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GM profit dips on truck changeover, but beats estimates

DETROIT — General Motors on Thursday reported a higher-than-expected quarterly profit despite a drop in production of high-margin pickup trucks, as it gears up for new models that are expected to boost profits next year. Like rivals Ford and Fiat Chrysler Automobiles, GM is banking on highly-profitable Chevy Silverado and GMC Sierra pickup trucks to lift profits, as consumers shift away from traditional passenger cars in favor of these larger, more comfortable trucks, SUVs and crossovers. During the first quarter, the process of changing over to GM's new pickups resulted in a drop in production of 47,000 units. GM Chief Financial Officer Chuck Stevens said the production drop had resulted in a drop in pre-tax profit of up to $800 million. Earlier this year, GM said its 2018 profits would be flat compared with 2017, but expected its all-new pickup trucks would boost margins starting in 2019. On Thursday, GM reiterated its full-year 2018 forecast for adjusted earnings in a range from $6.30 to $6.60 per share. The automaker said capital expenditures were more than $500 million higher in the quarter because of investments its new pickup trucks and a family of low-cost vehicles under development with Chinese partner SAIC Motor Corp. On Wednesday, rival Ford said it would stop investing in most traditional passenger sedans in North America. CFO Stevens told reporters on Thursday that GM has "already indicated that we will make significantly lower investments on a go-forward basis" in sedans. 2019 GMC Sierra View 21 Photos GM benefited from a lower effective tax rate in the quarter, but adjusted pre-tax margin fell to 7.2 percent from 9.5 percent a year earlier. Stevens said the company's profit margin should hit 10 percent or higher in the second quarter and for the full year. GM said material costs were $700 million higher in the first quarter, and it expects those costs to continue rising. The automaker said it would counter those increases with cost cutting measures. "It is a more difficult environment than it was three or four months ago," Stevens said when asked about rising commodity prices from potential steel and aluminum tariffs announced by the Trump administration. "But we are confident we can continue to offset that." The company reported quarterly net income of $1.05 billion or $1.43 per share, a drop of nearly 60 percent from $2.61 billion or $1.75 per share a year earlier. Analysts had on average expected earnings per share of $1.24.

2022 Chevy Silverado HD gains Multi-Flex tailgate as an option

GM is spreading the Multi-Pro Tailgate love around its truck lineup, and the Silverado HD is the latest pickup to gain the option. Just like the 2021 Silverado 1500, Chevy uses the “Multi-Flex” name for it in the HD, eschewing GMCÂ’s “Multi-Pro” branding for the bowtie vehicles. YouÂ’ll be able to option the tailgate on 2022 model year Silverado 2500HD and 3500HD models. ItÂ’ll be available optionally in every trim, so thereÂ’s no need to grab a more expensive trim to gain access to the trick tailgate — youÂ’re also not required to take it in higher trims. Functionality is the same as the standard Silverado and Sierra.  The primary gate opens and closes like any other tailgate out there. ThereÂ’s a primary gate load stopper that allows you to put the gate down and still keep things from flying out the back (it can also be arranged such that the load stopper is at a higher height by using the inner gateÂ’s stopper). The inner gate folds down perpendicular to the ground to allow closer access to the bed. A full-width step is available if you fold both “gates” down and pop out the inner panel. And lastly, the inner gate can be lowered to use it as a small work space. You can watch the short video above to get a quick run through of all the positions, or scroll through the gallery at the top of this post. Besides the tailgate, Chevy says the 2022 Silverado HD is gaining a new Greenstone Metallic exterior paint color. Other changes for 2022 were not detailed at this time, but Chevy says the trucks with this tailgate should be available sometime this summer. Related video:

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2014 Chevrolet Silverado and GMC Sierra introduced