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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.

Chevrolet will preview electrified Silverado-like truck at CES 2021

After abandoning its fight against California's lawmakers, General Motors is shifting its electrification offensive into high gear. CEO Mary Barra will give the opening keynote address at the 2021 Consumer Electronics Show (CES), which will be held online, and Chevrolet will provide a peek at its electrified pickup during the event. Insiders familiar with the carmaker's plans told Bloomberg that Barra's address will highlight ways that electrification can improve the environment and society in general. General Motors president Mark Reuss will speak, too, and his remarks will be followed by a video that will highlight several future products, including what the sources referred to as "a plug-in Chevrolet pickup, some Cadillac models, and vehicles for other brands." These comments ask more questions than they answer, because plug-in means many things in this context. Chevrolet's electric Bolt is a plug-in vehicle, as is the upcoming GMC Hummer, but the plug-in hybrid Jeep Wrangler 4xe is one, too, and it's clearly not all-electric. It's often been assumed that Chevrolet's upcoming electrified truck will be electric, but it might arrive with a hybrid powertrain or a gasoline-powered range extender. Chevrolet could also follow Ford's lead and plant a stake in both the hybrid and the electric pickup segments. It's too early to tell if Chevrolet will unveil the same truck it previewed during a presentation earlier in 2020. Shown briefly, it wore a highly futuristic design that gave it a sleeker look than the current-generation Silverado. Cadillac's presentation promises to be interesting, because the company hinted it might abandon gasoline entirely by 2025, several years earlier than expected, even though its dealers aren't all on board with the shift. Going electric-only in about four years would force the brand to conduct a massive overhaul of its range. As of writing, there is not a single electric Cadillac in showrooms, but the Lyriq will arrive in late 2022 as a 2023 model. It's difficult to tell what's in store for other brands, but there are several cars that General Motors could show during CES. Buick doesn't sell an electric car in the United States yet, for example. Alternatively, GMC is working on an SUV variant of the Hummer, and it has started developing an electric truck. Going back to Chevrolet, our crystal ball tells us we'll see more of the 2022 Bolt EUV during the next edition of the tech show, too.

2019 GMC Sierra Denali Drivers' Notes Review | Half measures

Associate Editor Reese Counts: This truck feels a full generation behind the competition. It's a half measure that feels more like a mid-cycle refresh than a whole new truck. There are a few high points: the 6.2-liter V8 is great (if thirsty) and the bed is wider than anything else in the class. The tailgate, too, is nifty, though some might write it off as a novelty. I also dig the tech, particularly the infotainment system and heads-up display. Ram might brag about its giant touchscreen, but I think I actually prefer the GMC's user interface. The rest can be summed up with a series of shoulder shrugs. The Sierra finally looks different than a Silverado, but I wouldn't call it handsome. The interior is spacious, but I'd knock the design and materials in a $45,000 truck, much less one approaching $70,000. It's not Toyota Tundra levels of terrible, it's just plain, cheap, and not nearly as space efficient as the Ram. It feels like GM's not even trying to move the needle with this truck. The more time I spend behind the wheel, the less I like it. Assistant Editor Zac Palmer: I got to spend a lot of seat time in this 2019 GMC Sierra Denali, and I came away generally unenthused by GM's most luxurious truck. We harp a lot about how expensive pickup trucks are these days, and this one's near $70,000 price tag is just the same. When you step inside a similarly-specced Ram, it feels like it's worth its price. When I step out of a Silverado and into a more expensive Sierra, I want to feel like it's money well spent. This Sierra Denali does not. Beyond the leather seats and a few small pieces of wood trim, it's hard, black plastic galore. What makes it all the more frustrating is that GM has most of the tech and features it needs (solid infotainment, 360-degree camera, wireless phone charging and the rear camera mirror is genuinely awesome). The presentation just comes off as dated from the start. It's a shame, because I have a strange affinity for how this truck looks from the curb. The sharp angles, brash styling and "tough truck" attitude is appealing to me. I like stomping on the gas and letting the 6.2-liter torque monster under the hood loose. But man do you pay the price for using that engine. Over a few hundred miles of driving I ended at a dismal 15 mpg reading on the trip computer — the saddest part of this was knowing these were mostly highway miles.