Bolstered by a solid market for pickup trucks and SUVs, General Motors Co. in Detroit today reported income of $2.4 billion on revenue of $36.1 billion in the second quarter of 2019, up 1.6 percent from year-ago numbers.
GM delivered 747,000 vehicles in the U.S. during the quarter, led by crossover sales which set a second-quarter record with a 17-percent increase year-over-year. The Chevrolet Equinox and Traverse also set second-quarter records. Every Buick crossover was up year-over-year and the GMC Acadia posted its best first half ever. The all-new Cadillac XT4 continued to lead its segment, according to the automaker.
The automaker says the U.S. retail market share is estimated to be flat compared to a year ago, with trucks and crossovers offsetting lower passenger car sales.
Elsewhere around the world, GM China sold 754,000 vehicles in the second quarter, about 100,000 fewer than the previous year’s quarter, due to an overall market decline, segment shifts, and lower demand for outgoing models.
“Our results demonstrate the earnings power of our full-size truck franchise, with more upside to come,” says Mary Barra, chairman and CEO of GM. “We will continue operating our business with discipline and the vision needed to deliver a stronger future for our employees, customers, and shareholders.”
GM North America made $3.02 billion in the second quarter, $4.9 billion for the year so far.
GM Financial earned $536 million in the second quarter for a $895 million annual total.
GM International and GM Cruise, however, are showing red ink in the quarter and for the year. GMI lost $48 million in the second quarter and is down $17 million for the year. GM Cruise lost $279 million in the quarter, and $448 in the first half of the year.