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2016 Cadillac CT6 has arrived

We have known for a while that the 2015 New York Auto Show would mark the debut of Cadillac's latest flagship model. But after months of waiting as Caddy slowly revealed details, the 2016 Cadillac CT6 has finally arrived. The sedan is a technological tour de force for the brand and inaugurates a long list of new technologies. The CT6 will begin production at the Detroit-Hamtramck Assembly plant in late 2015 and will go on sale with three engine options. Caddy won't release final figures yet, but based on preliminary numbers, we know the base 2.0-liter turbocharged four-cylinder will make 265 horsepower. Stepping up to the newly revised 3.6-liter V6 will net buyers an estimated 335 hp, and finally there will be the 3.0-liter twin-turbo V6 with an output of around 400 hp. All of these engines will be mated to eight-speed automatic transmissions, and six-cylinder models will get standard all-wheel drive that will be able to constantly vary the power sent to the front wheels. Carrying those powertrains is the new, aluminum-intensive Omega architecture. In addition to the lightweight metal making up the platform, the entire exterior also uses it to provide an estimated curb weight of less than 3,700 pounds. The decision to shed mass makes the CT6 a featherweight in its class – for comparison, the lightest, six-cylinder Audi A8 weighs 4,365 pounds. The sedan rides on a 122.4-inch wheelbase and is 204 inches long. That makes the Cadillac about 1.3 inches shorter than the smallest BMW 7 Series, but the Caddy is projected to tip the scales at less than both the big Bimmer and even the 5 Series, too. Cadillac wants the CT6 to be a luxury sedan that drivers can enjoy. In addition to the low weight, there's an available Active Chassis System throughout the range with rear-wheel steering and Magnetic Ride Control. When combined with the all-wheel-drive system, it means every corner of the car is both driving and steering the vehicle. Inside, the CT6 offers a ton of tech and luxury. Drivers are held in massaging, leather seats, and rear passengers also get adjustable chairs that are heated and cooled. Quad-zone climate controls keep everyone comfortable. Plus, in addition to the 34-speaker Bose audio system and streaming rearview mirror, there are features like a 10.2-inch CUE infotainment system with a capacitive touchscreen and console-mounted touchpad. The display also shows a 360-degree view outside and can even record video when the security system is activated.

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.

Frustrated GM investors ask what more Mary Barra can do

DETROIT — General Motors Co Chief Executive Mary Barra has transformed the No. 1 U.S. automaker in her almost five years in charge, but that is still not enough to satisfy investors. Ahead of third-quarter results due on Oct. 31, GM shares are trading about 6 percent below the $33 per share price at which they launched in 2010 in a post-bankruptcy initial public offering. The Detroit carmaker's stock is down 22 percent since Barra took over in January 2014. After hitting an all-time high of $46.48 on Oct. 24, 2017, the shares have declined 33 percent. In the same period, the Standard & Poor's 500 index has climbed 7.8 percent. Several shareholders contacted by Reuters said GM could face a third major action by activist shareholders in less than four years if the share price does not improve. "I've been expecting it," said John Levin, chairman of Levin Capital Strategies. "It just seems a tempting morsel to somebody." Levin's firm owns more than seven million GM shares. Barra has guided the company through the settlement of a federal criminal probe of a mishandled safety recall, sold off money-losing European operations, and returned $25 billion to shareholders through dividends and stock buybacks from 2012 through 2017. GM declined to comment for this story, but the company's executives privately express frustration with the market's reluctance to see it as anything more than a manufacturer tied mainly to auto market sales cycles. GM's profitable North American truck and SUV business and its money-making China operations are valued at just $14 billion, excluding the value of GM's stake in its $14.6 billion Cruise automated vehicle business and its cash reserves from its $44 billion market capitalization. The recent slump in the Chinese market, GM's largest, and plateauing U.S. demand are ratcheting up the pressure. GM is one of the few global automakers without a founding family or a government to serve as a bulwark against corporate raiders. In 2015, a group led by investor Harry Wilson pressed GM to launch a $5 billion share buyback, and commit to what is now an $18 billion ceiling on the level of cash the company would hold. In 2017, GM fended off a call by hedge fund manager David Einhorn to split its common stock shares into two classes. Einhorn, whose firm still owned more than 21 million shares at the end of June, declined to comment about GM's stock price. Other investors said there were no clear alternatives to Barra's approach.