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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.

Autoweek divulges details on Presidential limo

Ever since the latest presidential limousine, also known as The Beast, debuted in 2009, we've wondered what's underneath that black Cadillac body. We already know a few details, like the fact it isn't a Cadillac at all, but a very heavy duty truck chassis from General Motors with a body that resembles a super-sized Caddy. Autoweek, however, has managed to extract new details from veteran Secret Service agents about the closely guarded presidential limo. Their methods, of course, are classified.
Designed to be a rolling office, bunker and escape pod all in one, the current presidential limo is far different from previous presidential state cars, which were heavily modified production vehicles. As we would expect, The Beast uses thick, military-grade body armor (eight inches on the doors), an armored fuel tank, special run-flat tires with Kevlar lining, an encrypted satellite phone, a fully sealed cabin with its own oxygen supply and a trunk full of weapons and medical equipment that includes a supply of the President's blood type (in case the car gets cut off from the ambulance that's always present in the President's motorcade).
The Beast also comes with a Halon fire-suppression system, night vision and is powered by a V8 engine, which we already knew runs on gas and not diesel, that returns an EPA-unfriendly estimated 3.7 miles per gallon. The Secret Service operates a fleet of 12 limos and each Beast costs $1.5 million. Lastly, AW estimates that the 18-foot-long state car weighs 15,000 pounds, and each Secret Service agent that drives the car must be specially trained to maneuver such a massive vehicle.

Combative de Nysschen defends Cadillac move, naming change

Johan de Nysschen isn't afraid of taking quick, decisive actions, even if they are criticized. Since taking the wheel at Cadillac, he instigated moving the luxury division's base of operations to Manhattan's SoHo neighborhood and introduced a new naming scheme for the future of the brand, like he did at Infiniti. The polarizing boss recently explained his feelings about the future of Cadillac in more depth on his Facebook page, but unfortunately only his friends could read it. Thankfully, Daily Kanban posted much of the strongly worded missive for the whole world to see.
Much of the message examines the decision to move some employees to New York. De Nysschen claims that it's all about giving Cadillac distance from Detroit to reshape itself. It allows for, "No distractions. No side shows. No cross-brand corporate considerations. No homogenized lowest common denominator approach. Just pure, unadulterated, CLASS."