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GM winding down Chevrolet brand in Europe

If you've taken even a cursory look at GM's European strategy and wondered how it can target the market there with both Chevrolet and Opel/Vauxhall, you're not alone. In fact General Motors itself has found it difficult to justify the two-pronged approach. That's why it's essentially pulling Chevy from the European marketplace.
Instead of trying to ply European buyers with what are mostly former Daewoo products rebadged as Chevys, GM will now let Opel (or Vauxhall in the UK) represent its mass-market aspirations. Chevrolet will keep its presence in Russia and other former Soviet markets, and will continue selling certain niche products in Eastern and Western Europe. The Corvette, for example, has long been sold in Europe through Cadillac dealerships, which for its part is currently "finalizing plans for expanding in the European market".
While the shift in strategy is expected to help GM get a stronger foothold in the European market in the long run, in the short term the restructuring will cost it dearly: between $700 million and $1 billion, according to its own estimates, split between the last quarter of this year and the first half of the next. Jump into the full press release below for more.

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.

Hottest Cadillac CT4-V and CT5-V rumored to offer manual transmissions

We recently received one large detail to fill in the picture of the hottest versions of the Cadillac CT4-V and CT5-V, the sedans maybe or maybe not called Blackwing. As you know, due to a platform switch caused by cost cutting at parent GM, the 4.2-liter twin-turbo Blackwing V8 won't figure in the equation because it won't fit in the engine bay of either sedan. The new, gone-too-soon engine is too wide and too tall. The hottest V models will turn to stalwarts in the range, the CT4-V appearing to get the 3.6-liter twin-turbo V6 used in the departed ATS-V, the CT5-V working with the 6.2-liter supercharged V8 also put to use in the Chevrolet Camaro ZL1 and C7 Corvette Z06. But all of this could mean good news for three-pedal enthusiasts; both engines have been paired with manual transmissions previously, and Muscle Cars & Trucks says both of the coming flagship V models will get manual transmissions. We've expected a manual in the CT4-V. Not only did GM President Mark Reuss say, "Cadillac will make manuals in V-Series" during the launch of the milder V variants, but spy video of the CT4-V from last summer captured a camouflaged CT4-V looking and acting like a car with a manual gearbox. However, no one surmised that the CT5-V would get a manual, too. None of the bigger sedan's competition is sold with a stick shift, and the retired CTS-V with the same 6.2-liter supercharged V8 was only sold with an eight-speed automatic, while just one aisle over the Camaro ZL1 offered a six-speed manual and the Corvette Z06 a seven-speed manual. The last time Cadillac put a row-your-own in the midsize luxury scorcher was the second-gen CTS-V — the one that came in a wagon bodystyle, too — which paired a supercharged LS9 V8 derived from the C6 Corvette ZR1 and a six-speed Tremec manual. MCT doesn't cite any sources, so take this as rumor for now. It's possible to read Reuss' statement in line with this rumor, though. The assumption has been that the plural "manuals" referred to multiple stick shifts going into multiple CT4-V sedans, whereas he could have meant there will be two manual-equipped sedans in the V-Series range. We'll hope for the best and see what pops out of the transmission tunnels on both sedans when they debut later this year. Related Video: