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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.

What car should James Robertson buy to drive his famous 21-mile commute?

The Internet has been abuzz this week with the story of Detroit resident James Robertson, the 56-year-old factory worker who has walked some 21 miles to work for the last 10 years. The Detroit Free Press brought Robertson's story to the fore, helping an online fundraising campaign to generate more than $275,000 (as of this writing). The original goal was just $5,000, or about enough to replace the used Honda that died on Robertson back in 2005, and left him walking. So, newly flush with funds, what's the perfect car for Robertson to buy? Let's look at the specifics of his situation, and try to pick out the best options. Here's what we know: Robertson's commute is (famously) 21 miles; he lives in downtown Detroit (for now) and seems pretty humble, so something very flashy is probably out; former Honda aside, his ties to the city (and statements about being a Ford fan) seem to indicate a Detroit Three company product is best; he's a single guy with a girlfriend; he's got to deal with Michigan weather, and the sometimes fickle snow removal processes in The D. Here are some choices: Ford F-150 Robertson is on record as being a Taurus fan, and after a decade of walking I've no doubt that the big sedan would offer a cozy respite. Still, as a car guy and a student of the industry, I'd have a hard time recommending a sedan so clearly in need of replacement. Especially when The Blue Oval has such great stuff within the rest of its roster. The 2015 F-150 seems almost perfect for Robertson. Opting for either of the new EcoBoost V6 engines should help keep fuel bills in reasonable check, while healthy ride height and four-wheel drive will get him to work on time even during the snowiest of snow days. Better still, with a fat options sheet and car-like ride quality, Robertson can have just about every amenity he might want, in a package that won't disrespect his blue-collar roots. Chevrolet Colorado You guys saw this one coming, right? The smaller footprint of the midsize Chevy pickup, relative to some of the other options here, should be an advantage for urban parking and driving. And again, 4x4 is an option for the nasty weather, the running costs should stay pretty low and there aren't many tech/luxury features that can't be had in-cabin. I'd go ahead and splash out on the Crew Cab bodystyle, too, just in case Robertson feels like starting a carpool.

Chevy murders out Trax crossover with new Midnight Edition

Leaning towards a new Chevy Trax, but think it needs a little bit more attitude? Chevy has you covered with the release of the new Midnight Edition. It's based on the Bowtie brand's smallest crossover, but injects some extra style with its murdered-out treatment. The new Chevy Trax Midnight Edition is based on the top LTZ trim, and upgrades with black wheels, bezels, molding, door handles, and more. Inside, the cabin is adorned with gray-accented seats and gray-piped floor mats. It isn't a huge transformation, but may be just the dose of attitude that Chevy's little crossover needs. Otherwise it's the same Trax introduced a year ago, and comes equipped with a 1.4-liter turbo four good for 138 horsepower and 148 pound-feet of torque. It's available in either front- or all-wheel drive, and will return a claimed 34 miles per gallon on the highway in the former setup. The Midnight package adds an extra $500 to the $26,125 base MSRP on a new Trax LTZ. Related Video: Chevrolet Trax Crosses to the Dark Side New Midnight Edition adds distinction to small SUV 2015-12-27 DETROIT – Chevrolet today announced the 2016 Trax Midnight Edition – a blacked-out styling statement for the small SUV, offering customers a bold choice and adding to the momentum of the brand's record 2015 crossover sales. Based on the LTZ trim, the Midnight Edition features black wheels, bezels, beltline molding and door handles, along with a black rear license plate applique. Inside, the seats are trimmed with gray accents and the floor mats feature gray piping. "Introduced just a year ago, the Trax has quickly become an important vehicle for Chevrolet, bringing in new, younger and more female buyers to the brand," said Betsy Flegg, senior marketing manager, Chevrolet Crossovers. "The small SUV segment is the fastest growing in the industry and models such as the new Trax Midnight Edition provides customers an expressive option." Trax sales were 57,707 for the first 11 months of 2015, placing it second in the segment, with almost 20-percent market share. Chevrolet crossover sales were up 35 percent for the same period. Fusing small-car agility and utility convenience of an SUV, Trax offers up to 48.4 cubic feet of cargo space. A 1.4L turbocharged engine offers the efficiency of a small displacement engine – an EPA-estimated 34 mpg highway (FWD models) – with the power of a larger engine on-demand. Connectivity features include an available 4G LTE Wi-Fi hotspot.