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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.

40+ cars that barely avoid the gas guzzler tax

The Gas Guzzler schedule, with mpg ratings and charges that haven't changed since 1991, lays out which fuel-swillers owe what to Uncle Sam.
I started thinking about the "Gas Guzzler Tax" - considerably less well known as The Energy Tax Act of 1978 - when I was driving Dodge's new Challenger SRT Hellcat last week. Unsurprisingly for a car that can burn 1.5 gallons of gas per minute at max tilt, theoretically able to empty a full tank of premium in about 13 minutes, the Hellcat will be subject to the Gas Guzzler Tax schedule when it goes on sale.

Off-road Cadillac Escalade adds some extra bush country capability

So, you're a dyed-in-the-wool General Motors fan, but like the notion of a machine like the Hennessey Velociraptor. We have good news for you. Behold the Aria Coachworks XPLORE Cadillac Escalade. For a modest fee, Aria will outfit your Escalade with a custom suspension, BF Goodrich all-terrain tires wrapped around aluminum wheels, a Warn winch and a special exhaust. There's even a snorkel option for those of you with aspirations toward deep water crossings. Consider yourself warned, however: unlike other GMT900 SUVs, the Cadillac only has an all-wheel drive system, not the more rugged four-wheel drive setup of the Chevy Tahoe and GMC Yukon). Outside, the luxury SUV gets matte paint, black chrome trim, XPLORE power running boards and a roof rack system.
The interior also receives a few fun changes as well, but we're more interested in the fact that buyers can snag a power roof top tent. You know, in case you need to camp out at Best Buy for the PS4. There's also a matching camp trailer and, our personal favorite, a matching BMW GS motorcycle. Bikes not your bag of tricks? That's fine. Aria will also sell you a matched Airstream trailer or Old Town wooden canoes. As much as we want to hate this, we love the notion of bashing through the woods in a $100,000 Cadillac battlewagon with our GS in tow. Check the press release below for more information.