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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.

Latest Forza Motorsport 5 car pack leaves us scratching our head (in a good way) [w/video]

As we scrolled down the roster of the latest car pack for Forza Motorsport 5, the Hot Wheels Car Pack, our expression became bemused over the strange mix of vehicles that we now have at our disposal. This is quite unlike any of the other sets of DLC Turn 10 Studios has offered. Sure, there are the typical headliner cars – the Lamborghini Veneno and 2015 Audi S3 – that will appeal to the mainstream racing fan or auto enthusiast. But this latest car pack is so jammed full of nuggets of automotive weirdness that it's hard not to get excited. The Hot Wheels pack has no shortage of racers, with a particular focus on historical offerings. A 1939 Auto Union Type D covers the pre-war era of Formula One, while a 1967 Lotus 49 and a 1952 Ferrari 375 represent post-war racing. For a modern twist, a Mazda USF2000 car slots in below the Indy Lights car from the Nurburgring booster pack. From here, things get vintage and weird. There are a pair of delightfully offbeat coupes, in the form of a 1974 Toyota Celica GT and a 1973 Ford XB Falcon GT (here's hoping we get a vintage Holden Monaro in the future). Those two are joined by a 1956 Ford F-100, which your author already plans on converting into a dragster with vinyl flames down the side (because that's what all vintage pickups should be). The new ride we're most excited about, though, is the 1983 GMC Vandura G-1500. Yes, that's the van from The A-Team, and we're sure it will prove to be an excellent canvas for the artists of FM5 to cover with airbrushed, fire-breathing unicorns and mystical, gray-haired wizards (or just poorly painted letters that read "Free Candy"). This latest car pack is the final monthly car pack for FM5, although Turn 10 is quick to point out that while the monthly updates are over, there will still be new batches of cars made available to gamers. As for the Hot Wheels pack, it's available now on Xbox Live for $9.99. Scroll down for the press release from Turn 10 Studios, as well as a video of the newest additions to Forza Motorsport 5's vehicle roster. Forza Motorsport 5 Hot Wheels Car Pack Now Available Turn 10 Studios is bringing the Hot Wheels® Car Pack to "Forza Motorsport 5," available for download today. The pack features a collection of vehicles built from the ground up for the new generation that car fans can collect and customize while putting their virtual driving skills to the test.

2023 GMC Sierra Review: Upscale and off-road capable

Pros: Quiet and torque-rich Duramax diesel; premium interior; big touchscreen on most trims; great trailering tech Cons: Worse ride than most rivals; AT4X priced like a Raptor but doesn't go like a Raptor The 2023 GMC Sierra half-ton pickup is a slightly more upscale cousin of the Chevy Silverado, but didn’t always feel like it. After a refresh last year, the Sierra actually delivers on the upscale part, for the most part of the equation with a comfortable, high-quality interior and better technology in most trim levels. ItÂ’s massively configurable, with four available engines and five different cab/box combinations. ItÂ’s also quite capable off-road with that AT4, AT4X and the soon-to-arrive AT4X AEV Edition. WeÂ’re fond of the diversity of tech available in the Sierra, whether itÂ’s the Google-powered infotainment with large, easy-to-use screens, a clear head-up display, numerous camera feeds for trailering and off-roading, or GMÂ’s Super Cruise advanced driver assistance system. We just wish that last one was available on more than just the Denali trims. If youÂ’re looking for a truck whose capability is matched by its livability, the GMC Sierra is worthy of your consideration, though you can find better ride quality in other brands (we enjoyed the ride in the AT4X, however). And while the AT4X has some true off-road capability, if youÂ’re looking for a Baja-blasting supertruck, though, youÂ’ll find better with the Ford F-150 Raptor and Ram Rebel TRX. If you donÂ’t need the nicer interior or extra tech, you might find something more matching your needs and pocketbook with the Ford F-150, Ram 1500 or even GMÂ’s own Chevy Silverado. ItÂ’s hard to go wrong with any of those nameplates. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? After some pleasant updates for the 2022 model year, the changes for 2023 are relatively minor. The price went up, unfortunately. The available 3.0-liter Duramax turbodiesel has been revised for more power and efficiency. Later in the year, the AT4X AEV Edition will add even more off-road capability to this luxurious pickup. There are also some new exterior colors available, a new Graphite Edition for the Pro trim, and new 22-inch ultra-bright wheels for the Denali Ultimate.