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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 planning its own engines, halo cars

Cadillac is in the midst of some big changes. It's got a new chief executive. It's taking some distance from parent company General Motors and moving to a new headquarters in New York. And it's instituting a new naming scheme that will allow not only for a more clear progression in its lineup, but also for more models. But that's not the end of the story. Not by a long shot.
Speaking with Automobile magazine, Cadillac's new president Johan de Nysschen revealed his intention to develop several new models and powertrains. For starters, he does not want Cadillac to continue borrowing engines from the GM parts bin, but intends to develop a new range of engines specifically for the luxury automaker. The program will likely start with smaller-capacity engines but eventually lead to new V8s as well, taking the place of the long-serving Northstar engine that finally ended its lifespan a few years ago after some two decades of production. Along with other technologies, de Nysschen envisions possibly sharing these powertrains with other GM divisions, but developing them first and foremost for Cadillac.
The bigger question, however, is where those engines would go, and de Nysschen had some thoughts to share on that front as well. For starters, the former Infiniti and Audi exec sees room for an even bigger sedan above the upcoming new CT6 that will cap the current range. Maybe even two of them. But that's not all. Johan wants to see Cadillac get (back) into the sports car game with a new halo model or two - something it hasn't really done since the Corvette-based XLR roadster. A pair of new crossovers are also said to be in the works, flanking the SRX on both sides with smaller and larger models.

Cadillac prepares to top its own 'Ring record with upcoming new CTS-V

It was a big deal back in 2008 when the original Cadillac CTS-V clocked a lap time of 7:59 at the Nürburgring, making it the fastest sedan ever to lap the Nordschleife to that date. Not many four-doors have bested that time since - the list consisting pretty much only of the Porsche Panamera Turbo - but now hot hatches are lapping faster than that, so you can bet that the new one will manage an even better time.
Now we've spotted the upcoming new CTS-based performance sedan several times before undergoing testing in locations around the world, but this is the first time we've seen it at the Nürburgring, apparently using the Goodyear Dunlop test facility as its base of operations (and still wearing Michigan manufacturer plates, incidentally). Considering how well the outgoing CTS-V performed and how much further you can bet Cadillac will push the envelop this time around, a new sedan lap record is almost a certainty - and we can only hope for an all-out war between Europe's performance sedan power houses to ensue.