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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.

GM releases full Super Bowl ad with GMC Hummer, Cadillac Lyriq: Take that, Norway!

GM just dropped its big Super Bowl ad, and it’s a good one. Will Ferrell, Kenan Thompson and Awkwafina all star in the 90-second ad titled “No Way, Norway.” The point of the ad is to get Americans hyped up about the upcoming electric vehicle range on its way from GM. Both the Cadillac Lyriq and GMC Hummer EV star throughout, but itÂ’s less about the vehicles, and more about changing attitudes about EVs in general. Ferrell comes after Norway aggressively, but in a playful and competitive way about how many electric cars sell in the Scandinavian country. Over half of all new car sales in Norway are of EVs, whereas GMÂ’s data show that just 4% of new cars sold in the U.S. are electric. Massive financial incentives from the Norwegian government can take much of the credit for why EVs sell at such high rates over there. However, GM thinks it can still rally the U.S. to get more excited about buying EVs once its fleet of cars using the companyÂ’s Ultium battery tech comes online. The ad is done with classic Ferrell comedy, and it sure did elicit some chuckles from us. It also follows the same “Everybody In” philosophy that GM announced back when it changed up the logo a short time ago. GM is inviting folks to strap in for the onslaught of EVs coming their way (for now, you can buy a Bolt). President BidenÂ’s administration has voiced support for a number of policies and actions to take for greater adoption of electric cars in the U.S. — we also know the federal government intends to transition its full fleet of vehicles to EVs. It's still unlikely that we make it to Norway's rate of electric car sales in the immediate future, but the U.S. could certainly begin to close the gap. Related video:

Cadillac updated the Escalade for 2021, and you can win one here

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. Touchscreens in cars are getting bigger and bigger, and the Cadillac Escalade is the prime example. With a 38-inch display up front and a 36-speaker surround sound system, all this Cadillac is missing is a place to keep your snacks. Oh wait, they thought of that too, with a fridge up front. All of this is great, but the best thing about the Cadillac Escalade is that Omaze is giving it away. Win a 2021 Cadillac Escalade and $20,000 - Enter at Omaze But the fun doesn’t end in the front seat. In the second row there are large screens as well, so you can binge watch your favorite TV show on your next road trip, assuming youÂ’re not driving. To top it off, if youÂ’re stuck way in the back, thereÂ’s Conversation Enhancement, so you wonÂ’t have to yell in order for the driver to hear what youÂ’re saying.  With all of this technology, itÂ’s easy to forget the original purpose of the Escalade, to get you from one place to another, in style, which it does incredibly well thanks to a 420 horsepower, 6.2L V8. Plus, this Escalade comes with something the others donÂ’t: $20,000 in cash. Here's what we said about the 2021 Escalade in our First Drive review: "The 6.2-liter V8 remains a gem of an engine. ItÂ’s powerful and flexible, and the 10-speed makes great use of its strengths. It's hardly fuel efficient, though. Over the course of our 58-mile test loop, we averaged just under 16 mpg, which pretty much confirms the EPA's ratings of 14 mpg in the city, 19 mpg on the highway and 16 combined. The latter is 2 mpg worse than the more powerful Navigator, a number that amounts to many hundreds of dollars in annual fuel costs. We would have liked to spend some time with the new diesel engine for comparison, but both it and the Super Cruise option are coming later this year, so that will have to wait, but based on the EPA figures for GMÂ’s full-size pickups with the same engine, weÂ’d expect somewhere in the neighborhood of low 20s combined from the oil-burner. "As delightful as the EscaladeÂ’s powertrain is, thatÂ’s not its standout feature; that honor goes to the suspension. All but the base model Escalade can be equipped with CadillacÂ’s fourth-generation Magnetic Ride Control.