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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.

Chevrolet Bolt EV Concept foreshadows an affordable, 200-mile EV future [w/videos]

Confirming numerous reports and rumors, Chevrolet introduced the Bolt EV Concept, "a vision" of a 200-mile EV with an entry price of around $30,000. Those lofty promises ride atop a funky crossover that made its global debut at the 2015 Detroit Auto Show. The orange five door features a spacious greenhouse, complemented by a glass roof and thin D-pillar. A narrow grille and slim LED headlights crown a high fascia that leaves little ahead of its front axle. It's a similar story in back, as General Motors' design boss Ed Welburn sought to limit overhangs and maintain the Bolt's small footprint. "Form and function have never meshed so well together," Welburn said. "No compromises were made when it came to aesthetics and the elements that contribute to the Bolt EV concept's range, resulting in a unique proportion that's sleek, efficient and obviously a Chevrolet." The cabin is not unlike current Chevrolet compacts, with the MyLink touchscreen and a detached instrument cluster dominating the sparse dash. Unlike cars like the Sonic, which features a similar design for its instrument cluster, A Volt-like display is found over the steering column. "The Bolt EV concept is a game-changing electric vehicle designed for attainability, not exclusivity," CEO Mary Barra said. "Chevrolet believes electrification is a pillar of future transportation and needs to be affordable for a wider segment of customers." Take a look at both the official gallery of Bolt images, as well as our live shots. And then scroll on down for more comments from GM brass, in the official press release. Chevrolet Bolt EV Concept Signals Brand's EV Strategy Affordable, long-range concept builds on brand's electrification leadership 2015-01-12 DETROIT – Chevrolet today made a significant statement on its commitment to electrification with the introduction of the Bolt EV concept – a vision for an affordable, long-range all-electric vehicle designed to offer more than 200 miles of range starting around $30,000. "The Bolt EV concept is a game-changing electric vehicle designed for attainability, not exclusivity," said General Motors CEO Mary Barra. "Chevrolet believes electrification is a pillar of future transportation and needs to be affordable for a wider segment of customers." Leveraging the electrification prowess established by Volt and Spark EV, the Bolt EV concept is designed to offer long-range performance in all 50 states and many global markets.

Watch a camo'ed next-gen Chevy Volt go ice driving

Teasers for the 2016 Chevy Volt continue, The Bowtie showing us in this latest outing how its range-extended hybrid dances on ice and snow. It will only take 42 seconds of your life so don't expect an Arctic challenge, but if you in the snow regions had any doubts about how it will handle the frozen goods, this should help assuage them. The bigger and better, more powerful and faster Volt - able to run regular fuel - will get out from under its camo at the North American International Auto Show next month. For now, enjoy the way it moves its hips in the video above. News Source: Chevrolet via YouTube, Facebook Detroit Auto Show Chevrolet Videos