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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.

Could the GMC Jimmy come back as a Wrangler fighter?

Every three or four years, two cars go into heavy media rotation in stories about supposed new competitors. The headlines go something like, "X automaker working on a vehicle to fight the iconic Y." The Y cars are the Porsche 911 and the Jeep Wrangler. For this story, the X automaker is GM. And since GM already has its 911-fighter poised for debut next month, we speak here of the Wrangler. Car and Driver writes that GMC might take another shot at a Jeep challenger, this time by rebirthing a body-on-frame Jimmy SUV. For any who don't know, GMC sold an S-15 Jimmy from 1982 to 2005, a twin of the Chevrolet S-10 Blazer. Those SUVs started their lives as the Chevrolet S-10 and GMC S-15/Sonoma pickups. The Blazer name has returned to the light, albeit without its old-school rugged manners. There's still an opening on the GMC side, though, so C/D says the idea would be to work that old magic on the GMC Canyon pickup. The report is more chaff than grist for the rumormill, with liberal application of phrases like "looking to come up with," "could be," "could take," and "could arrive." Having said that, a potential Jimmy model could come in a few years, could use the same six-cylinder gas and four-cylinder diesel engines as the Canyon, and could start around $30,000. The Jimmy could wear GMC's new mud-and-guts AT4 trim name, or become a mud-and-guts trim for the Canyon just as the ZR2 is for the Colorado. It's not an entirely crazy idea, however, when a body-on-frame Trailblazer SUV based on the Colorado sells in Latin America, Asia, and Australia and does pretty well in the mud and muck. GM's been on the edge of going to war with the Wrangler for at least 12 years, when a Hummer exec said the HX concept would debut at the 2008 Detroit Auto Show and go on sale in 2010 as the H4. In 2015, The Wall Street Journal said GM was canvassing GMC dealers about something to get in the ring with the Wrangler. And all that was before every other automaker had to watch Jeep open a money-counting operation to handle its Wrangler profits, and dealers started charging $20,000 markups on Gladiators. In May, spy shooters caught a sensor-laden Jeep running at GM's Milford Proving Grounds in Michigan. Earlier this month, Bloomberg reported GM is considering a Hummer revival as an all-electric hardcore SUV. So we will not be surprised if GM rolls out a Wrangler fighter in the near-ish future. But we won't be surprised if GM doesn't, either.

GMC Canyon AT4X rumored to get more extreme AEV Edition

When GMC debuted the new 2023 Canyon pickup in August, the midsize lineup gained the hardcore AT4X off-road trim the brand has been spreading throughout its wares. The new top-of-the-line model is GMC's version of the Chevrolet Colorado ZR2 and features the same off-road goodies, like the Multimatic DSSV suspension, unique front fascia, more skid plates, front and rear locking differentials, and a Baja drive mode turning the 33-inch tires. The Edition 1 launch model adds to the production goods by bolting on a front safari bar with a 30-inch light bar, a Comeup winch, an upgraded front skid plate, reconfigurable bed rails, front and rear underbody cameras, and special badging. The Canyon AT4X Edition 1 was gone almost immediately, because of course. However, Muscle Cars & Trucks reports that something just as special could be coming for buyers in the form of a Canyon AT4X AEV Edition. American Expeditionary Vehicles already breathed all over the last-gen Chevrolet Colorado and the current Chevy Silverado, looks like GM not only intends to keep the relationship going but expand it. MCT credits a source for news that the AEV-worked Canyon will get a snorkel and 35-inch tires. Chevrolet offered a snorkel as an aftermarket piece for the Colorado ZR2 Bison, and AEV sold a ZR2 Bison version with a snorkel attached. The new report claims GMC will make the elephant trunk a factory option, fitted to the driver's side this time instead of the passenger's side because of the new engine. The 35-inch tires would be a huge add-on, giving the Canyon the same kind of footprint as the Jeep Wrangler Rubicon Xtreme Recon and a couple of Ford Bronco trims. The additional two inches over the 33-inch tires on the AT4X make a big difference when the trail gets dicey. MCT says the AEV will get the same bumper as the Edition 1, which means a reduced approach angle in return for an integrated winch. The standard AT4X bumper permits a 36.9-degree approach angle, the winch-equipped Edition 1 drops that to 32.8 degrees. It's not clear which winch would hide behind that bumper, though. GMC factory fit is the Comeup Seal Slim 9.5rs rated at 9,500 pounds. AEV offers a Warn 9.5 XP-S with the same weight rating for its Colorado ZR2 Bison.  Speaking of which, since the Colorado arguably started all this, Chevy fans can expect their midsizer to acquire the same bundle as the Canyon AT4X AEV.