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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.

Remembering Pierre Cardin's automotive legacy

Pierre Cardin has passed away at age 98, and while the designer had a great impact on the world of fashion, he also brought his signature style to the automotive realm, chiefly with the unlikely partner of American Motors. At the dawn of the 1970s, AMC decided to seek out a little glamour for its freshly renewed product lineup by having famous fashion designers work their magic on AMC cars. The first model to get the fashion treatment was the Hornet Sportabout wagon, with a special Gucci edition that became available for 1972. Later that same year, Pierre Cardin's Javelin was introduced. The Cardin Javelin arrived midway through the '72 model year as an interior option package. The designer had submitted as many as 10 proposals to AMC, and the chosen selection was a black interior with a wild multi-hued stripe of silver, white, red and purple that grooved across the seats, touched the door panels and continued onto the headliner. "People should feel like they're sitting in a living room rather than a machine," the designer was quoted in ads introducing his eponymous Javelin. In a press release, AMC said, "Cardin takes an ultra-modern abstract approach to his interior design." The Cardin interior option package was available with specific exterior colors: Snow White, Stardust Silver, Trans Am Red, and Wild Plum. For the '73 model year, Diamond Blue was a new exterior color option. The Pierre Cardin option was only $85 and was offered exclusively on the Javelin SST, although it's reported that the Pierre Cardin option also appeared on a handful of Javelin AMX models. For 1973, you could officially get a Pierre Cardin Javelin AMX. A total of 4,152 were built over the two model years. AMC's next fashion special was the Matador coupe, but the automaker tapped Oleg Cassini for that gig. Pierre Cardin was not finished with the automobile business, though. In 1975, he put his touch on the Sbarro Stash, an obscure supercar based on the SV1, with the result displayed at the Paris auto show. The designer next customized a run of early-'80s Cadillac Eldorados, and this time the treatment extended beyond the interior. A redesigned front end featured hidden headlights behind a full-width horizontal-car grille but unfortunately made the already-considerable front overhang even longer; the rear treatment was similarly modified with the factory vertical taillights replaced with horizontal units.

Cadillac teases two new V-Series prototypes at the Detroit Grand Prix

We told you earlier this week that there would be more to come from Cadillac's V-Series of performance vehicles following the introduction of the brand's CT4-V and CT5-V performance sedans. We just didn't expect it to come quite so soon. Cadillac surprised attendees of the 2019 Detroit Grand Prix as two new prototypes took to the track for what we figure must have been demonstration laps in between other official race events. A CT4-based machine wearing funky blue camouflage joined a red-hued CT5-based prototype on the track, with driving duties split between Mark Reuss, president of General Motors, and Ken Morris, vice president of Product. Cadillac CT4 V-Series prototype View 3 Photos Exactly what's powering these prototypes is still a mystery, but we have our suspicions that these two beasts are putting down a lot more power than the 320-horsepower CT4-V and 355-hp CT5-V that underwhelmed enthusiasts earlier this week. We wouldn't be surprised if there was a version of Cadillac's twin-turbo Blackwing V8 engine under the hood of this V-badged CT5 prototype. Cadillac is being coy with further details, saying only that these two vehicles "represent the next step in Cadillac's V-Series performance legacy." So we'll just have to wait for now. But in the meantime, feel free to peruse the images above and speculate in the comments below.