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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 cutting back on powertrain warranty citing lack of interest

Generally, when a manufacturer offers a long, high-mileage warranty, it's a sign that it stands behind its products. On top of that, it's generally a selling point for consumers, who can rest easy knowing that any catastrophic failures will be picked up by the manufacturer. Considering those facts, it does seem rather strange that General Motors is slashing the mileage warranty on model year 2016 vehicles from Chevrolet and GMC. Instead of offering consumers a 100,000-mile warranty, GM will now only offer a powertrain warranty up to 60,000 miles. The five-year warranty period, though, remains unchanged. GM will also cut the number of free services being offered to Chevy and GMC owners, as well as Buick drivers, from four to two. "Through research, we have determined that when purchasing a new vehicle, included maintenance and warranty rank low on the list of reasons why consumers consider a particular brand over another," explained a memo sent to dealers by Chevrolet VP Brian Sweeney and his GMC counterpart, Duncan Aldred, and obtained by Automotive News. "As a result, we have benchmarked our competitors, reviewed our current offerings and have concluded the following modifications to align closely with our customers' needs and expectations." While the move might seem odd, Sweeney and Aldred are right – according to Automotive News, Ford, Honda and Toyota each offer a five-year, 60,000-mile powertrain warranty. As for what the money saved by trimming the powertrain warranty will go towards, a GM spokesperson simply told AN that the company will "reinvest the savings we will realize into other retail programs," some of which have been requested by consumers. What are your thoughts? Would a 40,000-mile reduction in a new vehicle's powertrain really turn you off from buying one? Even if it matched its competitors? Is GM better off spending its money elsewhere? Have your say in Comments. Featured Gallery 2016 Chevrolet Equinox View 10 Photos News Source: Automotive News - sub. req.Image Credit: Chevrolet Chevrolet GM GMC Auto Repair Maintenance Ownership warranty

2016 Chevrolet Camaro First Drive [w/video]

The Autoblog gang was downright stoked to learn the 2016 Chevy Camaro was next on our test-car docket. Then we found out it was the V6 model. Buzzkill. We were hoping for the snorting V8, or at least the spunky new turbo four-cylinder. The V6? Meh. We've been driving V6 Camaros for, like, six years. It's what you buy if you can't afford anything better, or so say horsepower snobs as they wrinkle their noses and cut their coffee with 93 octane. But after a week with the six-pot Camaro, we'll admit it: we were wrong. The all-new 3.6-liter V6 is strong, sounds good, and is damn fun to drive. Its 335 horsepower and 284 pound-feet of torque appear modest by modern standards, but they power the Camaro to 60 miles per hour in 5.1 seconds with the automatic, or in the case of our manual-equipped test car, 5.2 seconds. That's almost half a second quicker than the new turbo four-cylinder model. Yes, it has the same displacement as the old V6. No, it's not the same engine. Upon closer inspection, the V6's potency shouldn't come as a surprise. This engine is from General Motors' newest family of dual-overhead cam powerplants that launched in the Cadillac CTS and ATS. Yes, it has the same displacement as the old V6. No, it's not the same engine. Don't be fooled, and don't underestimate it at stoplights. The strapping V6 is unsuspectingly good, but it's just one of many improvements for the sixth-generation Camaro. Chevy's coupe is lighter, faster, and more modern looking inside and out. It starts with a rear-wheel-drive chassis donated from the Cadillac ATS, though about 70 percent of the components are unique to the Camaro. The 2016 model is about two inches shorter in length (thanks to a shorter wheelbase) and about an inch has been removed from height and width compared to the 2015 model. These lighter underpinnings jumpstarted the Camaro's weight-loss plan, and thanks to extensive use of aluminum, the V6 with the new eight-speed automatic transmission weighs 3,435 pounds – 294 less than its predecessor (the manual-transmission V6 Camaro weighs 3,448 pounds). The V8, meanwhile, sheds 223 pounds. One by one, these elements would merely enhance how the Camaro drives, but taken collectively, they invigorate the new model. It feels much more confident and agile in all circumstances. Put simply, it's a sportier car. View 32 Photos Grab second, let the revs build, and the dual-mode exhaust changes its tune from a low buzz to a rumble, then a growl.