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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.

2017 Buick LaCrosse First Drive

The 2017 Buick LaCrosse seems destined to never get the credit it deserves. It's bound to be dismissed as just another full-size sedan relic, ignored by those who habitually visit their Lexus dealer every few years for a new ES. This new LaCrosse will inevitably be overshadowed in the Buick showroom by SUVs and never fully appreciated by the majority of its buyers who simply want a big, comfy, and quiet car. That destiny would be a shame. The completely redesigned LaCrosse is now a legitimate luxury car, not because advertisements say it is, but for the way it drives, the way it looks, and the way it cossets you inside. The former is really the most impressive, since it's also the most surprising. During the LaCrosse press launch in Portland, Oregon, Buick boasted how comfortable and exceedingly quiet the car is, and indeed, it isolates road imperfections and allows for a pair of low talkers to converse in subdued tones. The big Buick sedan's low-effort steering will also satisfy the nice-and-easy tastes of most drivers. The best way to describe driving the LaCrosse is "unwaveringly pleasant." Yet, during that pleasant drive, road dips and mid-corner undulations don't make the comfort-tuned suspension bob and bound like its competitors might. Its body control and generally planted nature encourage speeds and confidence to creep ever so higher through successive sweeping corners on Oregon's densely forested Mist-Clatskanie Highway. Even that low-effort steering demonstrates precision, linearity, and just enough feedback to further spur on such a pace. This unexpected capability is best observed on cars equipped with the optional 20-inch wheels, which supplant the standard 18s and, more importantly, bring with them Continuous Damping Control (CDC) and GM's HiPer Strut front suspension, which is designed to quell torque steer and further improve cornering grip. You don't even have to engage CDC's firmer Sport mode to appreciate the LaCrosse's surprisingly sharp road manners. "We unleashed the engineers," chief engineer Jeffrey Yanssens said after our test drive. "I told them, 'I don't care how much it costs. I want you to know your system and I want your system to be the best it can be. What do you have to do to make that happen and what can I do to enable you to make that happen?'" Yanssens is honest and clearly proud of his team's work.

Is Buick's surprise Detroit concept a Camaro-sized coupe?

Tomorrow night marks the unofficial start of the 2016 Detroit Auto Show. Keep your eyes peeled for a number of reveals, including a surprise debut from Buick. Yes, Buick. And we think it's going to be something really hot. According to a report from Bloomberg, the Tri-Shield's secret car could be a Camaro-sized sport coupe concept. As Bloomberg explains, it'd certainly gel with the impression the company is trying to put out – that it's no longer a brand for those with one foot in the grave. Introducing a sports coupe, even as a concept, could certainly reinforce that message. And if it happens to make production – which is not a certainty, Bloomberg's secret source says – it could certainly help Buick drive its average buyer age down from 59. Bloomberg doesn't offer any speculation on Buick's new coupe, but we have no problem making educated guesses. Our most reliable conjecture is this: it will ride on General Motors' Alpha platform, which underpins both the Camaro and the Cadillac ATS. And with a certain twin-turbocharged V6 in the GM stable, we've got an idea of what kind of engine could be shown. That speculation will have to suffice for now. But don't worry, we'll have official details, live images, and video tomorrow when Buick unveils its new concept in Detroit's Eastern Market.