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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 V-Series Academy comes to Las Vegas [w/video]

General Motors has added another high-speed education course to the curriculum at the Spring Mountain Motorsports Ranch outside of Las Vegas, Nevada. The desert track already hosts the Ron Fellows Performance Driving School with Chevrolet Corvettes, including the ZR1, and they've just added the Cadillac V-Series Academy.
Open now, the one- and two-day performance driving school teaches "the finer points of high performance driving" using the 556-horspower instructional aids known as the CTS-V sedan, coupe and wagon. This is different than than using the CTS-V at the Monticello Motor Club on the east coast - that's part of a sponsorship deal that Cadillac has with the track. The driving course at the Motorsports Ranch is its own program that was developed by Fellows, and we have no reason to think the Cadillac edition won't be just as thorough and enjoyable as the one with Corvettes.
Unlike the 'Vette edition, however, it doesn't appear that you get an invitation to the program if you buy a CTS-V model. Classes are capped at 12 participants and run $1,295 for a single day, $2,295 for two days. There are a video and a press release below with more info.

2021 Cadillac Escalade teases us with sliver of a design preview

We know the 2021 Cadillac Escalade will be breaking cover on February 4 to join its full-size GM truck compatriots. And now we know Spike Lee will have the honors of introducing the Cadillac at the Oscars through a short film he directed called “Anthem.” Cadillac also took the opportunity to tease the new Escalade's front end with this nugget of a preview. We get to see the grille, headlight and DRL design of the 2021 Escalade, staring daggers through Spike LeeÂ’s back in a studio. The grille is a traditional Escalade look, eschewing the grille design seen on more recent Cadillac SUVs like the XT6 and XT4. It uses larger silver bars that scythe across the front end as opposed to the mesh and speckled black/chrome seen on the Cadillac crossovers. Similar to the XT6, however, it does go with a horizontal main headlight and a vertical DRL. This marks a departure from the vertically-oriented headlights weÂ’re used to seeing on the biggest Cadillac. WeÂ’ll note that the bumper-width lower grille appears to be done in black, but thereÂ’s no shortage of chrome on this EscaladeÂ’s front end. Our best look at the interior is through a grainy video Cadillac teased to us about a month ago. ItÂ’s going to have 38 inches of curved screen, using OLED technology. ThatÂ’s going to be lovely to look at. The front end teased in this photo is plenty fine, too, but weÂ’re not seeing anything thatÂ’ll upset the apple cart from an exterior design perspective yet.