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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.

Corvette Stingray gets optional Z06 components

If you've got a Corvette Stingray in the garage and have been tempted by some of the upgrades incorporated into the Z06, but can't quite bring yourself to trade up, Chevy has got some good news for you. The Bowtie brand has announced a series of performance parts derived from those in the Z06, but applicable to the base Stingray. The list of parts includes new cooling elements, prop shafts, brakes, suspension components, and underbody braces. They can all be fitted to Stingray models with or without the Z51 performance kit, and promise to raise the Corvette's game if not quite to Z06 levels, then closer to them. And for Z06 owners interested in gaining a bit more advantage, Chevy is offering a new Level 3 aero kit as well. The parts were demonstrated on upgraded 'Vettes at the Ron Fellows driving school at Spring Mountain. The school is also serving as technical partner and the track as the location for a new spec racing series built around the C7 Corvette. Dubbed the Michelin Corvette Challenge, the calendar is composed of fifteen half-hour races held in pairs over eight weekends, all on the six-mile circuit near Las Vegas. The cars to be used in the series will be close to showroom stock and feature many of the new Z06-derived upgrades, with Michelin racing slicks for dry weather and Pilot Super Sport tires in the wet. Perhaps most compelling of all will be the payment plan that will allow participating amateur racers to pay in installments across the season and take home their Corvette after the season's conclusion in December. New Z06 Parts Enhance Corvette Stingray Performance Broad range of chassis, suspension and aero components enhance capability 2015-11-02 PAHRUMP, Nev. – Chevrolet today and drivers from the Ron Fellows Corvette high-performance driving school at the Spring Mountain track demonstrated Stingray models enhanced with components from a new lineup of Z06-based performance parts. They're designed for 2014+ Stingray models, including Z51-equipped cars. "We've selected specific components from the Corvette Z06 and engineered them to fit the award-winning Stingray," said Jim Campbell, Chevrolet U.S. vice president of Performance Vehicles and Motorsports. "These Z06 parts enhance the handling, braking, cooling and downforce performance of the Stingray." Ron Fellows, champion Corvette Racing driver, collaborated with Chevrolet Performance engineers on the all-new portfolio.

2016 Chevy Volt wins Green Car of the Year

The award ceremony for the 2016 Green Car Of The Year announcement at the LA Auto Show today started with a joke video by juror Jay Leno. Showing of a restored and refurbished 100-year-old Detroit Electric EV, Leno said that while there were a lot of different powertrains in the running this year, he didn't expect any German diesels to win. Yuk yuk. There was no doubt that Leno was right; there were no diesels in the finalist's circle. The winner this year was the new, second-generation Chevy Volt, a plug-in hybrid with a 53-mile electric range and 106 MPGe. The first-gen car won the title five years ago, making the Volt the first model to be crowned Green Car Of The Yera more than once. The other finalists this year were the Audi A3 E-Tron, the new Toyota Prius, the Hyundai Sonata, and the Honda Civic. One of Green Car Journal's most important factors in deciding the winner is widespread availability, said Green Car Journal editor Ron Cogan as he announced the award. Qualifying vehicles also have to be on sale by January 1st of the award year (in this case, 2016). For the record, AutoblogGreen readers also picked the Volt to win in our poll a few months ago with 42 percent of the vote. Second place was the Prius, with 21 percent. Earlier this year, Green Car Journal had to strip the awards from two diesel vehicles, the 2009 VW Jetta TDI, which won in 2008, and the 2010 Audi A3 TDI, the 2010 winner. We enjoyed our seat time in the new Volt, and you can read our review here. Related Video: