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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.

2018 Buick Regal GS First Drive Review | More power, style and doors

During our test-drive of the 2018 Regal GS, Buick took us to Atlanta Motorsports Park and hired stunt drivers to teach us mild-mannered journalists how to do a J-turn. It's an emergency maneuver, also known as a Rockford, in which the car reverses at full speed, spins 180 degrees and takes off in the exact opposite direction from where it was headed. It symbolized perfectly Buick's hopes for the Regal GS, its most ambitious attempt yet at a bona fide American sports sedan. Buick is trying to shake off decades of stigma as a maker of grandpa-spec wafters. Since 2008, it has been rebadging the Opel Insignia, developed by GM's German subsidiary and built in Russelsheim, as the Regal. In 2012, Buick revived the Regal GS badge, providing power from a 2.0-liter turbo four, initially at 270 horsepower but then detuned to 259 hp in 2014 as AWD was introduced. Buick had high hopes of challenging the luxury greats, and while the previous Regal GS received good reviews as a genuine sports sedan, it never really caught on in the marketplace. Buick took a risk by redefining the brand, but ultimately, it wasn't quite successful enough to be uttered in the same breath as BMW, Mercedes-Benz and Lexus. The 2018 Regal GS doubles down on that lofty goal with a better-fleshed-out version of the outgoing car. It returns with improved styling and even more power, courtesy of a naturally aspirated 3.6-liter V6 generating 310 horsepower and 282 lb-ft of torque. In other words, the new GS is up 40 horses, but down 13 lb-ft with an engine that comes straight from the GM parts bin. Within GM, it is known as the "High Feature" engine, used in everything from Cadillacs to V6 Camaros to the GMC Acadia. Autoblog has knocked this engine on refinement but generally praised its power, so it's a mixed bag. On the Regal GS, though, the drivetrain exhibited a marked improvement on the refinement front. Buick spokesperson Stuart Fowle attributed this to the new nine-speed automatic it's mated to, a quick and smooth-shifting transmission well-programmed to keep the engine at optimal revs. The result deviates quite a bit from the Opel Insignia, which maxes out with a turbocharged 2.0-liter inline-four good for 197 horses and 300 lb-ft. With turbo 2.0-liter fours now the de facto entry-level engine for most luxury carmakers, having the 3.6-liter V6 makes the 2018 Regal GS more distinctive, a bit more American and less of a European copy-paste job than its predecessor.

GM is quietly slashing prices on base models

While General Motors' fourth quarter financial figures haven't yet been released, the automaker seems to be weathering a potentially rocky time well, even beating third-quarter projections last year. To keep the climb going, the company is launching new base trims for several popular models that make them cheaper than ever but with tight dealer margins. The new entry-level trims are the Chevrolet Cruze L, Equinox L, GMC Terrain SL and Buick LaCrosse 1SV. Buyers lose some content by picking them, but the prices are slashed. According to Cars Direct, the biggest savings are on the LaCrosse, where customers pay $31,065, plus $925 destination, $2,570 less than the previous base 1SB trim but must accept things like 17-inch wheels and no cargo net in the back. If you're wondering how Buick can remove only a little equipment but cut the price so much, it's because the company also slashed dealer margins. According to Cars Direct, the difference between the invoice and MSRP for the LaCrosse 1SV is only around $150, compared to around $1,350 before. The disparity is even greater for the Cruze with an $81 difference in the prices, compared to about $600 for the LS version. Showrooms are expected to keep very low stocks of these trims, though. "Dealers use such vehicles to get people in the door, but they do not generally want to do high volumes of these strippers. The margins are next to nothing; they don't make much money off these cars," said Ed Kim, Vice President of Industry Analysis for AutoPacific to Autoblog. Dealers are also expected to advertise that these new base trims undercut major competitors. For example, the Cruze L rings up for about $2,320 less than a Honda Civic LX, according to Cars Direct. One potential drawback for buyers is that these models might not be eligible for incentives. While the attractive prices might get customers into dealers, folks may not actually end up driving home with these entry-level models. Kim indicated base trims also make up a small portion of the sales mix. "Consumers aren't asking for stripped out vehicles, even at the low end of the marketplace," he said. Featured Gallery 2015 Chevrolet Cruze View 9 Photos News Source: Cars DirectImage Credit: Chevrolet Buick Chevrolet GM GMC Car Buying Car Dealers Crossover Sedan gmc terrain cheap cars