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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.

NHTSA, IIHS, and 20 automakers to make auto braking standard by 2022

The National Highway Traffic Safety Administration, the Insurance Institute for Highway Safety and virtually every automaker in the US domestic market have announced a pact to make automatic emergency braking standard by 2022. Here's the full rundown of companies involved: BMW, Fiat Chrysler Automobiles, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volkswagen, and Volvo (not to mention the brands that fall under each automaker's respective umbrella). Like we reported yesterday, AEB will be as ubiquitous in the future as traction and stability control are today. But the thing to note here is that this is not a governmental mandate. It's truly an agreement between automakers and the government, a fact that NHTSA claims will lead to widespread adoption three years sooner than a formal rule. That fact in itself should prevent up to 28,000 crashes and 12,000 injuries. The agreement will come into effect in two waves. For the majority of vehicles on the road – those with gross vehicle weights below 8,500 pounds – AEB will need to be standard equipment by September 1, 2022. Vehicles between 8,501 and 10,000 pounds will have an extra three years to offer AEB. "It's an exciting time for vehicle safety. By proactively making emergency braking systems standard equipment on their vehicles, these 20 automakers will help prevent thousands of crashes and save lives," said Secretary of Transportation Anthony Foxx said in an official statement. "It's a win for safety and a win for consumers." Read on for the official press release from NHTSA. Related Video: U.S. DOT and IIHS announce historic commitment of 20 automakers to make automatic emergency braking standard on new vehicles McLEAN, Va. – The U.S. Department of Transportation's National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety announced today a historic commitment by 20 automakers representing more than 99 percent of the U.S. auto market to make automatic emergency braking a standard feature on virtually all new cars no later than NHTSA's 2022 reporting year, which begins Sept 1, 2022. Automakers making the commitment are Audi, BMW, FCA US LLC, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Maserati, Mazda, Mercedes-Benz, Mitsubishi Motors, Nissan, Porsche, Subaru, Tesla Motors Inc., Toyota, Volkswagen and Volvo Car USA.

Cadillac CT6 to get twin-turbo V8

Say what you will about his decisions at Infiniti and now Cadillac, but Cadillac CEO Johan de Nysschen knows how to deliver a compelling interview. During an online Q&A session with Jalopnik readers, de Nysschen offered substantial hints at what's coming for the brand. By dropping coordinates on the brand's star chart, in reading the entire thing and connecting the dots you can see a Cadillac that is much grander than the one we know now. The CT6 that got revealed during the Oscars telecast? Answering the question of whether it would have the performance to compete with a Mercedes S550 or BMW 750, de Nysschen said the big sedan's "lightweight body structure allows us to achieve formidable performance even with a twin-turbo V6. Imagine how this car would perform with a twin-turbo V8." In clarifying a subsequent question that also dealt with how the CT6 would compare to German rivals, he wrote that the CT6 would have "a very wide mix of engines, starting with a two-liter turbo, up to, eventually, a high-performance advanced V8 turbo." Patience and the future and the word "eventually" were heavy themes. The brand will embrace diesel engines as well, de Nysschen writing, "We will have four-cylinder and six-cylinder diesel engines, but not before 2019." As to the return of something like the XLR, which was Corvette muscle underneath a Cadillac body, he wrote, "I think in the fullness of time, we will get around to developing a high-performance, very-emotive sports car as a halo for the Cadillac brand. But we have so many projects to occupy us through 2020 that this will have to wait a little while." And on the design language across model lines, which enthusiast Cassandras have warned is too similar (as if that hasn't worked out for the Germans), he wrote that it is "undergoing gradual evolution and you will notice stunning new designs in future models, which remain unmistakably Cadillac and reflect our DNA but which take our sophisticated Art and Science design to a new level." But of course he would say that, which is what brings us back to patience and the future and eventually, when we'll see what this all really means. It all reads well enough, and we'd love to see it happen. One thing we won't see are the ducks that once adorned the Cadillac crest; when a reader asked if he could have them back, de Nysschen said, "No, you can't have them back. I play with them each night in my bath." Head over to Jalopnik for the full read. It's worth it.