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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.

2024 GMC Canyon AT4X AEV Edition First Drive Review: The business-class Bison

McALLISTER, Mont. – Not far from MontanaÂ’s Ramshorn Peak is a beautiful body of water known as South Meadow Creek Lake. It sits just a hair below 9,000 feet and offers beautiful views of the surrounding highlands and — if youÂ’re lucky and the lighting is just right — a clear line of sight to Big Sky Country. To hear the locals tell it, you canÂ’t get there in a pickup truck. Apparently, to a GMC engineer, that comes across as an open challenge. And so I found myself in the two-horse town of McAlllister (not far from Bozeman), chilly in the fog of an early October morning, inspecting a line of GMCÂ’s midsize trucks in their hardest of hardcore variations. One half of the fleet was made up of the standard 2023 Canyon AT4X finished in a beautiful scarlet red; the other half, 2024 Canyon AT4 AEV Editions in a menacing gray that matched the dreary morning sky. Yep, that AEV. The Canyon AT4X is an already-capable little trail monster with all the off-road bells and whistles you could possibly ask for. ItÂ’s a virtual mechanical twin to the new Chevrolet Colorado ZR2, in fact, down to the 2.7-liter four-cylinder that produces 310 horsepower and a whopping 430 lb-ft of torque. Naturally, American Expedition Vehicles managed to turn that dial up to 11. More on that later. Canyon AT4X 3 View 32 Photos To the locals' point above, off-road trucks have existed for quite some time (just ask Marty McFly), but it has only been since their rise in popularity as mainstream commuters that the dedicated four-wheelinÂ’ pickup has really come into its own. The “you canÂ’t get there from here” Maine attitude at Bozeman latitudes betrays somewhat old-school notions about four-wheeling — and the fact that just about everybody in town owns some sort of ATV or side-by-side. The formula used to be pretty simple: You take the shortest SUV frame youÂ’ve got, add big stick axles to the front and rear, and then jack the thing up as high as you can without it falling over at the first sign of an incline. TodayÂ’s torque-monster engines have turned that on its ear. More torque means you can turn bigger tires, and what do bigger tires do? Well, among other things, they lift your truck off the ground. Shove enough tire under a truck and no matter where youÂ’re talking about, you can indeed get there from here. At its core, AT4X isnÂ’t groundbreaking.

Chevrolet will preview electrified Silverado-like truck at CES 2021

After abandoning its fight against California's lawmakers, General Motors is shifting its electrification offensive into high gear. CEO Mary Barra will give the opening keynote address at the 2021 Consumer Electronics Show (CES), which will be held online, and Chevrolet will provide a peek at its electrified pickup during the event. Insiders familiar with the carmaker's plans told Bloomberg that Barra's address will highlight ways that electrification can improve the environment and society in general. General Motors president Mark Reuss will speak, too, and his remarks will be followed by a video that will highlight several future products, including what the sources referred to as "a plug-in Chevrolet pickup, some Cadillac models, and vehicles for other brands." These comments ask more questions than they answer, because plug-in means many things in this context. Chevrolet's electric Bolt is a plug-in vehicle, as is the upcoming GMC Hummer, but the plug-in hybrid Jeep Wrangler 4xe is one, too, and it's clearly not all-electric. It's often been assumed that Chevrolet's upcoming electrified truck will be electric, but it might arrive with a hybrid powertrain or a gasoline-powered range extender. Chevrolet could also follow Ford's lead and plant a stake in both the hybrid and the electric pickup segments. It's too early to tell if Chevrolet will unveil the same truck it previewed during a presentation earlier in 2020. Shown briefly, it wore a highly futuristic design that gave it a sleeker look than the current-generation Silverado. Cadillac's presentation promises to be interesting, because the company hinted it might abandon gasoline entirely by 2025, several years earlier than expected, even though its dealers aren't all on board with the shift. Going electric-only in about four years would force the brand to conduct a massive overhaul of its range. As of writing, there is not a single electric Cadillac in showrooms, but the Lyriq will arrive in late 2022 as a 2023 model. It's difficult to tell what's in store for other brands, but there are several cars that General Motors could show during CES. Buick doesn't sell an electric car in the United States yet, for example. Alternatively, GMC is working on an SUV variant of the Hummer, and it has started developing an electric truck. Going back to Chevrolet, our crystal ball tells us we'll see more of the 2022 Bolt EUV during the next edition of the tech show, too.