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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.

Sunday Drive: An automotive flavor for every taste

Last week was flush with interesting new vehicle debuts, led by the new 2019 Hyundai Santa Fe. This crossover is entering straight into the heart of one of the world's most competitive automotive segments, and it's doing so with a fresh sense of style and a brace of new technologies. Our readers are clearly intrigued – the Santa Fe was the biggest news story of the last week on these online pages. It's fitting that a crossover generated a lot more interest than a traditional wagon, though we don't really have to be happy about it. Still, the completely new, fully redesigned Volvo V60 is worth taking another look at. First of all, it's pretty, in a traditionally Scandinavian way. Second, it's quick, with a 0-60 time of as little as 4.8 seconds. And finally, it's practical, with all kinds of room for cargo without the dynamic penalties of an unnecessary lift kit. Moving on from new vehicle debuts, we took another long look at the Honda Ridgeline. It's definitely a non-conformist pickup truck, based not on a body-on-frame platform but on a more carlike unibody design. That means it can't tow as much as some other trucks, but it also means the Ridgeline drives better than any of its more truckish competitors. It's the Swiss army knife of pickup trucks. Rounding out our coverage from last week are three sets of spy photos, each showing the interior of a hotly anticipated new model. One is a truck, one is a crossover, and the last is a sportscar. All of them are worth another look. As always, stay tuned to Autoblog this week for all the most important news in the automotive world. 2019 Hyundai Santa Fe unveiled 2019 Volvo V60 | Sleek, swift new twist on the Swedish wagon 2018 Honda Ridgeline | Pocketknife pickup is up for anything 2019 GMC Sierra interior looks just like the Silverado's 2019 Cadillac XT4 interior has actual buttons, no more touch-sensitive panel 2020 Porsche 911 992 spy shots show interior and manual transmission Cadillac GMC Honda Hyundai Porsche Volvo Truck Crossover Wagon Luxury Performance Sedan hyundai santa fe

2022 GMC Hummer Edition 1 weighs 9,063 pounds

From the beginning, the Hummer line of vehicles has been synonymous with the phrase, "absolute unit." The M998 Humvee turned to civilian use as the Hummer H1 came with a curb weight of 7,560 pounds depending on configuration. The much more urbane Hummer H2 didn't sacrifice much of those gains, putting about 6,615 on the scales. Let us not forget that the behemoth gravitational pull and square-jawed mass were what every Hummer buyer wanted. So, starting with the brand values and customer demand, and adding the fact that electric vehicles are substantially heavier than their ICE counterparts, no one should be surprised that the 2022 GMC Hummer Edition 1 weighs 9,063 pounds. That's just one of the substantial figures GMC included in a self-certification filing submitted to the U.S. Environmental Protection Agency, the document rooted out by Car and Driver. Last year GMC told us the Hummer would weigh 9,046 pounds, which proves again the Freshman 15 (or 16) is unavoidable.  Loaded up with humans and their accessories, the truck's gross vehicle weight rating (GVWR) comes in at 10,550 pounds. It takes a few other big numbers to keep that kind of tonnage on the go. The Ultium battery weighs 2,923 pounds. With a 617-amp-hour capacity at 400 volts, total capacity comes in at 246.8 kWh, specific energy at 158 Wh/kg. Usable capacity is about 85% less, at 212.7 kWh. For the time being, these numbers put every other pack in a production vehicle in the shade. That gargantuan chemical plant in the Hummer's floor powers a 329-mile range the same way a giant fuel tanks feed a truck that gets 8 miles to the gallon. The miles per gallon equivalent figures GMC submitted to the EPA are 51 MPGe city, 43 MPGe highway, 47 MPGe combined. Motor Trend questioned whether GM applied the correction factor used for window sticker numbers; if not, the standard 0.7 correction drops the MPGe specs to 36 city, 30 highway, and 33 combined. However, trucks with a GVWR beyond 8,500 pounds don't need to display fuel economy figures on their window stickers, so don't expect to see any such details on dealer lots. For comparison, the Rivian R1T Launch Edition weighs about 7,000 pounds, and fits a 128.9 kWh battery good for an estimated 314 miles estimated at 70 MPGe.