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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 AT4X First Drive Review | Luxury off-roader

BORREGO SPRINGS, Calif. – What does the 2022 GMC Sierra AT4X have in common with the Aston Martin Vulcan, Mercedes-AMG GT, Camaro ZL1 and Ford GT? The answer: Multimatic DSSV spool-valve dampers. These dampers – or shock absorbers as theyÂ’re also called – are a lot like the adaptive dampers found in many sport and luxury vehicles. In a general sense, they allow drivers to select how soft or firm a ride they want, but the Multimatic dampers are quicker to respond and have additional benefits related to off-roading.  Off-roading is the main reason this new AT4X model has been added to the Sierra lineup this year, along with its elevated levels of luxury. ItÂ’s a big step up from the existing less-capable AT4 trim, which misses out on the DSSV dampers, electronically locking front and rear differentials, and 32-inch Goodyear Wrangler DuraTrac Mud-Terrain tires. The timing of this debut coincides with a significant overhaul for the entire 2022 Sierra lineup, including revised styling, a more muscular 2.7-liter turbo-four engine, and most notably, an interior overhaul that replaces this generationÂ’s dull and outdated dashboard with a fresh, modern and more competitive interpretation bolstered by a large 13.4-inch touchscreen powered by the Android Automotive OS. Upping the luxury further is a new, fully-loaded Denali Ultimate trim that includes the Super Cruise automated driving system, though our time in the revised 2022 Sierra was almost entirely in the AT4X. In addition to the off-road equipment and interior improvements listed above, the Sierra AT4X features the 420-horsepower 6.2-liter V8 as standard equipment, improved underbody skid plates, and a new Terrain drive mode. But thatÂ’s not all, because the AT4X is also differentiated by the X-less AT4 with a cabin thatÂ’s almost as extravagant as that luxurious Denali model, minus the availability of Super Cruise. Ventilated seats with massage functions, premium leather upholstery, wood trim and Bose audio are all standard. Altogether, this big truck could be the perfect way to get to your next glamping adventure. We had the opportunity to check out the AT4XÂ’s capabilities within the Anza-Borrego Desert State Park, a few hours east of San Diego. There, we encountered long stretches of dried riverbeds, narrow chokepoints as well as steep climbs and descents. After dropping pressures in the Goodyear mud-terrain tires to a flaccid 15 psi, we skimmed through the silted riverbeds with ease.

GM recalls 3,300 pickups and SUVs for new ignition-switch issue [UPDATE]

UPDATE: A statement from GM about the recall has been added below. The exact total of vehicles affected is 3,296, including 3,073 of them in the US. General Motors isn't letting an ignition-switch problem grow into a massive scandal again. The automaker is recalling about 3,300 North American trucks and SUVs. They are: the 2014 Chevrolet Silverado and GMC Sierra and the 2015 Chevy Suburban and Chevy Tahoe, as well as 2015 model heavy-duty pickups, the Detroit News reports, citing an Associated Press story. The issue appears to have been caught fairly quickly. In this case, the keys can get stuck in the "start" position and then slip to "accessory" if bumped. This is because the ignition lock gears have an outer diameter that's larger than the specifications allow. When that happens the engine shuts off, and the driver loses assistance to the steering and brakes. The airbags might also be affected. The vehicles get a new ignition-lock housing to fix the problem. According to the Detroit News, an employee who experienced the problem with the switch discovered the issue, and this person then let officials at the automaker know as part of the Speak Up for Safety program. A total of five reports of the fault were discovered. However, there are no cases of injuries or crashes. The claims to the automaker's resolution program eventually tallied that GM's previous ignition switch problem included 124 deaths and 275 injuries. The company also had to recall millions of vehicles and pay significant fines to the US government. GM Statement General Motors is recalling 3,073 full-size trucks from the 2014 and 2015 model years in the U.S. Some of these vehicles may have an ignition lock actuator gear with an outer diameter that exceeds specifications, which may make turning the ignition key difficult. The ignition key could get stuck in the "start" position. This may be more likely at higher interior ambient temperatures. If the vehicle is driven with the key stuck in the "start" position, and the vehicle experiences a significant jarring event or the vehicle's interior temperature cools, the ignition lock cylinder could move out of the "start" position, rotate past the "run" position, and move into the "accessory" position, leading to loss of power steering assist, power brakes and potentially air bag deployment in certain crashes. Dealers will replace the ignition lock housing.