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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: LAPD gets Zero MMX, Chevy's new inverter, Hyundai Tucson's new powertrains

Some police in Los Angeles will be riding Zero MMX electric motorcycles on duty. The LAPD is adding the fully electric police/military all-terrain bikes to its patrol fleet. According to Officer Steve Carbajal of the department's off-road unit, "It costs less than 50 cents to charge compared to using gallons of gas, maintenance is simple, and the community appreciates how quiet they are." The electric bikes, with their lack of noise and a headlight the rider can turn off, also have the benefit of stealth, giving the officers what Carbajal calls "an added tactical advantage." The MMX also has swappable batteries, is designed for quick ignition and has power reserve capabilities so the rider won't be caught with a dead battery while chasing down a perp. Read more at Ride Apart. Remember when it seemed like we'd never run out of oil, and giving your buddy five bucks for gas was actually a worthwhile gesture? Drivers of classic cars in Detroit were able to fill up their tanks at gas prices corresponding to their model year, thanks to a promotion by Hagerty Insurance for National Collector Car Appreciation Day on July 11. That meant prices from 21 to 90 cents a gallon, as the cars that showed up ranged from the years 1929 to 1989. That's about as affordable as charging your EV. Head over to Autoweek for more details and some photos from the event. The next-generation Chevrolet Volt will likely benefit from a new inverter being developed by General Motors. GM is about two-thirds of the way through the development of the new inverter, which should be ready in January 2016. The inverter, which has a peak output of 55 kilowatts a continuous output of 33 kilowatts, will be adaptable for use in other GM vehicles. Chevrolet is working to reduce the Volt's production costs by $10,000 per vehicle, which should make it more affordable, and the new inverter could help reach that goal should it make its way into the car. Read more at Green Car Reports. Hyundai is likely planning some interesting powertrain changes for the 2016 Tucson, says Green Car Reports. Plug-in hybrid? Maybe. Diesel? Probably not. "We are covering the waterfront on all alternative fuel strategies, from standard hybrid, to plug-in, battery-electric, and fuel cell," says Hyundai's US Chief Dave Zuchowski.

Jaguar I-Pace vs. Tesla Model 3 and other EVs: How they compare on paper

The 200-mile club of electric vehicles is really growing. The most recent member is the Jaguar I-Pace, the company's first pure EV. It promises luxury, performance, style, and most important, good range. Nearly as recent is the Hyundai Kona EV, and while it doesn't promise luxury or performance like the Jaguar (it's also smaller), it does pack impressive range. With the introduction of both of these electric cars, we thought we would see how they compare against each other, and the other two big names in high-capacity electric cars: the Chevy Bolt EV and the Tesla Model 3. This isn't intended to be a direct, apples-to-apples comparison, as the four are quite different. If anything, they break into two groups: bigger and more luxurious, and smaller and less expensive. Then again, the number of vehicles with this electric range is small and comparisons to EV's with less range wouldn't be too kind to the other guys. If you want to learn more about these EVs, and compare them with other cars, be sure to check out our Car Finder and comparison tools. Horsepower and torque There is one clear winner here, and that's the Jaguar I-Pace. It packs a whopping 394 horsepower and 512 pound-feet of torque. That comes through a pair of electric motors (one at the front, another at the rear) that provide the Jag with all-wheel drive, the only one of these vehicles to offer it (at the moment). Altogether, it allows the I-Pace to have the best 0-60 mph time of 4.5 seconds. At the other end of the spectrum is the Hyundai Kona EV. It's front-drive, like the Bolt EV, and has effectively the same amount of horsepower as the Chevy at 201 horsepower, but its 0-60-mph time is almost a second slower. And the low-range version of the Kona, excluded because it doesn't go more than 200 miles between charges, is slower still. The Tesla Model 3 is the only vehicle with rear-wheel drive, and with a 0-60 mph of 5.1 seconds for the Long Range model, it is still very quick. Range and energy use Frequently, the all-consuming question with electric cars is, "How far can I go on a charge?" And to go the farthest, you need the long-range Tesla Model 3. It can go 310 miles. It has the added advantage of being able to use the network of Tesla Supercharger stations, though they are pay-per-use with the Model 3. Even the lower capacity Model 3, with just 220 miles of range, can use these stations.