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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.

Mazda CX-50, GMC Hummer EV and Porsche Macan T | Autoblog Podcast #724

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick and News Editor Joel Stocksdale. It's a big week for interesting car reviews, as we discuss driving the Mazda CX-50, GMC Hummer EV, Porsche Macan T and Toyota GR86 (formerly known as GR 86, with a space). They also discuss the newly unveiled 2023 Toyota GR Corolla and 2023 Honda HR-V, as well as Elon Musk becoming Twitter's biggest shareholder. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #724 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Mazda CX-50 2022 GMC Hummer EV Edition 1 2023 Porsche Macan T 2022 Toyota GR86 2023 Toyota GR Corolla revealed: Looks ferocious, packs 300 hp 2023 Honda HR-V revealed, is now Civic-based and bigger Elon Musk takes 9.2% stake in Twitter, is now biggest shareholder Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

What to see at the Detroit Auto Show 2023

The 2023 North American Auto Show — also known as the Detroit Auto Show — is underway downtown. If you want to attend the public days of the show taking place September 16-24, hereÂ’s what you need to know about attending. But now that Autoblog has done our reconnaissance during the showÂ’s press days, we can tell you about the actual cars (and other things) you can see and experience. WhatÂ’s new? Ford The big new item from Ford is the 2024 F-150 pickup. You can check out the new trick tailgate, and see what the fuss is all about. The 2024 F-150 Raptor also debuted at the show, if you like high-power, off-roady full-size pickups. The show will also be a good opportunity to see the Mustang Dark Horse and Mustang Mach-E Rally up close and personal. Unfortunately, we only saw the wild 2025 Mustang GTD at an offsite event during press days, but it's quite possible Ford will roll it out for the public. Cadillac Cadillac revealed its refreshed 2025 CT5 at the Detroit show, and you can get a look at the revised front and the new tech-focused interior. Cadillac recently unveiled the all-electric 2025 Escalade IQ, so you can stop and see the most powerful Escalade ever while youÂ’re there. It wasnÂ’t on the floor during media days, but Cadillac told us theyÂ’d bring it for the public part of the show. Jeep Jeep unveiled its 2024 Gladiator at the show, and you can check out the new interior and trim levels in person at the Jeep stand. Jeep also has an indoor track set up for ride-alongs. If you havenÂ’t had the chance to see the refreshed 2024 Wrangler yet, you can see that, too, along with examples from the rest of the Jeep lineup, along with its Stellantis sibling, Ram. GMC GMC showed off the new, larger 2024 Acadia SUV for the Detroit Auto Show. ItÂ’s bigger than before, but does more to differentiate itself from its Chevy cousin, the Traverse. GMC also has its Sierra EV on display if youÂ’re interested in catching that in person. What else to see A number of automakers have large displays at the show with many of their models represented. In addition to those who debuted something new at the show, Buick, Chevrolet (check out the Silverado, Blazer and Equinox EVs, as well as the Corvette E-Ray), Lincoln with the new Nautilus, Toyota (get a look at the new Tacoma), Volkswagen, Honda, Kia, Hyundai, Mini, Volkswagen, Honda, Chrysler (the Airflow concept is there), Fiat, Ram and Dodge (see the Charger Daytona SRT concept) all have a sizable presence.