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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.

GM does not have to turn over its ignition switch documents

In June the lawyer representing plaintiffs suing General Motors over faulty ignition switches accused GM and its firm King & Spalding of working together to cover up the malfunction. Bob Hilliard said that certain communication between GM and King & Spalding from 2010 to 2013, mainly focused on three Chevrolet Cobalt crashes, would reveal that they conspired in "burying what they knew" concerning the defect, and furthermore that the law firm broke rules of professional conduct once it found out about "ongoing fraudulent concealment" at GM. Hilliard filed a motion in a Manhattan court to force GM and King to hand over the memos, which were protected by attorney-client privilege. Hilliard said that the alleged ongoing fraud should trump attorney-client privilege, a GM spokesman said at the time that the issues in question had already been discussed previously, and that plantiffs already had much of the communication Hilliard's motion sought. US District Judge Jesse Furman ruled in favor of GM and King, refusing to order the release of the communication. In spite of finding probable cause that GM was engaging in a crime or fraud by not revealing the ignition switch defect, Furman did not find cause to believe that GM and King's discussions at the time were centered around continuing that potential crime or fraud. Saying also that plantiffs already had many of the disputed documents, attorney-client privilege should hold sway over the remainder. The class action case goes to trial in January 2016.

Honda, Chevy reveal low-drag speedway aero for Indy 500

As the two automakers currently participating in the IndyCar Series, both Chevy and Honda were invited this year not only to provide engines to the teams on the starting grid, but to develop their own aerodynamics packages as well. Both revealed their designs for the road-course races a few months ago, but with the Indy 500 approaching at break-neck speed, they've now unleashed their aero approaches for speedways. Both are based on the Dallara DW12 chassis introduced to the series a couple of years ago, but sacrifice some of their downforce at the altar of speed. And you can tell as much from looking at them: both Honda (above) and Chevy (below) have streamlined their designs, with single-plane front wings, lower-profile rear wings and fewer winglets on the body and around the wheels in between. The idea is to allow the cars to reach higher top speeds with less drag, while offering the necessary amount of downforce for the banked turns. With the four opening road-course rounds complete, teams using either automaker's equipment will keep the existing aero kits on their cars for the Grand Prix of Indianapolis on the infield course next week, then switch to the speedway package for the Indianapolis 500 later this month. Then it'll be back and forth for the rest of the season as the circus switches between road courses and speedways. Honda Unveils 2015 IndyCar Super Speedway Aero Kit Apr 30, 2015 - SPEEDWAY, Indiana - To be used at the Indianapolis 500 - Manufacturer seeking 11th Indianapolis 500 victory since 2004 - First public running to take place Sunday at Indianapolis Honda today debuted the "Super Speedway" aero kit of aerodynamic upgrades and components its teams will use at this year's 99th running of the Indianapolis 500. The Honda Super Speedway Aero Kit, produced by Honda Performance Development, Honda's racing arm in North America, includes a variety of individual aerodynamic components fitted to the existing Honda-powered Dallara Indy car chassis. All are intended to give Honda's six Indy car teams – encompassing a potential 17 '500' entrants - the ability to maximize performance at the 2.5-mile Indianapolis Motor Speedway oval and other large ovals ( over one mile in length) on the 2015 Verizon IndyCar Series schedule. "We're excited to unveil our Super Speedway aero kit, the newest element in this era of enhanced manufacturer competition in the Verizon IndyCar Series," said Art St. Cyr, president of HPD.