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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 teases 'groovy' EV concept to debut this summer

Buick has been taking its slow, deliberate steps toward joining the General Motors EV club in the U.S. There was the Electra concept shown at Auto Shanghai way back in 2020. There was the mystery Buick fastback concept that showed up in GM's promotional vid for the Ultifi software platform in October 2021. Then GM applied to reserve the Electra name in Canada in December, and last month applied to reserve the Velite name in the U.S. Now Buick drops this, a tease for an electric vehicle that will debut this summer. The surprise came in the midst of call-and-response tweets between GM and its brands, the mothership asking, "Hey @Cadillac @GMC @Chevrolet @Buick @GMFleet @BrightDrop — your new boss needs a new ride. Which one of you has the best vehicle to serve my EV-il needs?" The Tri-Shield brand responded with this image and the caption, "WeÂ’re fans of all @GM EVs, but this summer we will show you our dreams of a groovy electric future. ? WeÂ’re sure a mastermind who makes his own quasi-futuristic clothes will be impressed." WeÂ’re fans of all @GM EVs, but this summer we will show you our dreams of a groovy electric future. ? WeÂ’re sure a mastermind who makes his own quasi-futuristic clothes will be impressed. ? https://t.co/7r3Czy8CXV pic.twitter.com/e1XzwFEVsJ — Buick (@Buick) February 13, 2022 The "mastermind"-slash-seamstress reference is looking at GM's villainous Super Bowl ad featuring Dr. Evil, his closest councilors, his son and Baby Me (R.I.P. Verne Troyer). GM's got 30 EVs on the way by 2025 for global markets, and it has begun to fill in the blanks in the U.S. for all its brands but Buick. Based on the automaker's 2019 Sustainability Report, we're expecting a Buick crossover and an SUV by 2025. If the tweeted image is of a people-hauler, it's the swoopiest crossover we've laid eyes on in some time. The rune-like DRL topped by brightwork and chiseled clear panels sits at the corner of a hood that looks like it could have been borrowed from a C7 Corvette. Frankly, this reminds us more of the Buick-branded fastback sedan in the Ultifi video than anything else we've seen. And we have no problem with any of this. As for the Velite trademark application, that could be Buick transplanting a little bit more of its Chinese operations to the U.S. Buick sells a Velite 7 electric crossover, Velite 6 EV and PHEV crossovers, and a Velite 5 PHEV sedan in China.

Buick applies the GS treatment to an electric Electra

A sporty Buick in the 21st century? A contradiction, some might think. But the product planners at Buick — usually the most conservative brand in General MotorsÂ’ stable — apparently think otherwise. Earlier this month, GM filed an application with the United States Patent office for the Electra GS nameplate, pairing the “Gran Sport” badge with a name that dates back to the first Electra model that debuted more than six decades ago. GM showed an Electra EV concept in 2020 in China and a sleek Buick Electra-X concept SUV this summer. As part of its plans to go to a fully electric lineup by 2030, Buick announced in June that an electric Electra — nice fit, no? — would be shown later this year and released in 2024. The addition of the prestigious Gran Sport badge refers back to the Buick muscle cars of the mid-Sixties, including the Skylark GS and the Riviera GS. It since has been applied to other Buicks, including the Regal GS. The brand has also indicated that it will launch at least two electric SUVs next year, but that plan might not entice some dealers to continue to sell and service Buicks: GM last month said it would offer dealerships in the United States buyouts if they balked at investing in the considerable upgrades required to service EVs. “Not everyone necessarily wants to make that journey, depending on where theyÂ’re located or the level of expenditure that the transition will demand,” Buick Global Vice President Duncan Aldred told the Wall Street Journal. “So if they want to exit the Buick franchise, then we will give them monetary assistance to do so.”