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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.

Chevy previews 2016 Malibu ahead of New York debut

With everything going on in Geneva this week, it would be all-too easy to forget that there's still stuff going on back home in America. And the upcoming new Chevy Malibu is a prime example. Chevrolet has announced that it is bringing an all-new Malibu to the New York Auto Show next month, teasing us with this preview image and a few enticing details. For starters, when we say it's all new, this time we mean it's all new. The next-generation Malibu has been built on a new platform that uses more high-strength steel to cut 300 pounds off the curb weight compared to the outgoing model. It's also got a wheelbase that's almost four inches longer, with shorter overhangs front and rear and a roofline that tapers stylishly and more gradually towards the tail. We'll have to wait a little longer – but not too much longer – to find out more, but in the meantime you can read what Chevy's telling us so far in the press release below. Born Again: Next-Gen Chevrolet Malibu Announced Larger, lighter and more efficient Malibu to be unveiled at New York Auto Show 2015-03-04 DETROIT – Designed to deliver more efficiency, connectivity and advanced safety features than ever, the next-generation 2016 Chevrolet Malibu will make its public debut at the New York International Auto Show this April. Using a blank slate approach, Chevrolet designers benefited from an entirely new architecture, which for Malibu includes a wheelbase nearly four inches longer than the outgoing model. That, in turn, provides increased rear legroom and interior space. Due to a higher-strength steel structure, the new Malibu is also expected to be 300 pounds lighter than the current model, which benefits the sedan's fuel economy and handling. "Malibu's gorgeous styling is the result of a masterful understanding of proportions," said Ed Welburn, General Motors' vice president of Global Design. "The roofline has been stretched rearward giving a more sleek profile, while the front wheels have moved forward and front and rear overhangs have been reduced. Along with the sculpted body side, these cues help Malibu appear more dynamic and sophisticated." More details about the 2016 Chevrolet Malibu will be shared each week leading up to the vehicle's global debut. The 2016 Malibu is expected to go on sale by the end of 2015. Founded in 1911 in Detroit, Chevrolet is now one of the world's largest car brands, doing business in more than 115 countries and selling around 4.8 million cars and trucks a year.

AMC Trans Am Javelin SST, an ultra-rare underdog, is up for auction

Among the rarest of the American muscle cars that went racing in the early Seventies — cars including the Camaro Z/28 and the Boss 302 Mustang — the 1970 AMC Trans Am Javelin SST may be the most hard to find, and among the most valuable. Only 100 units of this unique Javelin were produced, and one of them is up for auction at the Mecum event in Dallas on September 20. The Trans Am Javelin was fashioned in a patriotic livery of tricolor paint — red, white and blue — and arrived after the American Motors Corporation had decided in 1968 to compete in the Trans Am racing series against Ford and General Motors. The company's chief driver, Mark Donohue, would dominate the 1971 season, taking seven wins in his Javelin AMX and that yearÂ’s SCCA Trans-Am Championship. AMC took the trophy with 82 points, well ahead of Ford's 61, Chevrolet's 17 and Pontiac's paltry 7. The example listed for auction came equipped with a 390-cubic-inch V-8 engine with 325 horsepower at 5,000 rpm and 420 pound-feet of torque, power steering and brakes, dual exhaust, BorgWarner four-speed manual transmission and Hurst competition shifter. Its “ram induction system” sealed a chamber around the air filter so that cool air from the functional hood scoop would be funneled into the intake. This JavÂ’s factory price was $3,995 — a mere $32,000 or so in today's money, though it was expensive by the standards of the time. The 100 Trans Ams were among 19,714 Javelin units built in 1970, so they started out rare, and today the surviving examples are highly collectible, if and when they come up for sale. No bid estimate is available yet. Related Video: Motorsports Chevrolet Ford Pontiac Auctions Automotive History Racing Vehicles Classics