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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.

2018 GMC Sierra 2500HD All Mountain concept: Nothing stops it in its tracks

Winter may not be the best time for sports cars, but snow and ice can still provide a ton of fun in the right vehicle. The Porsche Macan GTS I had back in January was a riot in the snow, and it was wearing nothing more than a good set of winter tires. What you really need to conquer the frozen north is tracks. These replace wheels with the same sort of equipment that helps tanks and snowmobiles roll over damn near everything in their paths. That's what makes the 2018 GMC Sierra 2500HD All Mountain concept so awesome. That and the 910 pound-feet of torque from the 6.6-liter Duramax turbo diesel V8. The All Mountain concept is set to debut this week in Veil, Colorado, home to ski slopes, log cabins and nearly year-round snow pack. The truck is based off a standard GMC Sierra 2500HD. The turbo-diesel V8 makes 445 horsepower in addition to the mountain of torque. Power is sent to all four corners through an Allison 1000 six-speed automatic. The new treads come courtesy of Mattracks. The 150 Series tracks aren't cheap — well into five figures with installation — but they give you a nice 16-inch surface at each corner. Other changes and add-ons include graphics on the bodywork, a RIGID E-Series 30-inch light bar, LEDs on the wheel well and underbody, Thule snowboard racks, a roll-up tonneau cover and a new speaker system from Kicker. The truck will stay on display in Veil all winter, though a similar concept will be making its way to various auto shows, starting with Los Angeles next week. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery GMC Sierra All Mountain Concept: LA 2017 View 9 Photos Related Gallery 2018 GMC Sierra 2500HD All Mountain concept View 10 Photos News Source: GMCImage Credit: Live photos copyright 2017 Drew Phillips / Autoblog.com GMC Truck Off-Road Vehicles

GM recalling over 243,000 crossovers over possible seat belt defect

2010 Buick Enclave - Click above for high-res image gallery
The summer of 2010's recall hit parade continues unabated today, with General Motors having just announced that it is asking 243,403 owners of its 2009-2010 Lambda crossovers to bring their three-row haulers in for inspection. The culprit? Second-row seat belts in select Buick Enclave, Chevrolet Traverse, GMC Acadia, and Saturn Outlook CUVs have "failed to perform properly in a crash."
According to GM, a second-row seat-side trim piece is to blame, as it can impede the upward rotation of the buckle after the seat is folded flat. As a result, if the buckle makes contact with the seat frame, cosmetic damage can occur, potentially requiring additional force to operate the buckle properly. So far, no great shakes, but in the process of applying that additional force, the occupant may push the buckle cover down to the strap, potentially revealing and depressing the red release button. As a result of this, the belt may not latch, or in certain cases, it may actually appear to be latched when, in fact, it isn't.