2012 Chevrolet Tahoe Lt 4x4 Certified Preowned, 21k Miles, Clean Carfax on 2040-cars

Auto blog

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.

Chevy Corvette is latest car breached by hackers

UPDATE: This story has been updated with comment from General Motors. In the latest car-hacking exploit in a summer full of them, researchers from the University of California-San Diego say they've found a way to manipulate braking in a 2013 Chevrolet Corvette. The vulnerabilities may not be limited to that model. Cyber-security researchers breached the car's security systems via a device they had plugged into the Corvette's OBD-II port, and through that connection, they sent messages that could turn windshield wipers on and off and tamper with the brakes as the car drove at low speeds. It's the latest in a series of car hacks that involve access to critical systems obtained via the OBD-II port, where drivers can plug in devices that provide anything from diagnostic information for mechanics to driving information for insurance companies. Last November, cyber-security engineers from Argus Cyber Security remotely controlled vehicle functions in a car that had a OBD-II dongle called a Zubie installed. In January, researchers from Digital Bond Labs found security holes in an information-tracking dongle popular with more than 2 million Progressive Insurance customers. Those came before prominent hacks unveiled in recent weeks, in which researchers remotely commandeered control of a Jeep Cherokee and, separately, showcased problems with GM's OnStar infotainment system. Regarding the dongles that plug into the OBD-II ports, Stefan Savage, a Cal-San Diego professor involved in the research, tells WIRED that, "we acquired some of these things, reverse-engineered them, and along the way, found that they had a whole bunch of security deficiencies." Savage and others unveiled the latest study at the Usenix security conference Tuesday. In a video of their exploit entitled "Fast and Vulnerable," they show how they sent SMS messages from a smartphone to the dongle plugged into the car's OBD-II port. From there, their messages accessed the CAN bus, a network on the car that connects individual electronic control units, which control dozens of vehicle functions. As they send the commands to brake the car, the driver of the Corvette notes "the pedal doesn't react to any pressure." General Motors issued a written response Wednesday, warning drivers to be careful with third-party devices they plug into their OBD-II ports.

GM CEO to meet with U.S. lawmakers over job cuts

WASHINGTON — General Motors Co Chief Executive Mary Barra plans to visit Capitol Hill next week to discuss the company's plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two congressional aides said on Friday. GM has come under harsh criticism from lawmakers from both major political parties, and from President Donald Trump, since Monday when it announced the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago. Barra is expected to meet with lawmakers from Michigan and Ohio, where GM plans to shutter three plants, as well as senior leaders in Congress. GM did not immediately comment. Barra has been calling lawmakers this week to explain the decision to end production. Trump has threatened to revoke subsidies for GM. The Detroit automaker plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto. It will also stop building several models now assembled at those plants, including the Chevrolet Cruze, the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse. Additionally, GM plans to shutter the Warren transmission plant outside Detroit and a plant that makes electric motors and drivetrains outside Baltimore, Maryland. The Cruze compact car will be discontinued in the U.S. market in 2019, although GM may continue building it in Mexico for other markets, Barra said. Reporting by David Shepardson. Related Video: