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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.

Ford Edge ST and Mercedes-AMG E 53 | Autoblog Podcast #557

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Reese Counts. They talk about driving the Cadillac Escalade, Mercedes-AMG E 53 Coupe and Ford Edge ST. Then they run down the news: Lexus LFA prototype spy shots and the Buick Cascada's death knell. Then Green Editor John Beltz Snyder crashes the studio to talk about reducing your carbon footprint. Finally, the fellas help spend a listener's hard-earned money on a new car.Autoblog Podcast #557 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Cadillac Escalade and Mercedes-AMG E 53 Coupe First drive of the Ford Edge ST Lexus LFA prototype spied at the Nurburgring with new body work Buick Cascada at death's door? Climate change sucks, but it doesn't have to Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Green Podcasts Buick Cadillac Ford Lexus Mercedes-Benz Car Buying Used Car Buying Convertible Coupe Crossover SUV Luxury Performance lexus lfa buick cascada

2017 North American Car, Truck, and Utility of the Year entries announced

Over 40 vehicles will compete for the 2017 North American Car, Truck, and Utility of the Year awards. If that name looks a little strange, it's because the competition added a third category. In years past, pickup trucks, crossovers, SUVs, commercial vans, and minivans competed for the same award. That's why there were occasionally weird comparisons, like last year's competition between the Volvo XC90 and Nissan Titan XD. The new format separates pickups and commercial vans into the truck contest and CUVs, SUVs, and minivans into the utility competition. A complete list of eligible vehicles is below, but here are a few highlights. For one, the entire list of entries has a luxurious lean. Of the 43 vehicles, nearly half of them are from premium brands. There are two eligible Bentleys – the Bentayga and Mulsanne – the Rolls-Royce Dawn, Jaguar F-Pace, Audi Q7, and the Mercedes-Benz GLS-, E-, and S-Class Maybach. The performance ranks are lofty, too, with the Audi R8, Acura NSX, Alfa Romeo Giulia, Mercedes SL- and SLC-Class, Porsche 718, and F-150 Raptor. The mainstream entries are just as comprehensive. From the Chrysler Pacifica to the Chevrolet Cruze to the Fiat 124 Spider to the Mitsubishi Mirage, NACTOY has covered an enormous price range with this year's contestants. Of course, these are only the eligible vehicles. They'll need to run through three rounds of judging, starting in September at NACTOY's traditional Hell, MI, test drive. The Canadian and American journalists involved in the judging will announce this year's nine finalists – three in each category – on December 6. Cars Acura NSX Alfa Romeo Giulia Audi A4 Audi R8 Bentley Mulsanne Buick Cascada Buick LaCrosse Cadillac CT6 Chevrolet Bolt Chevrolet Cruze Fiat 124 Genesis G90 Hyundai Elantra Infiniti Q60 Jaguar XE Kia Cadenza Lincoln Continental Mercedes-Benz E-Class sedan Mercedes-Benz S550 Maybach Mercedes-Benz SL-Class Mercedes-Benz SLC-Class Mini Clubman Mitsubishi Mirage/G4 Porsche 718 Boxster and Cayman Rolls-Royce Dawn Toyota Prius Prime Volvo S90 SUVs Audi Q7 Bentley Bentayga Buick Envision Cadillac XT5 Chrysler Pacifica GMC Acadia Infiniti QX30 Kia Sportage Mercedes-Benz GLS-Class Jaguar F-Pace Mazda CX-9 Nissan Armada Trucks Ford F-Series Super Duty pickups Ford F-150 Raptor Honda Ridgeline Nissan Titan half-ton Related Video: Featured Gallery Bentley Bentayga View 23 Photos News Source: Automotive News - sub.