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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.

My year in EVs: 8 electrics that are changing the car industry

The year 2021 will go down as an inflection point in the auto industry’s transition to electric vehicles. It's when many much-anticipated models became reality. No longer sketches or sketchy prototypes, electric vehicles appeared from all corners with everything from the Lucid Air to Ford Mustang Mach-E changing how we think about transportation. I managed to drive a lot of them, and as I went through my notes, I realized IÂ’ve got a mini memoir of the seminal EVs of 2021. HereÂ’s my take on eight of them. Hummer EV Easily the most over-the-top EV I tested this year. The 1,000-hp super truck lived up to the hype with its domineering presence, stupendous power and simply being a reincarnated Hummer. I took it for a short spin on- and off-road at the General Motors Proving Grounds in Milford, Mich., and was impressed with the airy cabin, removable sky panels and expansive touchscreens. Yes, I crab walked, which felt like steering a pontoon boat, though I can see why it would be useful. Lucid Air Dream Performance The most beautiful sedan I tested all year, EV or otherwise. Unlike the futuristic Mercedes EQS — which is quite attractive — LucidÂ’s car is a blend of mid-century modern interior aesthetics and classic European exterior styling. When I walked up for my test drive, someone who IÂ’m pretty sure was comedian Jon Lovitz was sitting inside and taking it all in. As it sat in the valet of a hotel in a wealthy suburban enclave north of Detroit, the Lucid drew more attention than any of the Mercedes, Cadillacs or Lexus models passing by. The driving experience was enveloping. Starting at $169,000 for the Performance model (reservations are closed), the Lucid I sampled packed 1,111 hp and 471 miles of range. From the precise steering to the comfortable suspension, the dynamics were spot-on. It's a formidable product, and all the more impressive given itÂ’s LucidÂ’s first. Chevy Bolt EV The Bolt was the most pleasant surprise for me. It handled well, offered low-to-the-ground hot hatch dynamics and the steering was dialed-in. Adding a crossover variant for the new generation was a smart play. On a summer morning where I went to a first drive of the Ford Bronco at an off-road course, my hour-long commute in the Bolt was an enjoyable appetizer.  The Bolt was also my biggest disappointment due to its extensive recalls for fire risk. Ironically, I had the Bolt in my driveway when the initial recall went out for the previous generation (2017-19).

Battery Show 2015: Genovation GXE Corvette EV designed for the 'Ring

The Genovation GXE all-electric Corvette has broken cover. At the Battery Show 2015 in Novi, MI, this week, the converted C6 Z06 Corvette that we first heard about back in August was tucked into a booth along the back wall. Don't let the demure location fool you. This is a muscle-y electric vehicle, ready to roar into the limited-run, expensive EV game. The Genovation GXE Corvette can go from 0-60 miles per hour in three seconds and has a top speed of 200 mph. The powertrain was designed and built in the US, and offers over 700 horsepower and over 600 pound-feet or torque. With a near 50/50 weight distribution, this is "a real driver's car," Genovation CEO Andrew Saul told AutoblogGreen. Saul said that the GXE was designed to do two hard laps at Nurburgring thanks to a 44-kWh battery pack uses the same sort of cylindrical 18650 cells that you can find in a Tesla. That translates to about 40-50 miles of fast, on-road driving, Saul said, or 150 miles on the New York City test cycle. That particular test, "simulates low speed urban driving with frequent stops," according to DieselNet. The car also has a 6-kW charger and a six-speed manual transmission and the adjustable regenerative braking levels can be controlled by paddles on the steering wheel. Of course, none of those performance figures have been proven yet because the GXE hasn't had a chance to hit the road. Saul said that it will take another three-to-four weeks to finish the build and then, finally, there will be a few weeks of road testing. This will include a quarter-mile run on a track as well as a trip to Nevada to do a several-mile top speed test. If all of that sounds like something you're interested in, then get ready to open your wallet wide and wait. Saul said that buying one will set you back $330,000 (just $290,000 if you bring your own C6 Z06). Genovation also won't be making all that many. Saul said he expects to put the GXE into limited production of under 200 units, starting off at maybe five or 10 a year. Featured Gallery Battery Show 2015: Genovation GXE All-Electric Corvette View 14 Photos Green Chevrolet AutoblogGreen Exclusive Electric exclusive corvette genovation