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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.

GMC moved the headlights down on the 2024 Sierra EV to prevent glare

There are a lot of things that are different between the 2024 GMC Sierra EV’s design and the gasoline Sierra pickup, but one we noticed right away was the headlight placement. On GMÂ’s full-size gasoline trucks, the headlights are about as far up the front fascia as they can be. In the Sierra EV, theyÂ’re positioned significantly further down and into the lower bumper below the grille. Why are we highlighting this particular aspect of the design? Well, unless you only ever drive massive, high-riding trucks, youÂ’re probably very accustomed to being frequently blinded by them on the road these days. In describing the Sierra EVÂ’s headlight placement, designers told us they intentionally put the lights further down to improve matters. We pulled Phil Kucera, a GMC design manager, aside to ask him about the change. “It tends to be a better spot where itÂ’s not glaring in other peopleÂ’s eyes, right, the lower you get,” Kucera says. Beyond blinding others, putting the headlights lower on the face of the truck improves headlight performance for the driver, too. “Typically the lower the better, because thatÂ’s where theyÂ’re going to be on the road, so thereÂ’s less to reflect off of in fog or rain,” Kucera explained. “If you get them up at a certain height, theyÂ’re going to be reflecting certain things like snow, rain or things like that in your eyes.” 2024 GMC Sierra EV Denali Edition 1 View 13 Photos Of course, youÂ’ll notice on the Sierra EV that the daytime running lights (DRLs) are still big and bold in the upper part of the front end. These lights are around for decor, though, and act as pieces of design rather than a functional way to see at night. In other words, theyÂ’re lights, but theyÂ’re not going to dazzle oncoming traffic or cause glare for the driver like a headlight pointed down the road will.  Moving those lights further down in the front should hopefully be a net positive for other drivers coming across the Sierra EV and for drivers of the truck themselves. How the lights are aimed plays just as much a role in how other drivers perceive oncoming lights, though, so weÂ’ll have to wait and see the real-world performance on this one.  WeÂ’ll also note that moving the actual headlights further down the front end doesnÂ’t take anything away from the design of the Sierra EV. It still features a strong, upright stance that the world is accustomed to seeing from new trucks these days. ItÂ’s no surprise, but GM agrees.

GM plans to sell the Chevy Tahoe and Cadillac Escalade in China

General Motors Co plans to sell full-size sport-utility vehicle (SUV) models in China for the first time, and will import a range of models to beef up its product lineup into the world's biggest car market, its China chief told Reuters. The plan would mark a change of tack for GM, which currently produces all of the vehicles it sells in China within the country, which is set to be the only major economy to grow this year amid the COVID-19 pandemic. GM, China's second-biggest foreign automaker, is aiming to offer four models as it looks to improve its brand image and support a sales recovery: Chevrolet's Tahoe and Suburban, Cadillac's Escalade and the GMC Yukon Denali. The Detroit-based company is showcasing those models at the China International Import Expo, or CIIE, an annual import show in Shanghai which started on Wednesday and runs into next week. "Our intention is to get customer reaction and find a way to sell these cars in China," said GM's China chief Julian Blissett. The automaker sees opportunities for such vehicles, partly because Chinese families are expanding, he added. "We are looking into a variety of market sales plans for these vehicles, including online sales, leasing and others," he said, declining to give a detailed timeframe for the plan. GM's Buick and Cadillac mid-size SUVs helped the group's Chinese sales grow 12% in the third quarter this year, the first quarterly growth in the past two years. But it does not have full-size SUV models, which usually have a third row of seats and has room for six or seven people. BATTLEGROUND China, where over 25 million vehicles were sold last year, is a crucial battleground for global automakers including Volkswagen AG, the biggest foreign player by sales volumes, GM and Toyota, as well as local leaders Geely and Great Wall. The country has seen auto sales pick up in recent months following a COVID-19-induced slump, and authorities say they have largely brought the epidemic under control following its emergence in the central city of Wuhan at the end of last year. The expansion plan would also mark GM's first official sales in China of GMC vehicles, a premium brand in the group. Previously GMC vehicles were only sold in the country via unofficial grey importers. The imports will, however, not change GM's basic production strategy in China. It will still mostly sell vehicles made in China - for now, at least. "Depending on however we go we might make other decisions," Blissett said.