General Motors (GM 35.76, -0.06) has shed 0.2% after reporting mixed results for the second quarter.
The automaker reported above-consensus second quarter earnings of $1.89 per share on a 1.1% year-over-year decline in revenue to $36.98 billion, which was shy of expectations.
The company noted that efforts to restructure its international operations are moving along as expected. The restructuring involves shifting of GM India's focus to export manufacturing and transitioning GM South Africa to production of Isuzu vehicles. Furthermore, Chevrolet will be phased out of the two markets by the end of this year.
Worldwide vehicle unit sales fell 2.0% year-over-year to 2.34 million.
Deliveries in the United States totaled 725,000 with retail crossover sales growing 24.0%. This was the strongest quarter for crossover sales in the company's history and well ahead of the 9.0% growth rate for the industry. End demand was healthy, considering U.S. Daily Rental sales represented 6.0% of quarterly sales, which was the lowest ratio among full-line automakers.
Deliveries in China hit a second quarter record of 852,000 vehicles. Cadillac sales surged 62.0% and Baojun sales spiked 66.0% to lead the way.
South American deliveries totaled 160,000, which represented year-over-year growth of 18.0%, ahead of the industry growth rate of 13.0%.
The company provided a short update on its effort to field an autonomous driving fleet. Mass-production methods were used to build 130 autonomous Chevrolet Bolt EV test vehicles, increasing the self-driving fleet's size to 180.
GM's total worldwide market share ticked down to 10.2% from 10.3% with European market share slipping to 5.7% from 6.2% one year ago.
General Motors reaffirmed its guidance for the fiscal year, priming the market for earnings between $6.00 per share and $6.50 per share with adjusted EBITDA and revenue expected to grow at a pace comparable to 2016.