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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.

GM 6.2L EcoTec V8 rated at 21 mpg by the EPA

General Motors is already laying claim to best-in-class power for its new 6.2-liter V8 that will be offered in the 2014 Chevy Silverado and GMC Sierra this fall, and now it has released fuel economy numbers for the big engine. Available as an option on the Silverado LTZ and High Country (shown above) models as well as the the Sierra SLT and Denali trims, the 6.2L EcoTec3 V8 will return 15 miles per gallon in the city and 21 mpg on the highway on rear-wheel-drive trucks; these numbers drop by one mpg each on four-wheel-drive models.
These estimates are in addition to the engine's 420 horsepower, 460 pound-feet of torque and max trailering capacity of 12,000 pounds, and considering all that power it's not terribly far away from the fuel economy of GM's equally new 4.3-liter V6 and its rating of 18 mpg city and 24 mpg highway. This announcement comes just days after a report indicated that GM is unable to keep up with the demand of the 5.3-liter V8 in the fullsize Chevy and GMC trucks due to supplier issues. GM's official press release for the 6.2-liter V8's fuel economy is posted below.

New GMC feature reminds drivers to check for kids in hot cars

We see the stories every summer: Dozens of children die from heat stroke every year after being left inside hot cars. GMC has introduced a feature in the 2017 Acadia in an effort to help curb the problem. Simply called Rear Seat Reminder, it alerts the driver if the vehicle suspects someone might have been accidentally left behind. GMC's alert will trigger under certain circumstances. Five chimes will sound and a warning will display if the rear doors are opened and closed within 10 minutes of the vehicle starting or if those doors are opened while the vehicle is running. The system does not sense items or people in the rear seat like the front passenger seat would to trigger the airbag. Warnings will be displayed regardless of interior or exterior temperature; while the summer months are the deadliest, leave-behind deaths occasionally occur during cold weather. Drivers should be aware that temperatures in vehicles can quickly rise to dangerous levels, even if the ambient temperature seems cool and comfortable. View 23 Photos Unfortunately, a large percentage of children are intentionally left in cars. A negligent caretaker, whether it be a parent, grandparent, or babysitter, can leave a child behind while they go to work or run an errand, not expecting any problems. Some children unintentionally trap themselves in cars while playing in the cabin or trunk. The Acadia's system is unlikely to prevent these scenarios. While we believe that GMC should be commended for making an effort to put an end to these tragedies, we're not certain how effective the system might be until driver education improves. It's also possible drivers will come submit to warning fatigue and begin to ignore the messages. That said, if this software-based solution prevents just one death, it was worth the effort. Related Video: Image Credit: GMC GMC Safety Crossover gmc acadia