1989 Red Chevrolette Corvete Maintained & Ready on 2040-cars

Auto blog

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.

Chevy Camaro is a good sport, wishes Ford Mustang Happy 50th

It was 1966 when Chevrolet launched its challenger to the wildly successful Ford Mustang, the Camaro. While the competition between the two brands was already healthy, the arrival of the Camaro set off one of the most intense, model-to-model rivalries in the industry.
That competitive spirit hasn't stopped Chevy and the Camaro from wishing Ford's iconic muscle car a Happy 50th Birthday as the Ford's April 17 anniversary rolls around. These two cars have been linked over the years, and while the rivalry took a break for a few years in the 2000s, today's competition between the Camaro and Mustang is as fierce as it's ever been.
You might recall that this friendliness when it comes to major milestones isn't too rare. Ford put on quite a display for General Motors' hundredth anniversary back in 2008. As the Camaro's fiftieth birthday approaches in 2016, we wouldn't be surprised to see the Mustang sending its best wishes to its Bowtie rival.

AMC Trans Am Javelin SST, an ultra-rare underdog, is up for auction

Among the rarest of the American muscle cars that went racing in the early Seventies — cars including the Camaro Z/28 and the Boss 302 Mustang — the 1970 AMC Trans Am Javelin SST may be the most hard to find, and among the most valuable. Only 100 units of this unique Javelin were produced, and one of them is up for auction at the Mecum event in Dallas on September 20. The Trans Am Javelin was fashioned in a patriotic livery of tricolor paint — red, white and blue — and arrived after the American Motors Corporation had decided in 1968 to compete in the Trans Am racing series against Ford and General Motors. The company's chief driver, Mark Donohue, would dominate the 1971 season, taking seven wins in his Javelin AMX and that yearÂ’s SCCA Trans-Am Championship. AMC took the trophy with 82 points, well ahead of Ford's 61, Chevrolet's 17 and Pontiac's paltry 7. The example listed for auction came equipped with a 390-cubic-inch V-8 engine with 325 horsepower at 5,000 rpm and 420 pound-feet of torque, power steering and brakes, dual exhaust, BorgWarner four-speed manual transmission and Hurst competition shifter. Its “ram induction system” sealed a chamber around the air filter so that cool air from the functional hood scoop would be funneled into the intake. This JavÂ’s factory price was $3,995 — a mere $32,000 or so in today's money, though it was expensive by the standards of the time. The 100 Trans Ams were among 19,714 Javelin units built in 1970, so they started out rare, and today the surviving examples are highly collectible, if and when they come up for sale. No bid estimate is available yet. Related Video: Motorsports Chevrolet Ford Pontiac Auctions Automotive History Racing Vehicles Classics