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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.

Wards names its 2015 10 Best Interiors list

Wards Automotive has named the winners of its 10 Best Interior awards, covering a wide but affordable array of vehicles. Where last year's list contained two six-figure vehicles, including the $372,800 Rolls-Royce Wraith, this year's is, well, a whole lot more reasonable. The publication lists the Mercedes-Benz C400 at $65,000 (which seems off), making it the most expensive vehicle here. That said, we'd argue that the entire C-Class line deserves to make this year's list, owing to its varied and high-quality selection of materials. The other vehicle to break the $60,000 mark, meanwhile, is the $60,675 Ford F-150 King Ranch, which has 327,000 pounds of leather lining its interior. Only one other German car, the BMW i3, and one other pickup truck, the GMC Canyon, managed to make this year's list. Here's the full list of this year's winners: 2014 BMW i3 ($52,550) 2015 Chrysler 300C Platinum ($51,175) 2015 Ford F-150 King Ranch ($60,675) 2015 GMC Canyon SLT ($40,465) 2015 Honda Fit EX-L ($21,590) 2015 Jeep Renegade Limited ($33,205) 2015 Kia Sedona SXL ($43,295) 2016 Mazda6 Grand Touring ($33,395) 2015 Mercedes C400 ($65,000) 2015 Nissan Murano SL ($41,905) See what we mean about the mainstream vehicles? Not only is there a distinct lack of luxury brands, it's the price of some of the vehicles that surprise. The Honda Fit, Jeep Renegade and Mazda6 are very reasonably priced, especially when you compare Wards price with the starting price. The Renegade Limited starts at less than $25,000, the Mazda at less than $22K and the Fit at under $16,000. Head over to Wards for a more detailed explanation of why each vehicle won. Featured Gallery 2015 Ward's Automotive 10 Best Interiors View 10 Photos News Source: Wards Automotive BMW Chrysler Ford GMC Honda Jeep Kia Mazda Mercedes-Benz Nissan Truck Crossover Hatchback Sedan nissan murano gmc canyon Interior jeep renegade WardsAuto kia sedona wards 10 best interiors mercedes c400

GM, Pilot will build EVgo fast chargers at 500 truck stops across U.S.

All of our maps showing electric vehicle charging stations across the U.S. are going to need an update. Today, General Motors, Pilot and EVgo announced plans to work together on a nationwide DC fast charging network. The plan calls for 2,000 charging stalls that can deliver up to 350 kW to be installed at up to 500 Pilot and Flying J travel centers in the U.S. The goal is to have DC fast chargers available in 50-mile intervals across the country. The new charging stations will feature GM's "Ultium Charge 360" branding and "Pilot Flying J" logos but will not be limited to drivers of GM EVs. The plugs will use CCS connectors and be available to anyone. GM EV owners can take advantage of benefits, including the ability to make exclusive reservations, get discounts on charging costs and streamline the charging process with Plug and Charge and in-vehicle apps that can provide real-time charger availability. The first installation phase will take place in 2023, and "the bulk of the installations" should be completed by 2025, EVgo CEO Kathy Zoi said during a conference call with reporters announcing the plan. "We're gonna get going immediately and commence all of that engineering and planning stuff," she said. "We've got a pretty orderly plan." Pilot CEO Shameek Konar said the company expects the new EV charging stations to coexist with the current fuel infrastructure. "An average Pilot Flying J location is about 10 acres," Konar said. "This will be in addition to all of our gas pumps. The way I think about it is, this is a new source of energy that is going to coexist with gas for quite some time. We can debate how long, but we need to serve both groups of customers." Installing DC fast chargers at hundreds of Pilot's travel centers — aka truck stops — means there should be food, drinks, restrooms, WiFi and even showers available while you wait for an EV to charge. Pilot recently announced its “New Horizons” plan that will invest $1 billion in upgrading Pilot travel centers with more premium amenities, including expanded seating and lounge areas. While the exact amount of time it will take to charge an EV using these new stations will vary on the EV and its current state of charge, most EVs can refill from a low state of charge to around 80 percent in 20-30 minutes on a fast charger. The new stations are future-proofed to deliver up to 350 kW, a charge rate that few EVs today can handle.