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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.

Recharge Wrap-up: Elio TV ads, Waivecar free EV carsharing

Waivecar is a new carsharing service that allows users two free hours of EV driving. The rentals are paid for with advertising, and each Chevrolet Spark EV in the fleet has an ad board affixed to its roof. So, while the driver enjoys free use of the car, the organizations buying the ads get exposure wherever the user goes. Drivers pay $5.99 per hour past the first two free hours of use. The company is undergoing a three-month trial in Venice Beach and Santa Monica before considering possible expansion. "We're giving to the lower-income people that need cars," says Waivecar CEO Isaac Deutsch. Read more at Green Car Reports. Volkswagen CEO Matthias Mueller is calling for a reworking of European emissions testing. He feels it is time to adapt the tests so that lab results more closely reflect those of real-world driving. "The industrywide discrepancies between official test results and actual usage is no longer tolerable," says Mueller. "We, the industry, need to take a new path." He also says he will make VW more environmentally friendly, and that the automaker plans to roll out 20 new electric vehicles by 2020. Additionally, Mueller is urging politicians to support the building of charging infrastructure. Read more at Bloomberg Business. Elio Motors has launched its first television ad campaign. The 30- and 60-second spots for the three-wheeled EV are titled "Own The Future," and will air on a variety of cable networks including ESPN, Fox News and National Geographic. "Our grassroots and digital efforts have helped create a strong – almost rabid – enthusiasm for our vehicle," says Elio Motors Founder and CEO Paul Elio. "As our funding situation continues to make progress, we are now in a position to share our message and create more fans through this national advertising campaign." Read more in the press release below. Elio Motors Continues Momentum with Launch of First National Television Advertising Campaign PHOENIX, Jan. 26, 2016 /PRNewswire/ -- Elio Motors (www.eliomotors.com) today announced it has launched its first national television advertising campaign to continue building consumer awareness for the company's three-wheeled vehicle that is expected to get up to 84 MPG and sell for a targeted base price of $6,800. The company, which anticipates production to launch in late 2016, has already gained an enthusiastic following through grass-roots events and digital marketing.

Nissan Leaf, Chevy Volt have best sales month of 2015

Things are trending upwards for the two best-selling plug-in vehicles in the US. Both the Chevy Volt and the Nissan Leaf had their best sales month of 2015 in May, with the Volt selling 1,618 units and the Leaf moving 2,104. The upward swings come at an interesting time, with lots of excess first-gen Volts waiting for buyers and some buyers already ordering their second-gen Volts. So far in 2015, the Leaf has outsold the Volt 7,742 to 4,397. While 7,700 Leafs is respectable, it's nowhere near the numbers that Nissan will have to hit to reach the 50,000 annual sales that CEO Carlos Ghosn says is possible in the US. Still, the Leaf had its best sales month since December 2014 (when it sold 3,102 units) in May, but last month was still down 32.5 percent compared to May 2014. Despite the smaller overall number, May represents a big positive for Chevy, which has seen sluggish sales for the Volt for a long while now. The 1,618 Volts sold last month are only 3.9 percent lower than the 1,684 sold in May 2014 and May 2015 was the best month for Volt sales since August 2014. Perhaps salesmen are ready to make deals, what with thousands sitting around on dealer lots right now. The next-gen Volt is due this fall, and the order books (in California, at least) opened up this week. Like every month, our full wrap-up of green car sales in the US is coming soon (the VW e-Golf, for example, hit a best-ever high of 410 sales). Until then, feel free to discuss the Volt and Leaf sales figures in the Comments. Green Chevrolet Nissan Electric Hybrid ev sales hybrid sales