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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.

2022 GMC Hummer EV dimensions, clearances and off-road features explained

There are two things that almost everyone immediately thinks of when they hear the word "Hummer." And they are size and off-road capability. Looking at the numbers on the 2022 GMC Hummer EV, it seems the electric pickup has literal truck loads of each. One of the most prodigious numbers is the truck's width. See those clearance marker lights on the roof? They aren't just there for style, they're required by law due its width. At 86.7 inches, it's just a bit wider than a Ford F-150 Raptor, which is itself 6.4 inches wider than a comparable F-150. The Hummer is also 5.5 inches wider than a GMC Sierra. Length is more reasonable at 216.8 inches, which is much less than a full-size crew cab pickup (a Sierra 1500 is 231.7 inches with its 5-foot-8-inch box or 241.2 with the 6-foot-6 one). It's even 3 inches less than the Raptor SuperCab and only 4.4 inches longer than a GMC Canyon with the standard 5-foot-2-inch box. In other words, the Hummer EV is roughly as long as a midsize pickup but is wider than a heavy-duty one.  What does that mean for the cabin? With 38.9 inches of rear legroom, it falls well short of a Sierra Crew Cab's 43.4, but it's important to remember that crew cab pickups have an overkill amount of limo-like legroom. The Hummer's amount is still 3.7 inches longer than a Sierra Double Cab and 3.1 inches longer than a Canyon Crew Cab. Headroom, which was rather pathetic in the old Hummer H2, is 38.6 inches in the back seat – less than both its GMC truck siblings, but not by much. In other words, there should be plenty of space back there. Note that GMC didn't indicate bed length, frunk volume, or importantly, curb weight. We will update this should we find out answers to any of those.  Although it's big, the Hummer has plenty of features to make it nimble off road, both traditional and high-tech. One of the primary features is the height-adjustable air suspension, which offers 13 inches of travel and automatically adjusts damping for driving conditions. It has three main levels, a lowered setting for Aero Mode that helps with improving highway energy use, a default height for the normal driving modes, and a higher setting for the off-road Terrain Mode.

Buyers ditching expensive European sedans to buy expensive American trucks

The New York Times ended the automotive week with a story that adds numbers and context to a range of other stories, from the crossover craze to the increasing median price of a new car to ever more grandiose pickup trucks. The NYT piece reveals that the shift to larger vehicles isn't merely about the average U.S. buyer swapping the midsize sedan for a Ford Edge. Luxury buyers are migrating from plush sedans to plush SUVs and trucks that creep close to six-figure prices, and the Detroit Three are running Treasury presses because of it. From 2013 to 2017, the truck category — everything from pickups to minivans — climbed from 30 percent of the market to 41 percent. In January of this year, trucks claimed 66 percent of new vehicle sales. At the milk-and-honey end of profits, GMC alone accounted for 11.3 percent of all vehicle sales over $60,000, not just trucks. That puts the luxury truck maker behind Mercedes-Benz and Ford, The Blue Oval's feasting on Lariat, King Ranch and Raptor versions of the F-150, which make up more than half of that pickup's sales, putting it ahead of Chevrolet, Porsche and Lexus on the high-dollar sales list. The average transaction price of a GMC in Denali trim last year was $56,000; it's easy to see why, when one dealer told the NYT he just swapped a 2012 BMW 550i for a $71,000 GMC Sierra Denali. That truck starts at $52,900. The NYT started its story with a buyer who took home a Ford Raptor instead of an Audi A6, and optioned that $50,020 Ford Raptor close to $80,000. Over at Lincoln, the new $72,055 Navigator — the one so popular that Ford will increase production — crossed hands for an average sale price of $77,000 in January. And a Jeep dealer told the NYT that the two $93,000 Trackhawks he had on his lot "won't be here more than a few weeks." While trucks head up in sales volume and price, cars are headed so viciously in the opposite direction that "the Detroit Three and even some foreign manufacturers acknowledge they are now losing money on many of the cars they sell." So ... get ready for a lot more crossovers and trucks. Related Video: Find out what vehicle is right for you. Give our Car Finder tool a try.