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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.

2024 GMC Canyon AT4X AEV Edition pushes the limits even higher

The GMC Canyon AT4X is already a formidable off-road pickup truck, but now it’s getting even more capable with the addition of the 2024 GMC Canyon AT4X AEV Edition. If youÂ’re familiar with the Chevrolet Colorado ZR2 Bison, then by proxy youÂ’re familiar with GMCÂ’s version of it already. Like the bow-tie version of the pickup, the AT4X AEV Edition is lifted an additional 1.5 inches beyond the regular AT4X, giving it 12.2 inches of ground clearance, which is identical to the ZR2 Bison. You also get to work with a 38.2-degree approach, 26.0-degree departure, and 26.9-degree breakover angle. ItÂ’s fitted with AEV beadlock wheels wrapping 35-inch Goodyear Wrangler Territory mud-terrrain tires and uses hot-stamped boron steel skid plates for the radiator, steering gear, transmission, transfer case, fuel tank and rear differential. Appearance-wise, the AEV Edition sports a new front fascia with integrated fog lights and larger fender flares that facilitate the bigger tires. It uses AEV stamped-steel front and rear bumpers that include heavy-duty recover points, and the front bumper is compatible with a winch. The rear bumper (below) is particularly clever, as it has easily removable plastic corners that can be replaced with 10 millimeter-thick steel skid plates for a little extra protection on the trail. YouÂ’ll find an AEV in-bed mount for the spare tire, too, as the big 35-inch tire doesnÂ’t fit in the usual under-bed storage spot. GMC wasnÂ’t ready to provide hard numbers for payload or towing, but expect the Canyon AT4XÂ’s specs to go down in a similar manner as the ZR2 Bison that lost 230 pounds of payload capacity and 500 pounds of towing. And yes, the AEV Edition retains the AT4XÂ’s high-output four-cylidner that produces 310 horsepower and 430 pound-feet of torque. You get all the other AT4X goodies, too, including things like the Multimatic spool valve shocks and electronic-locking front and rear differentials. It also gets the sweet off-road launch control system that initially debuted on the Bison that can adjust power in real-time based on the traction available off-road. On the inside, the AEV Edition adds three standard auxiliary switches that you can hook up off-road or overlanding accessories to. The truck is also fitted with AEV-embroidered headrests and AEV all-weather floor liners. Pricing for the AT4X AEV Edition isnÂ’t available quite yet, but GMC says itÂ’s expected to be available for customer orders later this year.

2016 Chevy Colorado and GMC Canyon recalled for opening console lids

The Basics: General Motors is recalling 9,200 examples of the 2016 Chevrolet Colorado with build dates between August 25, 2015 and September 24, 2015, and the 2016 GMC Canyon manufactured from August 28, 2015 to September 24, 2015. In total, 8,763 of these pickups are in the US, and the rest are in Canada or Mexico. The Problem: The console compartment lid could open in a crash, and the items inside the storage compartment might hit occupants during the accident. This fault puts the pickups out of compliance with the Federal Motor Vehicle Safety Standard. Injuries/Deaths: None reported. The fix: Dealers will replace the console compartment door latch assembly with an improved part. If you own one: GM has not yet told NHTSA when the repairs for these pickups begin. Related Video: RECALL Subject : Console Door may not Fully Latch/FMVSS 201 Report Receipt Date: DEC 01, 2015 NHTSA Campaign Number: 15V807000 Component(s): LATCHES/LOCKS/LINKAGES Potential Number of Units Affected: 8,763 All Products Associated with this Recall Vehicle MakeModelModel Year(s) CHEVROLET COLORADO 2016 GMC CANYON 2016 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2016 Chevrolet Colorado trucks manufactured August 25, 2015 to September 24, 2015, and GMC Canyon trucks manufactured August 28, 2015 to September 24, 2015. The affected vehicles have a console compartment lid latch assembly that may fail to keep the compartment door closed in the event of a crash. As such, these vehicles fail to comply with the requirements of the Federal Motor Vehicle Safety Standard (FMVSS) number 201, "Occupant Protection in Interior Impact." CONSEQUENCE: If the console compartment door does not remain closed in a crash, the contents stored in the console may strike the vehicle occupants, increasing their risk of injury. REMEDY: GM will notify owners, and dealers will replace the console compartment door latch assembly, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chevrolet customer service at 1-800-222-1020, or GMC customer service at 1-800-462-8782. GM's number for this recall is 16370. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.