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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.

Recharge Wrap-up: NEDC's NOx problems, autonomous Chevy Volts

The International Council on Clean Transportation (ICCT) found a significant difference in NOx emissions in Euro 6 diesel cars in NEDC and WLTC testing. While 88 percent of the cars tested met emissions standards for NEDC, NOx emissions averaged five times higher under WLTC, with only 27 percent of vehicles under the limit. WLTC is considered to be a more realistic driving cycle, using hot starts and factoring a higher top speed as well as harder and more frequent accelerations than the NEDC. Read more at Green Car Congress.GM Canada will build a fleet of autonomous 2017 Chevrolet Volts. The self-driving Volts will be deployed for testing at GM's Warren, Michigan Technical Center. Employees will be able to use a carsharing app to reserve a car, which will then drive itself to the set destination. The project will allow GM to collect important data and experience to help the company more quickly develop autonomous driving technology. Read in a press release more from GM Canada, or at Green Car Congress.Carwatt is showing an electric Renault Trafic powered by second-life batteries at the COP21 environmental summit in Paris. The lithium-ion batteries used to power the EV were recycled from other Renault EVs. With the electric Trafic, Carwatt – a company that converts vehicles to use electric power – aims to demonstrate the "circular economy" of batteries, which can provide more value through a longer lifecycle. Read more in the press release below. Carwatt presents a unique automotive application for second-life batteries from electric vehicles. On the sidelines of the COP21 summit, in the Solutions Gallery running from 2 to 9 December 2015 in Le Bourget near Paris, Carwatt and its partners —Renault, Paris City Council, BPI France, the Ales Ecole des Mines Engineering School, and the Bobigny Business Campus — are showing a very special electric Renault Trafic. This prototype vehicle, the only one of kind in the world, is powered by second-life lithium-ion batteries recycled from Renault electric cars. Circular economy at work with electric vehicles When, over time, the batteries of a Renault electric vehicle fall the performance threshold specified for their initial automotive power duty (around 75% of initial capacity), they can still provide valuable service in "second-life" applications before end-of-life disposal at a recycling centre. Experiments are already under way on power storage applications, for example.

Chevy dials up the razzle dazzle for Special Ops concept

Inspired by naval camouflage schemes used during the First World War, Chevy created the 2016 Silverado Special Ops concept, which is on display this week at the SEMA Show in Las Vegas. Based on the 1500 Z71, this Silverado wears a three-tone paint job that mixes different shades of blue, which Chevy says gives the concept visual depth. The appearance is a riff on early 20th Century color configurations used by the US and British navies. Called razzle dazzle, the look is meant to disguise ships' size, speed, and direction. On the Silverado, it simply adds character and gives the truck a more military bearing. The concept also gets flared wheel arches, a sport bar in the bed with LED lights, and a utility storage system. The grille is fitted with black accents and has a thin LED strip running across the top. Inside, orange is used for the door pulls and glove box handle, and the instrument panel and arm rests have more dazzle coloring. The truck also gets an upgraded exhaust kit, six-piston brakes, and a performance air intake. Chevrolet Introduces Silverado Special Ops Concept Military-inspired truck reinforces capability with go-anywhere style LAS VEGAS – Chevrolet's 2016 Silverado Special Ops concept imagines a unique rescue vehicle for special-operations forces. It is based on the Silverado 1500 Z71, which features a new front-end design and new technologies built into its strong, high-strength steel body structure and fully boxed frame, and draws its design inspiration from naval design aesthetics. "This Silverado concept is a multipurpose truck that reflects the go-anywhere, do-anything commitment of special-forces teams," said Jim Campbell, GM U.S. vice president of Performance Vehicles and Motorsports. The naval-inspired camo appearance, called Razzle Dazzle, was developed more than 100 years ago to disguise a ship's speed, direction and profile to the enemy's eye. It is based on a three-tone blue exterior color, marked by a distinctive array of varying colored lines and shapes intended to mask the ship. "We created light, medium and darker shaded areas within camouflage bands flowing down the hood, body sides and tailgate," said Todd Parker, director of design, Chevrolet Accessories.