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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.

General Motors Recall List

It seems General Motors can't go more than a few weeks without issuing a major recall. Since the initial ignition lock recall on February 10, over 25 million vehicles have been recalled for defects. It seems General Motors can't go more than a few weeks without issuing a major recall. Since the initial ignition lock recall on February 10, over 25 million vehicles have been recalled for defects. We used the National Highway Traffic Safety Administration recall list to compile a snapshot of all the GM vehicles recalled in the last two months. NHTSA also provides a search engine that allows owners to search for recalls on their vehicle. An automotive company must do everything in their power to notify its customers when a recall is issued on a vehicle. If you own any of the following vehicles and you have questions regarding your car, you can contact Chevrolet at 1-866-694-6546, GMC at 1-866-996-9463, Buick at 1-800-521-7300 and Cadillac at 1-866-982-2339. Or check out General Motor's recall site. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153) or go to www.safercar.gov. Here's a brief summery of the other vehicles currently under recall: July 26 – 414,333 cars affected NHTSA Campaign Number: 14V447000 Models under recall: Certain model year 2011-2012 Buick LaCrosse, Regal and Chevrolet Camaro, as well as certain 2010-2012 Cadillac SRX, Chevrolet Equinox and GMC Terrain vehicles, equipped with power height adjustable driver and passenger seats. Problem: In the affected vehicles, the bolt that secures the driver's and passenger's power front seat height adjuster may fall out causing the seat to drop suddenly to the lowest vertical position. Consequence: If the driver's seat unexpectedly drops, the distraction and altered seat position may affect the drivers' control of the vehicle, increasing the risk of a crash. Solution: Dealers will replace the height adjuster shoulder bolts, free of charge. July 14 – 16,939 cars affected NHTSA Campaign Number: 14V341000 Models under recall: Certain model year 2011 Cadillac CTS vehicles manufactured October 18, 2010, to June 2, 2011. Problem: In the affected vehicles, vibrations from the drive shaft may cause the vehicle's roll over sensor to command the roof rail air bags to deploy. Consequence: If the roof rail air bags deploy unexpectedly, there is an increased risk of crash and injury to the occupants.

Editors' Picks February 2021 | Ford F-150, Genesis GV80, Mazda CX-30 and more

If we’ve driven and reviewed it, thereÂ’s an Autoblog Rating for it. ItÂ’s been over two years since we launched a new rating system to help you evaluate cars at a glance. We tweaked and improved it along the way and quickly arrived at a consistent process for giving each and every car on sale today a fair score. Cars that are exemplary or stand out in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. Every car we rate gets a score from 1 to 10, making it easy for you to tell if itÂ’s a car worth pursuing and possibly purchasing. YouÂ’ll find the scores of previously-rated cars attached toward the top of our written reviews. For example, the Bronco SportÂ’s rating can be found here. The Acura TLXÂ’s rating is in this post, and the Nissan RogueÂ’s rating is right here. There are hundreds of examples to be found. The above examples make up the most natural ways to find the Autoblog rating when researching for your next car, but starting today, weÂ’re going to begin calling out each new set of Editors' Picks per month in their own breakout stories. This will put the newest and most recently refreshed cars on sale on a pedestal for you to see which ones are worth your while. WeÂ’ll typically rate anywhere between 5-10 new cars per month, so you can count on just a select few from those to make this list. Expect to see this recurring ratings post each month going forward, and read on for FebruaryÂ’s EditorsÂ’ Picks.   2021 Genesis GV80 2021 Genesis GV80 View 18 Photos Quick take: The stylish GV80 offers useful safety features, compelling design and sporty dynamics to push it near the top of the segment. Genesis takes risks with this aggressive crossover, and the result is a luxurious vehicle that is rewarding to drive. Score: 8.5 What it competes with: Lincoln Aviator, Volvo XC90, BMW X5, Mercedes-Benz GLE-Class, Acura MDX, Lexus RX Pros: Beautiful design, good road manners, awesome value Cons: Small third row and cargo space, less comfortable standard suspension  From the editors: Editor-in-Chief Greg Migliore — “The GV80 is a hugely important vehicle for Genesis. It makes a style statement, has an elegant interior and is a compelling all-round execution. It looks like a Bentley, and I give Genesis props for taking some risks with the GV80 and largely pulling it all off.