US. This latest campaign covers 2015 model-year examples of the Buick LaCrosse, Cadillac XTS, Chevrolet Camaro, Equinox, Malibu, and GMC Terrain. There are no reported breaks in any of these vehicles on the road, and the company estimates only one percent of them actually have the faulty parts. According to documents submitted to the National Highway Traffic Safety Administration (as a PDF), one side-airbag inflator failed a cold test at -40 Fahrenheit "releasing high pressure gas and propelling the separated components apart." The supplier told GM about the failure the next day. In these vehicles, the safety device might not only burst but the bag could inflate incorrectly, as well. GM and Takata say that a cause is not yet known, but they are "conducting an investigation." GM will begin notifying affected owners via overnight mail on Oct. 19. Dealers will replace the side airbag modules on all of the affected vehicles with new components outside of the suspect lot. All of the removed parts will also be collected for further study. Takata's faulty front airbag inflators have resulted in a serious scandal for the supplier. Initial figures indicated 34 million US vehicles are need of repair, though more recent figures have knocked that down to 23.4 million bad parts in 19.2 million automobiles. GM was already among the dozen automakers with models to fix, and some of its pickups were affected, along with the Saab 9-2X and Pontiac Vibe. GM Statement: General Motors is recalling 395 cars and crossovers in the U.S. because one of the front seat side air bags inflators may be defective. In the event of a deployment, the air bag's inflator may rupture and the air bag may not properly inflate. The rupture could cause metal fragments to strike the vehicle occupants, potentially resulting in serious injury or death. GM is unaware of any incidents involving vehicles with these components, which were part of a lot in which one inflator failed acceptance testing at the supplier. Dealers will replace the side air bag module or modules in affected vehicles. Including Canada, Mexico and exports, the total population of the recall is 414, GM estimates 1 percent of the recalled vehicles may have the defect.

2019 Cadillac Escalade ESV Drivers' Notes Review | Old, but not antiquated

When the Cadillac Escalade debuted 20 years ago, car-based crossovers were just getting their start. The Escalade was and still is basically a Chevy Tahoe with new styling and a nicer interior. That's especially true today, as our test car has an interior that looks like it was lifted straight from a Cadillac CTS rather than a Chevy Silverado. Crossovers may be more comfortable and fuel efficient, but they can't hold a candle to towing and payload capabilities of a body-on-frame SUV. If you need to haul seven people and a full-size Airstream in quiet comfort, few options are better than the Escalade. This week, our tester was a long-wheelbase Escalade ESV. That means substantially more room both behind the third row and with the seats folded. The Premium Luxury trim sits in the middle of the lineup, but it still comes with a lot of goodies. Features include a Bose audio system, a digital instrument cluster, a heads-up display, heated and cooled leather seats, a heated steering wheel, tri-zone climate control, Magnetic Ride Control and a stout 6.2-liter V8. Options include upgraded leather for $2,000 and polished 22-inch wheels for $600. All in, this Escalade was just shy of $100,000. Editor-in-Chief Greg Migliore: The Escalade is arguably Cadillac's best vehicle. It's a bold, body-on-frame SUV that feels decadently all-American. The Escalade is still contemporary even though it's been years since the ute has had a major redesign. I enjoyed a couple nights in this luxury bruiser. The V8 is powerful, and the 10-speed is a smart improvement. The command seating position is always welcome for me. The interior is nicely laid out, and the materials all look and feel upscale. Not a huge fan of Cadillac's touchscreen (no longer officially called CUE), but it seems to be getting better or I'm getting used to it. Love the Escalade's exterior design. It's dramatic, imposing and gives Cadillac something that's a true style-leader. All that being said, I'll be interested to see how Caddy iterates the Escalade. The Lincoln Navigator is an excellent product and a worthy adversary. Cadillac would be wise to keep its SUV flagship fresh. Senior Editor, Green, John Beltz Snyder: I was not excited to get into the Escalade. This is really not my cup of tea. I used to love the Chevy Suburban, but that fondness has languished as my tastes evolved as these huge vehicles have modernized, losing the charm that drew me to them when I was younger.