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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.

Timothee Chalamet is 'Edgar Scissorhands' in Cadillac's Super Bowl commercial

Filmmaker Tim Burton's 1990s classic "Edward Scissorhands" explored the unusual challenges of a boy who had scissors for hands. One challenge that was not touched on in the original film was that of driving a car. For its Super Bowl commercial, Cadillac revisits the theme, and the brand's Super Cruise hands-free driving feature proves perfectly suited to "Edgar Scissorhands," another young man with scissors for hands. Playing Edgar is Timothee Chalamet, reprising the role that Johnny Depp made famous as Edward. Edgar's mother is portrayed by Winona Ryder. While Edgar's unique hands do give him some special talents — he makes one heck of an artful salad, for instance — they present a challenge in many others, such as playing football. A virtual reality headset affords Edgar the ability to drive, and that gives his mother an idea. She presents him with a Cadillac Lyriq, the not-yet-on-sale EV crossover. Edgar sets the button to activate Super Cruise, and the Lyriq steers itself. The perfect solution for someone with scissors for hands. Why feature a vehicle that doesn't go on sale until late 2022 when Super Cruise is available in other Cadillac models now? The answer seems to be that GM is using its Super Bowl commercials to also showcase its pivot to EVs. Certainly, that's the theme of "No Way, Norway," which stars Will Ferrell along with the Lyriq and the Hummer EV.   Related Video:

All-new 2019 Cadillac XT4 crossover debuts in New York

Cadillac spent years and years improving its mainline sedans, the CTS and ATS, turning them into awfully good impressions of BMWs from a few years before. The thing is, great sedans aren't selling, and crossovers sure are. Cadillac's XT5 is the only crossover in the lineup, something that's had American Cadillac dealers gnashing their teeth and wailing — although anyone they can upsell into an Escalade can staunch the bleeding. That brings us to the new XT4, which is smaller than the XT5 but even sharper than its bigger sibling. Let's take a closer look at this new two-row luxury crossover. For one, it's based on what Cadillac calls a unique platform. That may be true, technically, although it's likely related to the Equinox/Terrain on some level. Platforms are becoming quite flexible: Look at Volkswagen's MQB, under everything from Euro hatches smaller than our Golf to the three-row Atlas. Whatever else it is underneath the skin, all XT4s will share one powertrain: the corporate 2.0-liter turbocharged inline-four, paired to a nine-speed automatic transmission. View 14 Photos The engine puts out a healthy 237 horsepower and 258 pound-feet of torque, putting it just a hair underneath its closest domestic rival, the Lincoln MKC with the 2.0-liter EcoBoost. Of course, the 2.3-liter MKC beats the XT4 handily, but that's another story. Power is produced with the help of a twin-scroll turbocharger. All-wheel drive is available, with a driver-selectable rear axle disconnect to save a small amount of rolling friction. Cadillac estimates it'll be good for 30 MPG on the freeway, but we haven't seen official results to confirm that. A few other changes that'll affect driving: electro-hydraulic brake assist, a first for Cadillac and mainly a fuel-saving measure; and Continuous Damping Control, which alters the damper's valve continuously based on a number of parameters. It's almost certainly used here because it's lighter and less expensive than air suspension or MagneRide, and it is optional on XT4. CDC or no, all XT4s utilize a front strut and five-link rear suspension. All XT4s also ride on 18-inch wheels in various designs. The trim strategy is mildly interesting. The base model is the Luxury, and then you can choose a Sport (black exterior trim, unique wheels) or a Premium Luxury (bright trim and satin-brushed accents). The interior options are suitably upscale and premium, and we'll have more to say about them a little later when we can see this car up close.