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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.

New GM subcompact SUV spied, could be a Chevy or GMC

GM's pair of subcompact crossovers have been trundling along for a while now. The Buick Encore was the first for Americans in the 2013 model year, and the Chevy Trax that was based on the Encore (an encore of the Encore, if you will) arrived for the 2015 model year. Each has undergone a mild update, but these spy photos could indicate their replacements are in the works. Or not. For starters, we can't be sure which GM brand this new SUV is destined for. Though the timing and its flowing lines could indicate Buick, the thick horizontal bars visible in the grille would indicate otherwise. The next Encore being at least related to this is at least a possibility. Making the case for GMC are those thick grille bars, the fact that it extends far below the lights, and may even rise above them, similar to the Acadia. And that rising beltline isn't that different from that of the Acadia. Arguing against the GMC idea is the Encore, which is almost always sold in GMC-Buick combo dealers. Much as the Acadia was made smaller to eliminate confusion and in-house competition with the Enclave, it's hard to see GM opting to resurrect such an issue at the bottom end of the SUV market. That means we're leaning toward this little SUV wearing a Chevy bowtie. The split grille with a large lower section and small upper section is the brand's current design language, as seen on the new Malibus and Cruzes. The shape is vaguely Equinox-like. And like Buick, Chevy also has a subcompact crossover ready for replacement: the Trax. Now, our photographer reports he's seen another subcompact testing that has Blazer design cues, but in this crossover-hungry market, we wouldn't be surprised if two similarly sized but differently styled Chevy crossovers make the grade. It's a strategy that's working pretty well for Jeep. We'll no doubt be seeing more of these disguised test vehicles milling about the country in the coming months, so perhaps we'll eventually get a better idea of what this is before more official information starts trickling out within one or two years. Related Video: Featured Gallery GM Subcompact Crossover spy shots View 10 Photos Image Credit: SpiedBilde Spy Photos Buick Chevrolet GM GMC Crossover SUV buick encore chevy trax

2019 GMC Sierra Denali First Drive Review | The more things change...

ST. JOHN'S, Newfoundland — Canadians love their GMCs. Both anecdotal and statistical evidence supports this. In certain areas of Canada, the Sierra outsells the Chevy Silverado. But in this area of Canada, Cape Spear, the morning fog and salt air are thick. This is the most eastern point in Canada, and the most eastern point of North America if you don't count Greenland. We woke up early and drove to the coast in the new 2019 GMC Sierra Denali, hoping to catch what was promised to be an absolutely spectacular sunrise. The sunrise was a no-go thanks to the fog, turning the sky into a grey mist that melted into the Atlantic. Still, if the world had an edge, this is what it would look like. Driving in an inspiring place like this invites introspection, and since we're in an GMC Sierra, why not examine the brand's place in the world? Recall that for years, a GMC showroom was just packed with slightly more expensive versions of other GM products. Badge engineering, if you will – a dirty word in our business, applied to such notable machines as the Cadillac Cimarron, Buick Terraza, Chevy Aveo and Saab 9-7X. Things, at least on the surface, seem to be changing. GMC says it's making a concerted effort to differentiate its product portfolio from the rest of GM, but the results have been mixed. The brands were supposed to have less product crossover. There's no GMC version of the Chevy Traverse and, initially, there was no Chevy equivalent of the GMC Acadia, though the new Blazer kills that advantage. The Equinox and Terrain are still basically the same vehicle, as are the new 2019 Silverado and 2019 Sierra. At least the two trucks look decidedly different. There's still a family resemblance, but most of the bodywork has been changed. Where the 2019 Silverado adopted some curves, the Sierra stuck with straight lines. Compare things like the headlights, wheel wells and doors. The Sierra still has a massive grille and — aside from the AT4 off-road trim — packs on as much chrome as a 1958 Cadillac, but that's what customers want these days. The Ford F-150 and Ram 1500 are no different in this regard, packing lots of chrome, hard edges, and frontal areas that would give passenger trains a run for their money. At first glance, you'd be hard pressed to tell the Sierra and Silverado's interiors apart from both each other and the outgoing models. It's basically the same design, though the Sierra makes do with some slightly nicer materials.