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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.

Can DARPA hack into a Chevy Impala through OnStar?

An ex-video game wizard named Dan Kaufman tracked a circuitous route to becoming the head of the Software Innovation Division at the Defense Advanced Research Projects Agency. DARPA normally makes these pages because of its work with autonomous vehicles and automobile technology that overlaps with military applications, but for the past five years Kaufman and his multiple research teams have been working on creating unhackable software code that could be used in military drones. Part of that work has involved hacking into just about everything else, and as a segment on 60 Minutes reveals, that includes cars. The masterminds discovered a way to hack into OnStar, the General Motors telematics system. After figuring out how to hook into OnStar's emergency communication system, they overwhelmed it with data. While the computer was busy trying to manage the overrun of data, the research team inserted code that took control of the sedan's other computers, giving it control. So while reporter Leslie Stahl tooled around in a parking lot, a DARPA researcher with a laptop would occasionally take control of the car, like by applying its brakes or, conversely, removing the ability for Stahl to use the brakes. Hacking into vehicles has been in the news for years: Car and Driver ran a feature on the various ways cars could be hacked in 2011, two hackers released a car-hacking code at the hacker-fest Defcon in 2013 and demonstrated how it worked on a Toyota Prius and Ford Escape, and German researchers demonstrated how they could hack into BMW's Connected Drive remote-services system last week via an attack on the cars' telematics units. This isn't about GM or Onstar or the future; hacking into cars of all kinds isn't coming, it's here, and it doesn't take the half-billion-dollar annual budget of a small DARPA division to do it. Check out the 60 Minutes video on the CBS site (you can watch the entire video from a mobile device without logging in). The OnStar hacking starts at 6:45, but it's worth watching what leads up to that. News Source: Jalopnik Chevrolet Safety Technology Infotainment Autonomous Vehicles Videos Sedan hacking 60 minutes

Chevrolet planning low-cost Corvette under Stingray?

If you're burnt out on musings about the Chevrolet Corvette, you'll want to go ahead and skip this post. Motor Trend reports General Motors is hard at work on a low-cost version of the seventh-generation sports car for 2015. Rumored to be called the Corvette Coupe, the car will forgo the Stingray and skip the 450-horsepower 6.2-liter V8 engine in favor of a 5.3-liter V8 with under 400 ponies. If you're keeping track, that's a shade of the same engine found behind the headlights of the 2014 Chevrolet Silverado and GMC Sierra.
The report also suggests the Coupe will receive a number of aesthetic tweaks to separate it from the Stingray, including different front and rear fascias as well as new front fenders and a rear diffuser. Motor Trend says the point of all this is to cut the car's price tag, which means we may see a Corvette on showroom floors for less than $50,000 if this car comes to fruition.