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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.

Buick Cascada dies the death everyone expected

Four months ago, the Grim Reaper came for the Opel Cascada. Groupe PSA, which bought Opel from General Motors in 2017, announced the two-door convertible would be phased out. On sale here since 2016 as the Buick Cascada, GM told us it had nothing to say about PSA's announcement. On Friday, the U.S. automaker spoke up, telling Automotive News the droptop "has reached the end of its originally-planned lifecycle and 2019 will be the last model year offered. Dealers have been notified and many will have stock through the rest of this year." Buick paid big money to advertise its first convertible since the 1991 Reatta. Buick threw money at Super Bowls ads and a gaggle of celebrities two years in a row. And when sales began in 2016, Buick enlisted The Unbreakable Kimmy Schmidt star Ellie Kemper for a series of television and online spots. U.S. dealers have been instructed to file final orders this month, and production will continue at the factory in Poland until this summer. Yet the fact we're in February and dealers are predicted to have stock for the next ten months says everything necessary about the state of play. The brand sold roughly 17,000 units in three years, and both 2017 and 2018 saw sales declines of more than 25 percent. Buick didn't expect huge sales from the import, though, and the Cascada earned conquest buyers. A spokesman said, "The Cascada has played its role in the portfolio perfectly, outselling many other premium convertibles while bringing in [6 of every 10] buyers from outside GM." Last we heard, the LaCrosse ceases production next month. Unless the situation changes before the end of the year, Buick will have only the Regal on its passenger car books come 2020. GM will only have two convertibles in its portfolio worldwide, the Chevrolet Camaro and Corvette. Related Video:

GM slashes prices in China as sales falter

Buying a vehicle from General Motors' stable of brands might be a lot cheaper in the near future – at least for customers in China. The effort comes as GM hopes to keep sales there growing, and the decision alludes to yet another sign that the Asian country no longer has the booming auto market of past years. GM and its Chinese joint venture partner SAIC are slashing prices by as much as the equivalent to $8,700 on 40 models from Buick, Chevrolet, and Cadillac, according to The Detroit News. Across all of automaker's nameplates, the overall sales dipped in China in April by 0.4 percent to 258,484 vehicles. Among the drops, Buick was down 8.5 percent, and Chevy shrunk 5.6 percent. Caddy's numbers increased 4.6 percent for the month, though. Buick remains a popular brand in the minds of Chinese consumers, but according to The Detroit News domestic automakers there are starting to eat into the dominance of foreign companies in the market. The country remains important for GM, though. Late last year, it outlined a future strategy that included China as a major pillar, including a $14 billion investment to build five new factories and boost sales. News Source: The Detroit NewsImage Credit: Alexander F. Yuan / AP Photo Buick Cadillac Chevrolet GM Car Buying Car Dealers saic