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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.

2016 Chevy Volt zaps into the Detroit Auto Show with big improvements [w/video]

If you need an example of how quickly the plug-in hybrid market is evolving, just take a quick glance at the 2016 Chevrolet Volt. For its freshly introduced new generation at the 2015 Detroit Auto Show, the sedan sports extra range, better efficiency and a host of other improvements to make the vehicle even easier to live with. A big portion of the model's improvements come from Chevy's second-gen Voltec propulsion system. The updated drive unit is 12 percent more efficient and sheds 100 pounds from the scales. The battery itself also drops 21 pounds, while growing in capacity to 18.3 kilowatt hours. It gives the Volt an electric range of up to 50 miles and offers a total driving distance of over 400 miles. In addition, the new 1.5-liter engine offers estimated 41 miles per gallon fuel economy (with no battery). The significant improvement in specs are certainly respectable, but the vast majority of buyers should notice the latest Volt's evolved styling first. Up front, there's a shiny new nose with a more modern take on Chevy's split grille. From there, the design slows back to a more svelte take rear with the original model's futuristic, square taillights not making the transition. Inside, Chevy simplifies the infotainment system and now offers seating for three in the back. Check it all out in the gallery, above, to see how far the latest model has come. Chevrolet Introduces All-New 2016 Volt New model features expressive, sleek design and delivers 50 miles of EV range DETROIT – Chevrolet today unveiled the all-new 2016 Volt electric car with extended range, showcasing a sleeker, sportier design that offers 50 miles of EV range, greater efficiency and stronger acceleration. The Volt's new, efficient propulsion system will offer a General Motors'-estimated total driving range of more than 400 miles and with regular charging, owners are expected to travel more than 1,000 miles on average between gas fill-ups. "The 2016 Chevrolet Volt provides our owners with a no-compromise electric driving experience," said Alan Batey, president of GM North America. "We believe our engineering prowess combined with data from thousands of customers allows us to deliver the most capable plug-in vehicle in the industry." The 2016 Chevrolet Volt's technology and range advancements are complemented by a design that blends sculpted, muscular proportions with aerodynamic efficiency, and an all-new interior with seating for five and improved functionality.

2016 Chevrolet Malibu First Drive [w/video]

You have to appreciate honesty in this business. When a car company admits its offering in a segment isn't up to the task, it catches you by surprise. The surprisingly open Chevy reps stopped short of saying that making the last Malibu smaller was a mistake, but given that the righting of the ship included a lengthening of this new model, it was certainly implied. The eighth-generation Malibu lasted only three years, with a major update coming just one year in to try and fix some of the bigger concerns. The goal for the 2016 Malibu wasn't to make a competent product better, it was to make an okay one good again. That started with a stretch. The Malibu is long again, a big car that meets America's warped idea of a midsized car. Because of this, the Malibu's dimensions sidle up to the Impala's. In fact, it's within a fraction of an inch of the Impala's wheelbase measurement, and sits right between the last Malibu and the Impala in terms of EPA passenger volume. The back seat gets the most of the payoff, bringing it back into competition with other midsized counterparts. The Malibu is now one of the longest in the segment, but also among, if not the, lightest. The 2016 model is claimed to be about 300 pounds lighter than its dimensionally challenged predecessor. While most new models tend to choose between lighter or larger these days, Chevy managed not-insignificant improvements to both. Styling doo-dads no longer separate the trim levels, it's the features inside that fuel the upsell. Some of that weight came out of the front end. The aluminum hood is lighter than before, and we'd wager that's because it stops very short of the leading edge of the car. Instead, the nose is enshrouded in a big plastic fascia, which has to be an advantage at the scales but creates a somewhat unfinished look. That's amplified by the fact that everything ahead of the hood is a bit busy, and actually surprisingly aggressive, in contrast to the rest of the design. The new Cruze, with its cowl-to-grille hood, wears a more cohesive new-Chevy front end. The styling adopts the, dare we say it, coupe-like look of many (most?) new family sedans. The profile is attractive enough but almost generic now since the Chrysler 200, Ford Fusion, and others have already moved in this direction. The rear-end styling is inoffensive, almost original Mercedes CLS meets current Impala.