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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.

2018 Cadillac XT7 three-row crossover spied [UPDATE]

UPDATE: Upon further consideration, and after speaking to some industry insiders, it appears this might not actually be a new Cadillac, but instead just a mule of the new Chevy Traverse. One source points out that the foglights are fixed, round units, which would be production spec and would not suggest Cadillac. Another source says the Cadillac version of the Traverse/Acadia/Enclave was cancelled, and development has stopped. Yes, a Cadillac of this size is expected to arrive – and elements of this prototype sure do look Cadillac to us – but it might be too early for this to be it. Cadillac is expanding its portfolio with a three-row crossover. This is it. Expected to be called the XT7, the new vehicle will give Cadillac an entry above the XT5 and below the hulking Escalade. Though the XT7 is heavily covered, we can see Cadillac's (?) bold grille and what looks like strong proportions. It'll probably look like a larger XT5, and you can sort of (maybe) see a similar roofline if you squint. Spy shooters caught it testing with the new Chevy Traverse and Buick Enclave, and they're all expected to use the new General Motors 3.6-liter V6 engine, like the recently revealed GMC Acadia. The XT7 could show up as soon as late this year or early in 2017. Its part of GM's push to capitalize on the red-hot crossover segment that has been fueled by low gas prices and Americans' thirst for utility. The XT7 would likely represent GM's most profitable play in this segment. Simply affixing the Cadillac badge on the front adds thousands of dollars to the sticker compared to a Chevy or Buick product. The XT7 will also give Cadillac a significant opportunity for growth – and perhaps allow it to gain on Mercedes and BMW on the sales charts. While the CTS and ATS have had mixed success, Americans have continued to show a willingness to buy Cadillac utility vehicles. The XT7 is the latest in Cadillac's product blitz following the XT5 and the CT6 range-topping sedan. Those two are the most critical Caddys, but the XT7 isn't far off. Related Video: Featured Gallery 2018 Cadillac XT7 View 11 Photos Image Credit: Brian Williams / SpiedBilde Spy Photos Cadillac SUV

Cadillac Celestiq, Lyriq, Hummer, other future GM electric cars: Here's everything we saw at ‘EV Day’

WARREN, Mich. — Today, General Motors held an “EV Day” event at its Warren, Michigan, campus to present its new “Ultium” battery technology, modular electric vehicle architecture and soon-to-come electric vehicles. Unfortunately, we were forbidden from bringing cameras into the event, so while we canÂ’t show you what we saw, we can tell you more about it. While we saw the previously teased Cadillac EV (which we now know to be called the Lyriq) and the GMC Hummer pickup teased during the Super Bowl, there were a number of other future cars at the event, which GM President Mark Reuss assured us are all real vehicles in the works. The biggest surprise came at the end of the event, though, in the Cadillac Celestiq electric sedan, which Reuss described as a future flagship that would be hand-built “very locally.” It had been hiding under a dark sheet all morning, with the front and rear illuminated Cadillac emblems shining from underneath. When the wraps came off, we saw a long, white, four-seat fastback sedan. The 23-inch wheels were pushed out to the very corners of the car, giving it what appeared to be a very long wheelbase. The model on the stage had no side mirrors or visible door handles. The grille mirrored that of the Lyriq crossover next to it, with integrated lighting in lieu of the usual mesh or slats youÂ’d see in an internal combustion car. The entire roof, all the way until it tapered to the tail of the vehicle, was tinted glass. In back, vertical tail lighting ran down the C-pillar before turning rearward across the top of the trunk. Inside, everything below the beltline of the windows — essentially all but the headrests and top portion of the steering wheel, was hidden from view. Behind the Celestiq, a large digital display showed a rendering of its interior. The dash consists of a pillar-to-pillar curved LED display serving as both instrument panel and infotainment system. Protruding forward between the front seats was another touchscreen that appeared to house some more controls, with open area, probably for storage, below it. The rear seats had the same sort of touchscreen between them. Built into the back of the front seats were a pair of rear-seat entertainment screens, much like we saw in the Lyriq. The door panels blended wood, metal and animated lighting to give character and a sense of opulence. GM interior design manager Tristan Murphy was on hand to tell us a bit more about the Celestiq.