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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.

2020 Cadillac CT5 prototype shows off more lighting details

The elusive 2020 Cadillac CT5 luxury sports sedan has once again been spotted by a spy photographer. This time, we get to see it from all angles, whereas last time we only saw it from the front. It still has quite a bit of fake body work, and it's very clear Cadillac still hopes you'll think this is a Charger, from the big hood scoop to the fake full-width taillights. Digging past those misdirects, we can find some new details about the car. First, the car's front lighting has developed further. There are production-ready headlights fitted that appear to have some sort of LED illumination. These production lights also fit the shape we saw on the last prototype, so they'll end high up on the body, extending slightly horizontally toward the grille. There's still a section that extends back along the fender, seeming to bridge the gap between current Cadillacs and the Escala concept from which this car takes inspiration. Another addition are the vertical LED accent lights. This is another trademark feature of both current Cadillacs and the Escala, but they were absent from the last prototype we saw. We also get a look at some of the grille's details. Instead of slats, this CT5 has a plastic mesh of small rectangles. The pattern is reminiscent of brickwork. These photos also give us our first look at the back of the CT5. It looks like a fairly typical Cadillac. It's much more conservative than the front end. There are some angular cutouts in the bumper to allow exhaust gases out. The taillights have the current Cadillac look with the top curving over the rear fender. We can't tell if there will be a horizontal element like on the Escala, due to the fake lights. We're expecting the CT5 to be shown sometime next year in time for the 2020 model year. Odds are it will use off-the-shelf Cadillac engines including the turbocharged 2.0-liter four-cylinder, naturally aspirated 3.6-liter V6, and the twin-turbo 3.0-liter V6. Now that Cadillac has revealed its twin-turbo 4.2-liter V8, we'll be interested to see if that shows up in a future CT5-V. Related Video: Featured Gallery Cadillac CT5 prototype spy shots View 23 Photos Image Credit: SpiedBilde Spy Photos Cadillac Luxury Sedan cadillac ct5 cadillac escala

GM admits goal of 500,000 EVs by 2017 won't be met

After a little over four years of Chevy Volt sales, General Motors has a better handle on how many people it expects will buy cars with plugs. And it's less than the company thought back in 2012, when then-senior vice president of global product development, Mary Barra, said that GM expected to sell 500,000 "vehicles with electrification" by 2017. In a sustainability report released this week, GM says that half-million vehicle target will not be met but that it still, "believes the future is electric." In the report, GM says that, "For our commitment to electrification, our forecasted outlook currently projects us, along with the broader automotive industry, falling short of expectations for 2017. ... We continue to aspire to our stated goal." GM's electric lineup includes the Volt, the recently popular Spark EV, the slow-selling Cadillac ELR and upcoming Malibu Hybrid, CT6 plug-in hybrid and eAssist technology in the Buick LaCrosse and Regal. GM says it has 180,834 electrified vehicles on the road in the US today. In 2013, it had 153,034; 95,578 in 2012, and 39,843 in 2011. The company's next big plug-in vehicle will be the second-gen Chevy Volt, which is coming to market later this year, followed by the 200-mile Bolt EV coming, we think, in 2017. GM Employees on Mission to Transform Transportation Sustainability report outlines vehicle and manufacturing progress; sets new targets 2015-05-07 DETROIT – General Motors' just-released sustainability report chronicles efforts by the company's 216,000 employees to live out GM's newly defined purpose and values by earning customer loyalty, applying meaningful technology advances and improving the communities where it does business. These actions – led by CEO Mary Barra – further drive sustainability into the company's culture through building safer and smarter vehicles with less environmental impact. "GM will take a leading role in the auto industry's transformation as it undergoes an unprecedented period of change," said Bob Ferguson, senior vice president, GM Global Public Policy. "From GM's labs to its assembly lines, our people are driving the world to a better place through improved mobility." The company believes the future is electric, with billions of investment to support an all-in-house approach to the development and manufacturing of electrified vehicles. It now counts 180,834 on the road in the U.S – up from 153,034 in 2013.