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2016 Cadillac ELR gets more power, $9,000 price drop

Cadillac has announced a series of updates to the ELR for 2016 that promises to make the plug-in hybrid luxury coupe a more desirable proposition. Perhaps chief among them is a price drop of $9,005 compared to the slow-selling 2014 model. The news follows an announcement yesterday that the Chevy Spark would get a $1,500 price drop. Cadillac is quoting a net price for the updated ELR at $58,495, which is obviously substantially less than the $75k it was asking for the previous version. But it's important to note that the new price is listed after US federal tax credits. The 2014 model came in at $67,500 after the full $7,500 tax credit, so math tells us that Cadillac has slashed the price on the 2016 ELR rather dramatically by about nine grand with a new MSRP of $65,995. One big upgrade on the performance front is a 25-percent boost in output from the hybrid powertrain that marries a pair of electric motors to a 1.4-liter inline-four gasoline-burning generator. The increase is said to be enough to drop 1.5 seconds off the 0-60 time, now quoted at 6.4 seconds. It'll travel for up to 39 miles on electric mode alone, but with the generator spooled up will go up to 330 miles before needing to stop. The engine management software has also been updated and the regenerative braking system reconfigured as well, but GM's luxury division didn't stop at the powertrain, fitting the 2016 ELR with a raft of other enhancements. Visually there's a new grille with the marque's latest emblem embedded. The suspension has been stiffened, the steering recalibrated and the brakes optimized for better feel. Cadillac is also throwing in the previously optional Driver Assistance package of active safety systems as standard, with adaptive cruise control available as an option. And the infotainment system comes with OnStar, 4G LTE connectivity and on-board Wi-Fi. There's even a Performance Package available with 20-inch performance tires offering 10-percent better lateral grip, four-piston Brembo brake calipers up front to help reducing stopping distances by 12 percent, recalibrated dampers and steering and a thicker-rimmed steering wheel. Because of the higher rolling resistance tires, however, the Performance Package kills four miles off of the electric driving range.

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.

Opel pulls out of Russia, GM to focus on Cadillac, 'iconic' Chevys

General Motors is going to realign its priorities in the struggling Russian marketplace, withdrawing its Opel brand and pulling out mainstream Chevrolet models. Instead, the General will take aim at Russia's well-established oligarchy, pushing Cadillac as well as "iconic" Chevrolet models, like the Corvette, Camaro and Tahoe. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," GM president Dan Ammann said in a statement. "This decision avoids significant investment into a market that has very challenging long-term prospects." Russian customers interested in an Opel or mainstream Chevys like the Spark, Aveo (the US market Sonic), Cobalt (shown above), Cruze, Orlando and the like have until December to snap up a car before the brands are pulled. "We do not have the appropriate localization level for important vehicles built in Russia and the market environment does not justify a major investment to further localize." Opel Group CEO Karl-Thomas Neumann said. GM will continue to offer service to customers in Russia. "We can assure our customers that we will continue to provide warranty, parts and services for their Chevrolet and Opel vehicles," Neumann said. Beyond realigning its brands in Russia, GM also announced that it would also be idling the company's factory in the country's second-largest city, St. Petersburg. This is the second time the St. Petersburg factory has been in the news – GM announced that it'd be idled for roughly two months back in February. Scroll down for the official press release from GM. GM to Change Business Model in Russia 2015-03-18 Focus on Cadillac and iconic Chevrolet vehicles Wind down Opel brand and sale of mainstream Chevrolet cars Idle GM Auto manufacturing facility in St. Petersburg Part of GM's strategy to ensure long-term sustainability in global markets DETROIT – General Motors today announced plans to change its business model in Russia. GM will focus on the premium segment of the Russian market with Cadillac and U.S.-built iconic Chevrolet products such as the Corvette, Camaro and Tahoe. The Chevrolet brand will minimize its presence in Russia and the Opel brand will leave the market by December 2015. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," said GM President Dan Ammann.