1975 Chevrolet Cosworth Vega on 2040-cars

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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.

Is your new-car warranty good at the race track?

We've all heard the horror stories. Your buddy knows a girl that was dating a guy whose best friend's brother once broke his brand-new, recently purchased performance car while making runs at a drag strip or laps at a track day, and the manufacturer wouldn't cover the repair under warranty. True story? Urban legend? Complete crap? Yes, no, maybe. One thing's for sure: Automotive warranties have always come with caveats. In 1908, an ad in the Trenton Evening Times clearly stated: "All Ford Cars Guaranteed for One Year." Although it changed over time, by 1925 the Ford New Car Guarantee only covered 90 days on material and 30 days on labor, and it clearly stated that that there was "No guarantee whatever on Fan Belts, Glass, Bulbs, Wiring, Transmission, Bands, Hose Connections, Commutator Shells, Rollers, Spark Plugs or Gaskets." Whether or not Ol' Henry would pay to fix your Model T if you broke it shaving a tenth off your lap time at the local board track seems to be lost to history. We're guessing no. But what about today? Do new-car warranties in 2017 cover cars when they are driven on race tracks? We researched the warranties of 14 auto brands to find out, and the answer is yes, no, maybe, depending on the brand, in some cases the model, and whether or not your car is modified from stock. Acura has been out of the high-performance car game for a number of years, but jumps back into the party in 2017 with its hybrid-powered $173,000 NSX supercar. And Acura's warranty, as well as Honda's, clearly states that it does not cover "the use of the vehicle in competition or racing events." View 33 Photos So we asked Sage Marie, Senior Manager of Public Relations for Honda and Acura. "If the car is stock, the warranty covers it on a track just as it does on the street. No question," he told us. "However, if the car is modified, say with slick tires or other components that would put higher stresses on the vehicle's parts and systems, then we would have to investigate the circumstances further." Marie went on to say the same would be true for any Acura model or Honda vehicle, including the new 2017 Honda Civic Si. This became a common theme. Chevrolet actually started this practice with the fifth-generation Camaro on the high-performance ZL1 and Z/28 models.

10 electric cars we’re excited are coming soon

If you were considering buying an electric vehicle a couple years ago, we wouldn't fault you for thinking your options were limited, both in terms of quantity and quality. You just might not have been able to find an electric car that would suit your needs, lifestyle or budget. With the newest generation of EVs that have launched in the past year or two, your options have changed — and improved — dramatically. If you still don't see an EV you like, just wait a little while longer. It won't take long. There are a whole lot more on the horizon, and the problem may soon be in narrowing down your options. To give you an example, here are 10 electric vehicles we're excited about that you'll be able to buy very soon, from GM, from Germany, from Japan and more. Some of these will be available by the end of the year, and all are expected to launch by the end of 2023. The Chevy trio: 2024 Blazer EV, Equinox EV and Silverado EV GM is stepping into the future with strong footing. Following high-end electric launches from GMC (Hummer EV) and Cadillac (Lyriq), Chevrolet is bringing three electric vehicles with familiar nameplates. The 2024 Chevy Blazer EV (above left) will offer a number of versions, starting with the 2LT and RS trims in the summer of 2023, followed by the 557-horsepower SS in the fall and the base 1LT in early 2024. The 2024 Chevy Equinox EV (above right) will go on sale in fall 2023 as a limited-edition model, with volume sales ramping up in 2024, with a base cost of “around $30,000.” For those who prefer a bed to a liftgate, the 2024 Chevy Silverado EV is an electric pickup that looks more like the old Chevy Avalanche than the current Silverado. The WT (work truck) trim launches in fall 2023, while the 664-horsepower RST will follow in 2024. Read more: 5 new electric car companies coming in 2023 and beyond 2023 BMW i7 BMW revealed the all-electric 2023 i7 luxury sedan alongside the gas-powered 7 Series. It should go on sale before the end of 2022. The i7 xDrive60 will be the only variant, with its two motors providing a total of 536 horsepower and 549 pound-feet of torque, and its battery expected to offer a range of about 300 miles. Just like its internal combustion counterpart, this full-size sedan wonÂ’t come cheap, with the i7 starting at $120,295. 2023 Hyundai Ioniq 6 Following the Hyundai Ioniq 5, Kia EV6 and Genesis GV60, the 2023 Hyundai Ioniq 6 will be the fourth car using Hyundai GroupÂ’s E-GMP electric car architecture.