General Motors 2Q profit more than doubles on US earnings

DETROIT (AP) — General Motors' second-quarter profit more than doubled to a post-bankruptcy record $2.87 billion on a strong performance in the U.S., where the company saw sales fall after it cut low-profit sales to rental car companies.

Chief Financial Officer Chuck Stevens said the company's retail sales to individual buyers were up due to strong demand for high-profit pickup trucks and SUVs, plus the impact of redesigned vehicles such as the Chevrolet Malibu and Cruze sedans and the Cadillac XT5 SUV.

The company also revealed that it spent $581 million during the quarter — half in cash and half in GM stock — to buy Cruise Automation, a 40-person software company that is testing autonomous vehicles on the streets of San Francisco.