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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.

2022 GMC Yukon gets larger screen, standard power sliding console

The 2022 GMC Yukon is falling into line with its big SUV siblings, the Chevrolet Tahoe and Suburban, according to a rundown of new features on Muscle Cars & Trucks. We've already covered the availability of the 6.2-liter V8 on the AT4 trim, and it looks like GMC buyers will have an easier time of it than Chevy buyers who want the 6.2, the engine looking like a standalone option on the GMC.  Inside, the Yukon welcomes the 12.3-inch digital gauge cluster, replacing the previous eight-inch cluster that had an analogue tach and speedo. A little to the right, the infotainment system will come with Google Automotive built in, obviating the need to pull up Android Auto to get access to Google Maps, Google Assistant, and the Google Play Store. And just below that, the Yukon Denali makes the power sliding console a standard feature instead of a $350 option.  The big V8 with 420 horsepower and 460 pound-feet of torque comes with a shiny pair of exhaust finishers, plus 2022 sees the addition of Redwood Metallic paint, some new wheel options, and rocker panels that can be gussied up with illuminated sill plates. The current Yukon offers Max and ProGrade trailering packages, for next year an Enhanced Trailering Technology Package adds a 13-camera trailering bundle with the option for an interior accessory camera for those with enclosed haulers. On the safety side, expect reverse automatic braking to join the list of available driver assistance features. Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Chevy Colorado, GMC Canyon midsize pickup trucks to get diesel engines

The market for midsize pickup trucks has all but been abandoned in the US, but General Motors is about to shake the market up with the all-new (to the US) Chevrolet Colorado and GMC Canyon. Launching next year, GM already told us that its new trucks would be a "fuel-efficient alternative" to fullsize trucks, and aside from the smaller size, Automotive News says that these trucks will accomplish this with a diesel engine.
According to the AN report, the next-gen Colorado and Canyon will offer a small, four-cylinder Duramax turbo diesel with a displacement of either 2.5 or 2.8 liters - both engines are currently used in this truck for other markets. This would allow GM to join the Cummins-powered Nissan Titan and Ram 1500 EcoDiesel as the only non-HD trucks in the US to offer diesel. The article goes on to say that the diesel versions of the Colorado and Canyon would launch about a year after the trucks go into production in fall of 2014.