With US vehicle prices averaging near $50K, General Motors sees 2nd-quarter profits rise 15%

AP Auto Writer

DETROIT (AP) — U.S. customers who bought a new General Motors vehicle last quarter paid an average of just under $49,900, a price that helped push the company’s net income 15% above a year ago. And despite analyst predictions of growing U.S. inventories for the industry and bigger discounts reducing prices, GM Chief Financial Officer Paul Jacobson said he doesn’t see his company cutting prices very much. The Detroit automaker on Tuesday said it made $2.92 billion from April through June, with revenue of $47.97 billion that beat analyst expectations. Excluding one-time items, the company made $3.06 per share, 35 cents above Wall Street projections.