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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.

2016 GMC Canyon Diesel Quick Spin [w/video]

The 2016 GMC Canyon Diesel and the 2016 Chevrolet Colorado Diesel are basically the same truck. This isn't really news – the two midsize pickups have been discussed side by side since their inception. If you stop reading right now, go to our First Drive story from last week, and replace "Colorado" with "Canyon," you won't miss a beat. Samesies. Looks-wise, the Canyon is a bit more polished overall than the Colorado on which its based. The front fascia has a more upscale, yet tough aura, the squared-off headlamps mimic those of the Sierra, and the alloy wheels – especially those on this SLT tester – are a premium touch. Inside the cabin, it's all carryover stuff from the Chevy truck, just with different badges and some unique color/trim combos. So it's a Colorado Diesel with a Canyon treatment. It's the typical GMC updo. But that's fine by me; this thing's a real sweetheart. Driving Notes Talk about smooth operator. This is one of the least harsh diesel engines I've ever tested, with low levels of vibration. Credit for that goes to the fancy German torque converter, as our own David Gluckman detailed in the Colorado First Drive. There's there's also very little in the way of turbo lag in this truck, aiding the silky character. I kind of miss the "turbo moment" woosh of power, but I'll happily trade that for total overall refinement. GMC hasn't released official fuel economy figures just yet, and my drive route wasn't exactly great for testing the ol' miles per gallon rating. I spent about 45 minutes slogging through traffic in Manhattan (perfect place for a diesel pickup, right?), before getting out onto the highway for another 45 or so. The combined trip returned numbers in the mid-20s, but I have to believe this truck can do better. The steering is vague, the body rolls – it drives like a pickup. That said, even though it's on the larger side of midsize, the Canyon is easy to maneuver, sight lines are great, and it's a generally pleasant-handling truck. The 2.8-liter Duramax diesel engine adds about 200 pounds to the Canyon's overall curb weight, but you don't notice from behind the wheel. Braking feel is smooth and solid, and the truck doesn't feel especially nose-heavy. Despite the anti-aero shape, the Canyon delivers a quiet ride with very little wind or road noise. Credit this to all the sound deadening material added to keep unpleasant diesel chugga-chugga-chugga noises out of the cabin.

2015 Chevy Colorado and GMC Canyon order guides reveal added power

General Motors' Fleet Order Guide system is often the canary in the coal mine for interesting changes on new models. The recent guide for the 2015 Corvette unveiled all sorts of changes that weren't yet known about the sports car. Now, it's time for the 2015 Chevrolet Colorado and GMC Canyon to take their bow in the spotlight, and they look worth the wait. The new midsize trucks are getting a touch more power than first thought, as well as some very nice features.
Extended Cab models of both trucks come standard with a 2.5-liter, direct-injected four-cylinder rated at 200 horsepower at 6,300 rpm and 191 pound-feet of torque at 4,400 rpm. That's a bit more than the 193 hp and 184 lb-ft originally reported for the duo. The standard transmission for the extended trucks is a six-speed manual, but the Work Truck trim is also available with an optional six-speed automatic. Towing for the four-cylinder is rated at 3,500 pounds.
Crew Cab models come standard with a 3.6-liter V6 with 305 hp at 6,800 rpm and 269 lb-ft of torque at 4,300 rpm, with a six-speed automatic. That's also somewhat different than the originally reported rating of 302 hp and 270 lb-ft. Towing for the V6 is rated at 7,000 pounds.