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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.

Cadillac CT4 and CT5 high-performance V cars spied

This summer, Cadillac teased much more impressive V-series models than the lukewarm CT4-V and CT5-V. Now we get a better look at both super sedans, each one boasting more aggressive, but subtle visual upgrades. Normally we would talk about the visual changes to each car individually, but the changes are nearly identical between the cars. They both get deeper chin spoilers and lower side skirts. The lower grille opening now features slatted sections on either end. The headlights, main grille and hood all look unchanged from the regular V models. The same goes for the rear bumpers and tailpipes. The rear spoilers on both are much taller, though. The wheels on the CT4 look about the same as the CT4-V, but the CT5 wheels look a bit different with more detail. We also get a good look at the wheel-filling brakes. Cadillac hasn't said anything concrete about the specifications of the hotter CT4 and CT5 models, except that they'll definitely be faster than the revealed V models. One thing we do know, thanks to our spy photographer's video from earlier this year (shown above), the CT5 will get a V8. Our bet is on it being the Blackwing twin-turbo V8 that's available in the CT6-V and CT6 Platinum. It would probably have at least the same output at the CT6-V at 550 horsepower and 640 pound-feet of torque. Expect the 10-speed automatic transmission to carry over with it. This drivetrain would also open up the possibility of all-wheel drive. As for the fast CT4, it could potentially revive the ATS-V's twin-turbo V6 with 464 horsepower and 445 pound-feet of torque. It would probably also get a 10-speed automatic and maybe all-wheel drive as an option.

2020 Cadillac CT5 debuts at N.Y. Auto Show as a proper sport sedan

The 2019 Cadillac CT5 is here, and it's not a tweener sedan. After having done battle with the luxury sedan world through cars that were either too large or too small, Cadillac is using the CT5 to take direct aim at the BMW 3 Series, Audi A4, Alfa Romeo Giulia and Mercedes C-Class. Specifically, the CT5 replaces the CTS, but takes on vehicles one class smaller than what the CTS did. So, let's take a look at what Cadillac is bringing to the table. To begin, GM knows it has a winner on its hands with the Alpha platform used on the CTS and ATS and the Camaro, so engineers adapted it to the CT5. This seems like a great start, because we all happen to love the driving dynamics from vehicles on this chassis. The wheelbase is a couple inches longer than the CTS, but the CT5 is a couple inches shorter in overall length. As a result, the wheels get pushed toward the corners of the car, leaving the CT5 with relatively short overhangs in the front and rear. It looks different than both of the to-be-discontinued Cadillac sedans, but we wouldn't call it revolutionary. The rear end isn't quite a "sportback," but it's a "faster" shape, eschewing a traditional sedan's long decklid for a sloping-roof look instead. This shape does come at the expense of rear seat headroom, but we'll dive into the interior later. We got a little preview of the powertrain setup before this official reveal, but details were scarce. The base engine is the recently new 2.0-liter turbo four-cylinder found in the Cadillac XT4. Just as it did in that vehicle, this engine makes 237 horsepower and 258 pound-feet of torque. While it might be down on power compared to the old 2.0-liter in the ATS (272 horsepower and 295 pound-feet) we found it to be incredibly smooth, refined and not lacking in thrust compared to the old unit. We're sure the four-pot will offer sufficient power for the CT5, but the 3.0-liter twin-turbo V6 is lying in wait. This engine makes 335 horsepower and 400 pound-feet of torque. Both engines are paired to a 10-speed automatic transmission and can be had in rear-wheel drive or all-wheel drive in every configuration. So yes, you can get the V6 with rear-wheel drive, thankfully. Cylinder deactivation is also equipped to both these power units — the four-banger is able to run on two cylinders, while the V6 drops to four. Cadillac was entirely transparent about its new pumped-in engine sound strategy, too.