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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.

Autoblog Podcast #384

Episode #384 of the Autoblog podcast is here, and this week, Dan Roth, Steven Ewing and Chris Paukert talk about rumors that the Subaru WRX Concept styling may influence the next production model, the 2015 Chevrolet Corvette Z06, and Chris' time with the 2015 Lincoln MKC. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the new rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #384: Topics: Long-term 2015 Subaru WRX introduction Subaru WRX Concept styling may see production 2015 Lincoln MKC 2015 Chevrolet Corvette Z06 In the Autoblog Garage: 2014 Mercedes-Benz E550 Cabriolet 2014 Volkswagen Jetta SEL 2014 Chevrolet Corvette Stingray Hosts: Dan Roth, Steven Ewing, Chris Paukert Runtime: 01:34:21 Rundown: Intro and Garage - 00:00 Long-term WRX intro - 27:20 WRX Concept - 37:10 Lincoln MKC - 47:49 Corvette Z06 - 01:07:18 Q&A - 01:16:18 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Podcasts Rumormill Chevrolet Lincoln Mercedes-Benz Subaru subaru wrx concept

Chevrolet considering midsize crossover to slot between Traverse and Equinox

Crossovers are the new hotness, and automakers are looking to cash in by offering a size and shape for every customer. With Chevrolet's debut of the new 2018 Traverse in Detroit, which grew ever so slightly compared to the first-generation model, there is now a midsize-crossover-sized hole between the three-row Traverse and the compact Equinox. When asked about that obvious space, a Chevrolet spokesperson told us the company is looking into the possibility of expanding its crossover lineup. It should be a relatively simple thing to do, since all it would take is reskinning and rechristening the GMC Acadia with a bow tie, and we all know how much GM loves platform sharing. Although they're now different sizes, the new Acadia and Traverse still use the same platform; the Acadia is now on a short-wheelbase version of the C1XX while the Traverse uses long-wheelbase C1XX parts. A short-wheelbase Chevy built on the C1XX likely would be differentiated visually from both the Acadia and the larger Traverse. It may seem like flooding the lineup with more and more models would cannibalize sales of existing ones, but Chevrolet said it would rather have customers stay within the brand rather than going to another automaker. There have been whispers that some form of the Blazer name (possibly TrailBlazer) may make a return on a midsizer, but if it does don't expect an old-school body-on-frame SUV like the old one. In the end, if Chevy builds it, customers will come. Related Video: