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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.

GM recalls 330,000 fullsize trucks for airbag replacement

General Motors has announced a recall of 330,198 fullsize pickups in the US in the aftermath of the announcement made on May 19 that doubled the number of vehicles being called in to replace Takata's defective airbag inflators. That announcement expanded the nationwide recall to an estimated 33.8 million vehicles in the US. Heavy Duty versions of the 2007 and 2008 Chevrolet Silverado and GMC Sierra are included in GM's move, for the purpose of replacing the passenger airbag inflators. The announcement made by the National Highway Traffic Safety Association cited long-term exposure to moisture as a possible cause of the inflator issues. GM says it isn't aware of any problems with the recalled pickups due to moisture, nor has it had any reports of crashes, injuries, or fatalities, and has not received any complaints. GM will notify owners, who can then take their trucks to the dealers to have them repaired free of charge. You'll find a statement from GM and the recall notice from NHTSA below. Related Video: General Motors Statement General Motors is recalling 330,198 2007 and 2008 model year full-size Chevrolet Silverado heavy duty and GMC Sierra heavy duty pickup trucks in the U.S. to replace the passenger air bag inflators manufactured by TK Holdings Inc. (Takata). This recall implements Takata's air bag inflator equipment recall announced on May 19, 2015 (NHTSA recall number 15E-041). GM is not aware of any humidity-related ruptures in Takata air bag inflators in any GM-badged vehicles in the field and knows of no crashes, injuries, fatalities or complaints regarding air bag performance in these vehicles. Including Canada and exports, the total number of vehicles being recalled is 374,715. Population breakdown: United States 330,198 Canada 39,630 Exports 4,887 Total 374,715NHTSA RECALL NOTICE: Report Receipt Date: MAY 28, 2015 NHTSA Campaign Number: 15V324000 Component(s): AIR BAGS Potential Number of Units Affected: 330,198 Manufacturer: General Motors LLCSUMMARY: General Motors LLC (GM) is recalling certain model year 2007-2008 Chevrolet Silverado 2500HD and 3500HD trucks manufactured November 28, 2006, to August 29, 2008, and 2007-2008 GMC Sierra 2500HD and 3500HD trucks manufactured November 27, 2006, to August 29, 2008.

2021 GMC Yukon configurator now open for play-money builds

The 2021 GMC Yukon configurator is open for real and imaginary business. It's missing a number of important options, though, like the AT4 trim and the Premium Capability Package that installs the Air Ride Adaptive Suspension, so the configurator is best suited for practice runs at the moment. Playing our usual game, we started with a livery build in base SLT 2WD trim for an airport shuttle to compare to the livery 2021 Tahoe we built a few days ago. Same as with the Chevy, the GMC offers nine exterior colors. Opposite to the Chevy, the GMC makes you pay for every color except Summit White. Our Onyx Black selection added $195, five colors cost $495, Cayenne Red Tintcoat costs $695, and the super gonzo White Frost Tricoat runs $1,095. We plumped for the SLT Luxury package's driver assistance and convenience features like memory settings for the front passengers, powered seating for the second row, a split third row, the Rear Seat Media Package, and a console lockbox. What began as $59,095 after destination — $4,000 more than the 2021 Tahoe — ended at $64,445, just $2,165 more than our livery Tahoe because the Yukon packages more kit.   The amounts add up a lot quicker at the top end. Our regional rep with a fat bonus check started with a $72,295 Yukon Denali 4WD in the $495 Pearl Beige Metallic with a Teak and Light Shade interior. The $6,500 Denali Premium Package normally costs $500 more, and who can resist a sale? At about 9% of MSRP, it's not a negligible option, but it includes the $1,780 Advanced Technology Package, the $1,500 panoramic sunroof, and a set of 22-inch wheels that are normally $2,995. Since the bonus was big enough to replace the two-year-old jet skis in the garage, our rep added the $465 Max Trailering Package and that automatically appends the ProGrade Trailering features. Put in the Rear Seat Media Package to occupy the kids, locking armrest storage to protect stuff from the kids, and hook up a set of illuminated GMC badges for $535 to wow oncoming vehicles, and the total comes to $83,320. That's more than $10,000 in options without the least effort. However, there aren't any big-money options left to add except a $1,499 rooftop tent.     GM Authority wrote about the package combinations necessary to unlock the Air Ride Adaptive Suspension on the AT4 or Denali trims. Summed up, the check boxes add $3,410 to the price of an AT4, $3,755 to the price of a 2WD Denali, and $6,015 to the price of a 4WD Denali.