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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.

Cadillac ELR production has stopped, Chevy Bolt coming in Oct.

It looks like General Motors' Cadillac ELR extended-range plug-in is out as the automaker prepares to go all in on the Chevrolet Bolt electric vehicle. The Caddy officially stopped production in February, Hybrid Cars says, citing Cadillac Product Communications Manager David Caldwell. There is still a "small quantity" of the coupe at dealerships, but this take on mashing up "luxury coupe" with "green vehicle" has about run its course. Caldwell and Johan de Nysschen, president of General Motors' Cadillac division, had already confirmed earlier this year that the ELR, which was first available as a 2014 model, wouldn't have any further generations, though weren't specific on when production would stop. The ELR uses an upgraded version of the first-generation Volt's powertrain to move the 4,000-pound beast, and while the Volt is now in its second generation (and this year's sales have more than doubled from a year earlier as a result), the ELR never received a similar upgrade. The ELR sold just 357 units through April. As a result, the ELR sold just 357 units through April, down almost nine percent from a year earlier. In all of last year, 1,024 ELRs were sold, compared to more than 15,000 units for the Chevy Volt, and that's after the ELR's price was cut by about $9,000 last April. The car also got about a 25-percent increase in power, but that didn't seem to do the trick when it came to boosting demand, even with the available $7,500 federal tax credit. Meanwhile, Hybrid Cars is reporting that the 2017 Bolt, which will feature a single-charge range of about 200 miles and is expected to retail for about $35,000, is likely to start production at GM's Orion Assembly Plant in October. While you wait, if you're already feeling nostalgic, check out our impressions of the ELR here. Related Video: Featured Gallery 2014 Cadillac ELR Review View 48 Photos News Source: Hybrid Cars Green Plants/Manufacturing Cadillac Coupe Hybrid Chevy Bolt cadillac elr elr extended-range plug-in bolt

2020 Cadillac XT6 Review & Buying Guide | Sneaking in through the back

The 2020 Cadillac XT6 is arriving late to the party, literally decades after some of its rivals. It's a new, three-row luxury crossover that serves as a much-needed, more-modern and less ostentatious family hauler than the Escalade (which is getting overhauled next year, by the way). The question about the XT6, then, is it fashionably late? The XT6 is indeed quite handsome and refined -- we thought it looked particularly excellent in one our test car's Red Horizon Tintcoat. There's a classic sophistication to it that evokes Cadillacs of the 1960s rather than the overwrought and borderline-tacky designs of other eras (including recent ones). We think the exterior design will age quite well, especially in light of some competitors. However, we're also not sure it's distinctly a Cadillac. Worse, the interior is drab, unimaginative, and blighted with unremarkable materials. A Volvo XC90 and Lincoln Aviator instantly look and feel more special, while a range-topping Hyundai Palisade isn't as far behind as the price gap would indicate. The driving experience also leaves something to be desired. Besides the ho-hum engine, the XT6 has neither the sharp handling of Cadillac's recent sedans nor the stately ride comfort one also might expect given the brand's past. Overall, the XT6 sneaks in through the back of the party rather than making a grand entrance; an unremarkable effort in a toughly contested segment. What's new for 2020? The XT6 is an all-new model and fills a gap in Cadillac's lineup. What's the XT6's interior and in-car technology like? Answering this question is all about perspective. In a vacuum, the XT6 interior seems nicely put together, its leather is soft and features are in abundance. The range-topping trim's gold carbon fiber trim is particularly interesting. If you sat in one after a Buick Enclave, the step up would be obvious. However, come from a Lincoln Aviator or Volvo XC90, to cite two excellent examples of the breed, and the difference is stark in terms of design and materials quality (there are too many hard plastics throughout). The XT6 quite simply isn't as cool, isn't as luxurious and doesn't seem to justify its price tag. At least features content is strong with six USB ports, wireless charging, Android Auto, Apple CarPlay and satellite radio all included along with a panoramic sunroof and various driver assistance technologies. Other brands nickel-and-dime you with this sort of content.