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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.

2016 Chevy SS gets new face, clears throat

Chevy is tweaking the SS once again for the 2016 model year. While the changes might be minor, muscle sedan enthusiasts shouldn't need any more excuse to love the Bowtie brand's performance sedan. The 2016 Chevy SS benefits from revised front-end styling that incorporates new vertical ducts designed to direct airflow over the front wheel wells. It also gets new LED lighting and new functional hood vents to make it look even more aggressive than the current model. Although the 6.2-liter V8 carries over unchanged from the existing version – churning out 415 horsepower and an equal amount of torque – a new dual-mode exhaust promises to be both quieter at lower speeds and angrier-sounding at higher revs. And of course you can still get it with a six-speed manual or automatic transmission. In any event, it should also look the business with its new 19-inch alloys as well. Related Video: 2016 Chevrolet SS Designed for Performance DETROIT – Building on the performance-oriented updates made to the Chevrolet SS last year, the 2016 model features several exterior enhancements that reinforce its presence on the road. A revised front fascia features new, vertical ducts at the outer edges to direct airflow over the front wheel openings to improve aerodynamic efficiency. The fascia also incorporates new LED signature lighting, while new, functional hood vents and new-design 19-inch cast-aluminum wheels contribute to a stronger appearance for the rear-drive sports sedan. "The 2016 SS design changes more fully express the true driving character of the sedan while further enhancing the car's overall performance," said Todd Christensen, Chevrolet Performance Car marketing manager. What hasn't changed is the SS's unique blend of performance, comfort and spaciousness. It features a 6.2L V-8 engine under the hood and turns out an SAE-certified 415 horsepower (310 kW) and 415 lb-ft of torque (563 Nm), and offers a six-speed manual transmission or a paddle-shift six-speed automatic transmission. A new, dual-mode exhaust system for 2016 complements the V-8 engine with quieter performance at low engine speeds and a more muscular engine note at wide-open throttle.

GM Canada recalls 159,240 GMC and Chevy trucks for faulty defroster circuit

General Motors is recalling more than 159,000 2014-2019 Chevrolet Silverado and GMC Sierra pickup trucks in Canada due to a potential fire risk. GM says the rear defroster circuit could overheat on trucks optioned with the power-sliding rear window. Thus far, there is no word on the recall's relation to U.S. vehicles. The recall, found by Automotive News, was posted to Transport Canada on June 28, 2019 with manufacturer recall No. N192220470. Included in the 159,240 vehicles are the 2014-2018 Silverado 1500, the 2015-2019 Silverado HD, the 2014-2018 Silverado LD, the 2014-2018 Sierra 1500, the 2015-2019 Sierra HD, and the 2014-2018 Sierra LD. The notice says the rear defroster circuit, specifically on trucks with the power-sliding rear window, could overheat. Because of its placement, this excess heat could cause melting, smoking, or possibly fire, in the worst case scenario. As of now, there is no official word when GM will initiate the recall and there is no official fix detailed just yet. GM suggests that owners, who will be notified by mail if their vehicles are affected, take their trucks to a dealer to remove the rear window defroster fuse as a stop-gap.  Automotive News contacted GM to find out if the problem is also found in trucks sold in the United States, but no definitive statement was made, as the investigation is reportedly ongoing. We will update this space if American vehicles are found to be included in the problem.