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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.

2023 Cadillac Escalade-V and Honda HR-V | Autoblog Podcast #735

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore and Senior West Coast Editor James Riswick have been driving some interesting vehicles, including the Cadillac Escalade-V, VW Jetta, BMW X3 and the new Honda HR-V. They also compare the Duramax-powered Chevy Silverado High Country to the 6.2-liter GMC Sierra Denali Ultimate. Senior Editor, Green, John Beltz Snyder drops in with a dispatch from the first drive of the 2023 Cadillac Lyriq, previewing his upcoming review of the brand's first EV. Finally, they open the mailbag and help a reader pick a used car for under $20,000 in the Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #735 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Cadillac Escalade-V 2022 Volkswagen Jetta 2022 BMW X3 M40i 2023 Honda HR-V 2022 Chevy Silverado High Country w/Duramax vs. GMC Sierra Denali Ultimate w/6.2-liter Dispatch: 2023 Cadillac Lyriq Spend My Money: Sub-$20k used car Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video:

2024 GMC Canyon AT4X AEV teased on 35-inch tires

Last month, Chevrolet Performance teased the 2024 Colorado ZR2 Bison, which will be the ultimate hardcore off-road variant for that model developed in collaboration with American Expeditionary Vehicles (AEV). Since that camouflaged preview appeared, we've welcomed debuts of the competition, the 2024 Ford Ranger Raptor and 2024 Toyota Tacoma TRD Pro. Bookending a solid month of 4x4 delights, GMC teased the coming 2024 Canyon AT4X AEV. We can look at this as the GMC version of the Colorado ZR2 Bison, the Canyon's new-for-2024 AT4X trim given an additional boost in spec and capability. This isn't the truck's first flirt with the public. During media drives for the 2024 Sierra HD AT4X, one of the new heavy duty rigs showed up to the site pulling a trailer bearing a covered pickup. The mid-size form factor, 35-inch tires, and appearance at a GMC event were clues enough to the pickup's identity.  The official preview is proof of what we've been expecting. The revised front fascia wears a high-clearance bumper. Don't expect that winch to be included; the red hook in the tease is a digital add-on. You can expect the winch opening, boron steel underbody skid plating, and Multimatic dampers. The standard AT4X got a three-inch lift over the non-hardcore Canyon variants, in part thanks to being fitted with 33-inch tires. The 35-inch Goodyear Wrangler Territory MT 315/70 17 tires on the AT4X AEV are thought to help provide 11 inches of ground clearance. Beefier wishbones and hydraulic bump stops help protect owners who want to test limits. Reports by folks who walked around the covered truck predict a set of beadlock-capable AEV Salta wheels like the kind sold with the full-size Sierra AT4X AEV Edition. The cover couldn't hide the sport rack in the bed nor the bed-mounted spare tire carrier. Those, like the winch, are likely options that add to the price. Don't be surprised if engine output is unchanged. The 2.7-liter H.O. turbocharged four-cylinder makes 310 horsepower and 430-pound feet of torque. We'll never complain about more, but that's plenty for a truck envisioned as a low-speed obstacle crosser.  All GMC is saying for now is, "An even more off-road capable Canyon is coming." It debuts on July 6. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.