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GM sees 'strong year' in 2018, then gold in Chevy Silverado for 2019

DETROIT — General Motors said on Tuesday it expects earnings in 2018 to be largely flat compared with 2017, but that profits should pick up pace in 2019 as its revamped line of high-margin pickup trucks hits the U.S. market. The 2018 earnings outlook was above market expectations, sending GM shares up more than 3 percent in premarket trading. "GM had a very good 2017 as we continued to transform our company to be more focused, resilient and profitable," GM Chief Executive Mary Barra said in a statement. "We are positioned for another strong year in 2018 and an even better one in 2019." GM and its Detroit rivals, Ford and Fiat Chrysler Automobiles, are bringing on new trucks at a time when overall U.S. new vehicle sales have been falling, but truck sales continue to grow as consumers abandon passenger cars in favor of pickups, SUVs and crossovers. GM on Saturday fired a new round in the battle for profits from one of the U.S. auto industry's most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at the Detroit auto show. The new Silverado, a highlight of the event, is the successor to GM's best-selling vehicle in North America. Sales of the current Silverado rose nearly 2 percent to 585,000 vehicles in 2017. In the coming months, the company will also reveal a revamped GMC Sierra pickup truck. U.S. new vehicle sales fell 2 percent in 2017 after hitting a record high in 2016, and are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. GM said on Tuesday that while it retools a factory in Ft. Wayne, Indiana, to make the new pickup trucks, it will shift some production to an Oshawa, Ontario, plant in order to avoid missing sales in a hot market for the vehicles. The No. 1 U.S. automaker said it will record a $7 billion non-cash charge for its fourth-quarter 2017 earnings related to deferred tax assets. GM said it expects capital expenditure in 2018 of around $8.5 billion, about $1 billion of which will go toward funding self-driving car technology. Last week, the company said it is seeking U.S. government approval for a fully autonomous car — one without a steering wheel, brake pedal or accelerator pedal — to enter the automaker's first commercial ride-sharing fleet in 2019. GM said it expects 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.

2015 Chevrolet Corvette Z06

"Corvette" has stood for American muscle, American sports car, and American supercar. In many cases, it still stands for America: liberty on the go, LS-powered freedom. There was also a time when it meant really impressive numbers that didn't equate to really impressive handling, and a not-so-nice cabin. The handling issue really turned the road-legal corner when the C5 Z06 was introduced in 2001, and by the time the super-duper ZR1 ended its run in 2010, Corvette had exorcised practically all of its dynamic demons. But when I took a seat in the 2015 Corvette Z06 on the first day of my week-long loan, I espied a few demons still squatting in the interior. When colleague Seyth Miersma drove the Z06, he wrote, "Listen, I'm not going to be the guy that dogs the Corvette for having a cheap-feeling interior, this generation has put those once-legitimate claims to rest." Well, I am going to be that guy, because I don't think those claims have been put to rest. One day Chevy will give us leather that looks and feels like leather, instead of the astonishingly thin hide that is laid directly on top of the instrument panel structure. This material was set off by white stitching, but there were no seams, just a trail of white stitches. In some places it was hard to tell where the leather ended and the plastic began; or it might all have been the same upholstery, I don't know. Five dollars of foam padding would add five thousand dollars of luxury to the cockpit. One day Corvette will have plastics that don't look so plasticky. I know General Motors can do it. And after years of thinking Corvette seats were too wide and flat, this latest Z06 is almost there. The seatbacks were nice, but the exaggerated side bolstering on the seat bottoms was too narrow and sharp. That's a personal preference, though; other drivers with thinner thighs will think differently. My complaint isn't that the interior isn't luxurious, it's that it's not luxurious enough. If Chevrolet was worried about pricing, it could add some kind of profligate package to the options list. Have some ex-Porsche people design it, call it the Teutonic Splendor Package, slap a massive price on it, and count the money. People will buy it, and no one will ever have to say again, "But the interior..." That said, this test car's cabin had every feature I wanted. The gauge cluster was bright, crisp, and readable in every shade of daylight.

GM's Oshawa plant may close after Camaro production moves

Most of the time, when vehicle production is moved from one assembly plant to another, it spells bad news for the former. While General Motors won't go so far as to say its Oshawa, Ontario factory, which is losing the Chevrolet Camaro to the Lansing Grand River plant, is in trouble, analysts seem to think the factory's days are numbered. Forecasts for the facility are far from positive. The loss of the Camaro this year, combined with GM's targeted shutdown of a single-shift assembly line responsible for the fleet-only Chevy Impala Limited and the Equinox crossover is a bad enough omen. But with AutoForecast Solutions CEO Joe McCabe telling The Detroit News that the plant's other two products, the Cadillac XTS and Buick Regal, aren't likely to stick around beyond 2017, things look decidedly grim at Oshawa. "There is a fairly strong chance that the plant could close," Jeff Schuster, senior VP of forecasting for LMC Automotive, told The Detroit News. That doesn't mean that Unifor, Canada's auto union, and the Canadian government are going to let the factory die without a fight. And with the latter chipping in $10 billion as part of GM's 2009 bailout, you might think it has a degree of leverage in the situation. A meeting between the government and the Detroit Three at the 2015 North American International Auto Show revealed that Oshawa is already a topic of conversation. "We made it very clear that we would like to see an indication on the future of Oshawa sooner, in particular because the timing is very challenging for our supply chain to be able to adjust to potentially future orders or changes, but also to know that there are going to be future opportunities at Oshawa," Ontario's Minister of Economic, Development, Employment and Infrastructure Brad Duguid told The Detroit News. "Bottom line: It's time they made a longer-term commitment here," Unifor President Jerry Dias said, echoing Duguid's statements. It's unclear if this sort of strong talk will be enough to save 3,300-plus employees, although based on the analysts' forecasts, we doubt it.