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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.

Cadillac Ciel concept features in Entourage trailer

Some of us may miss HBO's Entourage more than others, but one way or another, it sure had some cool cars. The characters on the show were constantly trading between Astons, Maseratis and Ferraris – not to mention a smattering of Benzes and Escalades – but one of our favorite sets of wheels from the show's entire eight-year run was the 1965 Lincoln Continental featured in the opening credits. The vintage parade car undoubtedly provided the studio with a great way to showcase the camaraderie between the four members of the title crew, but also made us pine for a time when you could actually get your hands on a four-door convertible. Unfortunately they just don't make 'em like that anymore – not the car and not the TV show in which it featured – but fans of both will be pleased to watch this latest trailer for the upcoming Entourage movie. Not only does it include all the members of the original cast, but it also features Detroit's latest (and arguably most stylish) attempt at reviving the four-door cabriolet: the commandingly elegant and achingly desirable but sadly unobtainable Cadillac Ciel concept of 2011. Related Gallery Cadillac Ciel Concept View 9 Photos News Source: Warner Bros. via YouTube Celebrities TV/Movies Cadillac Convertible Luxury Videos movie trailer cadillac ciel cadillac ciel concept

2016 Cadillac ATS-V Sedan Beauty-Roll

For those of you paying attention, we've really ramped up the old Autoblog video game these days. Our new series Car Club USA joins Translogic and The List, and there are more Daily Drivers and Short Cuts than ever. But sometimes, all you care about is the car. The Autoblog Beauty-Roll video series has one goal: bring you glossy video images of cars, and nothing but. We're collecting moving pictures of all the cars we test, inside and out. Each episode comes with a hit of engine sound – start-up and with a few revs – to round out the package. Set your resolution to max, kick it into full-screen, turn up the sound, and enjoy today's subject, the 2016 Cadillac ATS-V Sedan. Oh, and if you'd like more Beauty-Roll, click here to see the back catalog.