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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's fullsize SUVs boost highway mileage by nearly 10 percent

We met the redesigned 2015 versions of the Chevrolet Suburban and Tahoe, and the GMC Yukon and Yukon XL at the 2013 LA Auto Show. Improved gas mileage numbers have been announced to go along with the improved exteriors and interiors, with city mileage improving by seven percent and highway mileage going up by nearly ten percent; you'll now get 16 miles per gallon in the city and 23 on the highway.
The only applies to models with the 5.3-liter engine, though, not the premium Yukon Denali and Yukon XL Denali SUVs with the 6.2-liter motor. Still, the 5.3 gets you more power than previously, with 355 horsepower and 383 pound-feet of torque underfoot, on top of the improved fuel economy numbers. The 6.2-liter sticks with official mpg ratings of 15 highway, 21 city. There's a brief press release below with words straight from the horse's mouth.

IIHS gives good ratings to 4 of 8 midsize pickups in crash test

Versions of the Toyota Tacoma, Chevrolet Colorado and GMC Canyon Crew Cab earned top ratings in a new crash test of midsize pickup trucks from the Insurance Institute for Highway Safety, while two versions of the Nissan Frontier earned marginal ratings. But the organization gave poor marks to all eight pickups tested for their dim headlights. Overall, four of the eight pickups evaluated earned good ratings for protecting occupants in all five crash test categories — the Tacoma double cab along with crew cab versions of the Colorado, Canyon and Tacoma. But the poor headlights and lack of an automatic emergency braking system blocked any of the pickups from qualifying for the IIHS's Top Safety Pick awards. The study looked at two pickup body styles using 2017 models: crew cabs, which have four full doors and two full rows of seating, and extended cabs, which have two full front doors, two smaller rear doors and compact second-row seats. It subjected each to five tests, and it evaluated the performance of front crash prevention systems and headlights. The Toyota Tacoma crew cab was the only pickup in that class that earned a good rating for structure in the small overlap test, which replicates what happens when a vehicle clips a tree, pole or another vehicle that has crossed the center line. The model's Access Cab extended-cab version was rated similarly, though its structure was rated acceptable. "This group of small pickups performed better in the small overlap front test than many of their larger pickup cousins," says David Zuby, the Institute's executive vice president and chief research officer. "The exception was the Nissan Frontier, which hasn't had a structural redesign since the 2005 model year." The extended-cab versions of the Chevy Colorado and GMC Canyon earned acceptable ratings, while both the Nissan Frontier king-cab and crew-cab models were rated marginal. Toyota says its 2018 Tacoma will feature upgraded headlights and a standard autobraking system that can detect pedestrians. "Headlights are basic but vital safety equipment. Drivers shouldn't have to give up the ability to see the road at night when they choose a small pickup," Zuby said. Related Video: Auto News Chevrolet GMC Nissan Toyota Safety Truck Videos gmc canyon nissan frontier chevrolet colorado