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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.

Want to beat LA traffic? Chargers QB Philip Rivers has found a way

Slogging through traffic in Southern California is about as pleasurable as being slowly eaten by bears or being the awkward third wheel on a bad first date. It feels like it's never going to end. After the team relocated to Los Angeles from San Diego, Chargers quarterback Philip Rivers decided that three hours wasted each day in a car was too much. As The San Diego Union-Tribune reports, Rivers' rolling office makes his days more productive than ever. After deciding that he wasn't going to relocate his family to Orange County, Rivers was stuck with the prospect of either spending considerably less time with his children or skipping out on much-needed film work at the team's training facility (not really an option given his profession). Instead, he began investigating a number of options to make his lengthened commute slightly more viable and productive. First, he considered carpooling with a teammate. That was still too much of a pain. He looked at flying a helicopter, but unless it could land close to both his home and the practice field, it too was useless. A quick online search eventually led to the rolling footage review room you see here. Becker Automotive Design in Oxnard, Calif., builds these rolling offices for a wide range of customers. It sells modified Mercedes-Benz Sprinters, Ford Transits, and, in Rivers' case, a Cadillac Escalade with a raised roof. His needs were simple: a television and an HDMI input so he can hook up his computer. No fancy armor or recumbent exercise bicycle. His goal was to review game footage on his commute rather than slowly waste away behind the wheel of a car. Photos show a sea of leather and wood and a mini fridge, so it's not totally without niceties. Column | Philip Rivers' new ride allows him to stay home https://t.co/btwCEgIsFq pic.twitter.com/DHud3ho5UF — The Union-Tribune (@sdut) September 5, 2017 The Union-Tribune lists the price of the Escalade at about $200,000. That's not including the driver's salary. In 2015, Rivers signed a four-year deal with the Chargers worth $84 million, so he's not hurting for cash. If it increases productivity and saves the headache of being behind the wheel in traffic, we can imagine more people with means (and not just quarterbacks) will be opting for such daily transport. Related Video:

Recharge Wrap-up: Lyft partners with Didi Kuaidi, Cadillac uses ultracapacitors

Lyft and Chinese on-demand transportation venture Didi Kuaidi have announced a partnership. Additionally, Didi Kuaidi is investing $100 million in Lyft. The two ridesharing companies will share technology and provide interoperability between platforms. For users, this means it will be easier to get around when traveling between the US and China. "In today's rideshare environment, where every region presents a unique set of challenges and opportunities, partnering with the homegrown leader is the winning approach to Chinese expansion," says Lyft President and co-founder John Zimmer. Learn more in the video above, and in the press release below. Car2go has announced service in Miami Beach, FL. Beginning October 1, the one-way carsharing service will expand its boundaries beyond its current Miami service area to include neighboring Miami Beach. "We're thrilled to see car2go expand to Miami Beach," says Miami Beach Mayor Philip Levine. "Miami Beach residents and visitors are increasingly seeking new, environmentally conscious options to move around North, Middle, and South Beach, and carsharing is an important part of realizing that vision." Read more from Car2go. ClipperCreek has added the HCS-30 EVSE to its product line. The 24-amp, 240-volt Level 2 charging station is designed for residential and workplace duty. It allows for faster charging without the customer having to upgrade their electrical service panel. Delivering about 20 miles of range per hour of charging, the HCS-30 EVSE can charge most EVs in about four hours. Pricing begins at $565. Read more from ClipperCreek. Cadillac will use ultracapacitors in its stop-start systems for 2016. Rather than relying on battery power to run electrical systems while the engine is not running, the utracapacitors can provide a stable flow of energy without losing lifespan to repeated cycling. Supplied by Maxwell Technologies, the ultracapacitors are also lighter than batteries and, according to Cadillac, provide smoother restarts. The 2016 models to use the updated stop-start technology as standard will be the ATS and CTS, with the exception of the V performance variants. Read more at Green Car Reports. Lyft and Didi Kuaidi Announce Strategic Partnership, Building Toward a Collaborative Global Ridesharing Alliance - Didi Kuaidi Invests $100 million in Lyft - Companies Introduce Ridesharing Coverage Between the U.S.