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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.

GM pauses 3.0-liter turbodiesel production due to a supplier shortage

General Motors confirmed it has temporarily stopped taking orders for trucks and SUVs equipped with the 3.0-liter Duramax turbodiesel six-cylinder engine. It blamed the last-minute pause on a supplier-related shortage. Website TFL Truck first reported the news, and a representative from General Motors quickly confirmed it. The spokesperson explained the issue is due to a "temporary part shortage" and added that production will resume "as soon as possible," meaning the Duramax engine (which is called LM2 internally) is not going away permanently. Additional details are not available, so we don't know if the issue is related to the ongoing chip shortage. Rather than delay deliveries and create a backlog, General Motors is reportedly asking its dealers to encourage buyers who want a turbodiesel engine to instead select either the 5.3-liter V8 or the 6.2-liter V8, depending on the model selected. Both are gasoline-powered units. There's no word yet on when Duramax production will resume. The shortage affects several models, including Chevrolet's Tahoe, Suburban, and Silverado 1500 and GMC's variants of these trucks. Cadillac's Escalade is temporarily diesel-less as well. Heavy Duty variants of the Silverado and the Sierra are not affected because they're powered by a different Duramax engine with eight cylinders. Motorists seeking a full-size SUV powered by an efficient turbodiesel engine are temporarily out of options because the Tahoe/Yukon and the Suburban/Yukon XL had the segment to themselves. The Duramax was surprisingly popular, too: in May 2021, GM Authority reported that the turbodiesel straight-six represented 8% of Suburban sales and 6% of Tahoe sales. Installed in a rear-wheel-drive Tahoe, the engine returns 21 mpg in the city, 28 mpg on the highway, and 24 mpg in a combined cycle, figures that make the body-on-frame behemoth more efficient than the unibody, front-wheel-drive Chevrolet Blazer that's 20 inches shorter and approximately 1,700 pounds lighter. Related video: 2021 Chevrolet Tahoe 3.0L Duramax engine

Meet the mother-daughter team that's worked on almost every Chevy Volt

It's Mother's Day, and we're soft enough we love our mothers enough to share a new video from General Motors with you. In it, we meet Monique Watson (left) and Evetta Osbourne, a mother-daughter team that works at the Detroit-Hamtramck Assembly where GM makes the Chevy Volt (along with all of GM's other plug-in hybrids: the Opel Ampera, Holden Volt and Cadillac ELR). The two work side-by-side and have installed the lithium-ion battery pack on almost all of those vehicles - nearly 80,000 of them - since GM started making the pre-production Volts in 2009. In a prepared statement, Watson said that she likes working next to her mom, day in and day out, and they the two are totally in sync when it comes to putting the 400-pound, 16.5-kWh packs into the vehicle undersides. They two can also share stories throughout the day, and Watson said, "The arrangement has absolutely improved our relationship." Osborne started working at Detroit-Hamtramck in 1999, Watson since 2006. If you're driving a Volt today, you probably have them to thank for doing a bit of the work putting your car together. See a short video of them in action below. It's Always Mother's Day for Detroit-Hamtramck Duo Mother, daughter install lithium-ion battery pack in nearly all GM electric vehicles 2014-05-08 DETROIT – For Detroit resident Evetta Osborne, every day is Mother's Day. That's because she literally works side by side with her daughter, Monique Watson, at General Motors' Detroit-Hamtramck assembly plant. They have installed the lithium-ion battery pack on nearly every Chevrolet Volt, Opel Ampera, Holden Volt, and Cadillac ELR since production began. In fact, apart from vacation days and an occasional sick day, the mother-daughter duo has installed almost every battery pack since the Volt was in pre-production in 2009. The ELR launched earlier this year. All told – including Ampera – that's more than 80,000 electric vehicles. "We're a good team and our relationship is secondary when it comes to performing our jobs – but it's great to work alongside my daughter, said Osborne, a mother of five. Because the battery packs weigh more than 400 pounds each, automatic guided vehicles – robotic carts that use sensors to follow a path through the plant – deliver them just as the vehicle body structures glide into position overhead. The carts then lift the T-shaped packs, and Osborne and Watson guide them into the chassis and secure each one with 24 fasteners.