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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.

Top 11 Lego Technic cars to buy on Amazon in 2024

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. I recently got a birthday wish list from my 11-year-old nephew, and I couldn't help but smile when I saw “Lego Technic Cars” at the top. Lego isnÂ’t a phase, itÂ’s a lifestyle. Once a Lego fan, always a Lego fan. In fact, IÂ’d be willing to bet that many of you reading this right now have some kind of Lego vehicle in a box somewhere, or better yet, on display in your home. While theyÂ’re not necessarily cheap, getting into building Lego Technic vehicles doesnÂ’t have to bankrupt you, either, unless you go for the $400 Lamborghini right off the bat. Here are 11 of our favorite Lego Technic vehicles on Amazon, right now, ranging from an affordable $35 all the way up to $450. LEGO Technic Ford Mustang Shelby GT500 Ages 9+ (544 Pieces) - $39.99 (20% off) One of my first and favorite model cars growing up was a first-gen Ford Mustang GT350, so this GT500 for under $40 is right up my alley. At 544 pieces and made for ages 9 and up, the GT500 is a considerable step up from Grave Digger but a great starter to a Technic collection nonetheless. It isnÂ’t the most accurate-looking vehicle in this list, but the AR app and the fact that it can drive make it a worthwhile purchase. $39.99 at Amazon LEGO Technic Formula E Porsche 99X Electric Ages 9+ (422 Pieces) - $49.99 Not a Ford fan? Not a problem. This Formula E Porsche 99X is the same price and better looking than the GT500. Even though there are 122 fewer pieces in this Porsche set, it has a level of detail seen in much more expensive Technic sets including numerous decals and a pull back motor.  $49.99 at Amazon LEGO Technic Jeep Wrangler Ages 9+ (665 Pieces) - $54.99 This is the set I ended up going with for my nephew, not because I think it is the coolest, but because for the price, I think you get the most bang for your buck. 665 pieces is over 50% more than the comparatively priced Porsche 99X and it also scratches the nostalgia itch for me: The first-ever model vehicle I built was a yellow Jeep Wrangler Sahara. This Wrangler Rubicon has definitely had some aftermarket mods like the front winch, which makes it one of the coolest Technic sets under $60.  $54.99 at Amazon LEGO Technic Monster Jam Grave Digger Ages 7+ (212 Pieces) - $34.16 If ever there was a gateway Lego Technic, this Grave Digger is it.

We really want to use an eCrate to restomod an old GM car. Here's what we'd build

You hopefully saw the news today of GM's introduction of its Connect and Cruise eCrate motor and battery package, which effectively makes the Bolt's electric motor, battery pack and myriad other elements available to, ah, bolt into a different vehicle. It's the same concept as installing a gasoline-powered crate motor into a classic car, but with electricity and stuff.  This, of course, got us thinking about what we'd stuff the eCrate into. Before we got too ahead of ourselves, however, we discovered that the eCrate battery pack is literally the Bolt EV pack in not only capacity but size and shape. In other words, you need to have enough space in the vehicle to place and/or stuff roughly 60% of a Chevy Bolt's length. It's not a big car, but that's still an awful lot of real estate. There's a reason GM chose to simply plop the pack into the bed and cargo area of old full-size SUVs. Well that, and having a rear suspension beefy enough to handle about 1,000 pounds of batteries.  So after that buzz kill, we still wanted to peruse the GM back catalog for classics we'd love to see transformed into an electric restomod that might be able to swallow all that battery ... maybe ... possibly ... whatever, saws and blow torches exist for a reason.  1971 Buick Riviera Consumer Editor Jeremy Korzeniewski: If you’re going to build an electric conversion, why not do it with style? ThatÂ’s why IÂ’m choosing a 1971-1973 Buick Riviera. You know, the one with the big glass boat-tail rear end that ends in a pointy V. Being a rather large vehicle with a big sloping fastback shape, IÂ’m hoping thereÂ’s enough room in the trunk and back seat to pack in the requisite battery pack. That would likely require cutting away some of the metal bulkhead that supports the rear seatback, but not so much that a wee bit of structural bracing couldnÂ’t shore things up. The big 455-cubic-inch Buick V8 up front will obviously have to go. Remember, this was the 1970s, so despite all that displacement, the Riviera only had around 250 horsepower (depending on the year and the trim level). So the electric motorÂ’s 200 horsepower and 266 pound-feet of torque ought to work as an acceptable replacement.   1982 Chevrolet S10 Associate Editor Byron Hurd: OK, so the name "E-10" is already taken by a completely different truck, but let's not let labels get in the way of a fun idea.