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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 invests $175 million in Chevy Camaro factory

General Motors just keeps rolling out portions of its $5.4-billion plan for factory upgrades over the next three years. In the latest announcement, the automotive giant is putting $175 million into the Lansing Grand River Assembly Plant for improvements to build the 2016 Chevrolet Camaro. The investment brings new equipment to the plant to build the pony car. An upgrade is needed to support Camaro-specific colors like Summit White, Bright Yellow, and Red Hot, and the factory is also getting two robotic framers. A second shift of 500 workers is resuming in Lansing later this summer to produce the model, as well. So far, GM has announced allocations for $2.8 billion of the $5.4 billion in upgrades. The investments include $1.2 billion to improve pickup production, $439 million for a paint shop for the Corvette, and more new equipment at other plants too. Lansing Grand River Plant Tools Up for 2016 Camaro $175 million investment enables production of lighter, more powerful model 2015-05-28 LANSING, Mich. – A $175 million investment for new tooling and equipment for the sixth-generation Chevrolet Camaro, and the return of hundreds of workers to build America's best-selling performance car for the last five years, was announced today. The facility improvements include three new paint systems for Camaro-specific colors: Summit White, Bright Yellow, and Red Hot. The investment also includes installation of two robotic framers, which allow better dimensional control to provide a more precise drive experience. The Lansing Grand River Assembly Plant will resume a second shift of 500 jobs in late summer. The all-new Chevrolet Camaro was introduced on Detroit's Belle Isle on May 16. The current generation Camaro has been America's favorite performance car for five consecutive years, attracting both long-term Camaro fans and new buyers to Chevrolet. To improve on that success, the sixth-generation Camaro elevates every aspect of Camaro with a suite of new technologies, even higher levels of performance and fuel economy, and a leaner, more athletic design. "I may be the luckiest mayor in America today," said Lansing Mayor Virg Bernero. "Gearing up for full-scale production of the legendary Chevy Camaro is a new high point in the more than two decades of extraordinary partnership between the City of Lansing, General Motors and the UAW.

2015 Chevy Impala Bi-fuel burns CNG, starts at $37,385*

Currently, the only natural-gas-powered passenger car offered for sale by an OEM in the US is the Honda Civic Natural Gas. Starting this fall, that long-running CNG car will be joined by a CNG-burning 2015 Chevy Impala for both fleet and retail customers. General Motors announced today that the car will start at $37,385, plus an $825 destination charge. That comes to $38,210 before taxes and options. Those options include two trim lines, the base LS and the upper-level LT. Chevy doesn't break out the details in the press release announcing the price, but you can see the trim details for the standard gas-powered 2014 Impala here. Exact information on the 2015 models is not available just yet, but GM spokesman Chad Lyons told AutoblogGreen that the equipment that you see listed on the site for 2014 is "almost exactly the same" as what will be available for 2015. The 2015 Impala gets around 19 city mpg on CNG, but official EPA numbers are not yet available. That means the LS will come with 18-inch aluminum wheels, electric variable-assist power steering, projector-beam headlamps, and 10 air bags. The LT adds an eight-inch touch screen with MyLink, premium Cloth interior and dual-zone automatic climate controls. The cost for this upgrade is unspecified. For CNG purposes, we can ignore the numerical prefix used for the gas-powered LT trims, since that denominates the engine type, and all the CNG models use a 3.6-liter engine with hardened valves and valve seats that can better handle natural gas. The trunk capacity also drops from 18.8 cubic feet to 10 cu .ft. in order to fit in the CNG tank that holds the equivalent of 7.8 gallons of gas. That amount of CNG should move you 150 city miles, which is around 19 mpg, but official EPA numbers are not yet available. With the addition of the gasoline on board, the overall range is 500 city miles. The car burns CNG when available and switches to gas with "no interruption" either when the tank is empty or when the driver selects the gas tank. Find more details in the press release below. GM says the CNG Impala will will be available nationwide this fall. CNG is a growing fuel in the US, thanks in part to fracking. The Civic Natural Gas, which starts at $26,640, is growing towards a nationwide availability. Next year, for example, the Shell Eco-marathon Americas in Detroit will allow CNG for the first time. Chevrolet Announces Pricing of CNG-Capable 2015 Impala 2014-05-06 LONG BEACH, Calif.