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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.

2022 GMC Sierra 1500 AT4 Driveway Test | How to use the GMC MultiPro Tailgate

The GMC MultiPro Tailgate is a six-way tailgate that was introduced on the current-generation GMC Sierra 1500 back in 2018. Three years later, not a whole lot has changed, and while the tailgate offers quite a bit more utility than a normal tailgate, the frustrations we had when first testing it are still there. There’s a specific order the tailgate has to be opened for certain uses to work, and it can be a bit awkward to use at times when trying to close multiple steps and tailgates on a variety of different hinges. Is it useful utility, a marketing gimmick to sell more trucks or a mixture of both? Take a look at the video above and let us know what you think in the comments below. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2022 GMC Sierra Super Cruise First Drive | Now with trailering and automatic lane-changing

Although the updated late-model year 2022 GMC Sierra is still a little ways off (In fact, it hasn't even been revealed), we've had an opportunity to try one of its headlining features: Super Cruise. But it's not quite the Super Cruise you know from the current Cadillac line. The new Sierra will be getting a newer version with two features: the ability to execute lane changes and passes automatically, and the ability to operate with a trailer. We tried the system at GM's proving grounds in Milford, Mich., and our test vehicles were 2022 Sierra prototypes. Though the trucks themselves are early examples with features not finalized, GMC representatives said the Super Cruise system is pretty much finished. The system uses close and long-range radar sensors at the front and a new set of radar sensors at the back, plus the truck's various cameras. It also utilizes the mapping data that GM has accumulated for the system to ensure it operates on approved roads and has detailed information about where the car is. Now, the first new feature enabled by the updated Super Cruise is the automatic lane-change system. The current system can change lanes on its own, but it must be prompted by a press of the turn signal. That feature remains intact, but now, if you approach a slower vehicle on a multi-lane highway, Super Cruise can check the lane next to you to see if it's safe to merge, change lanes, and then return to the original lane once the slow-moving vehicle has been passed. This is where those rear radar sensors come in. We tried it three times on GM's big banked oval course, and it did it impressively smoothly. It was able to make the decision proactively, too, making the decision to change a good distance before we were on top of the slow moving car. Oh, and of course, because this is Super Cruise, it all happened without us having to touch the wheel. Our automatic lane change test was followed by trying Super Cruise with a trailer. Now, it's important to note that the automatic lane-changing functionality won't work with a trailer. This is because that function depends on a set of radar systems at the back of the truck that are blocked by a trailer. Apart from that, the rest of Super Cruise's functions still work just fine. To make this possible (and safe), the system is able to estimate the weight of the trailer and adjust following distance accordingly, allowing it to safely slow down as needed.