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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 Chevy Silverado unveiled in full at Texas State Fair

It's State Fair time down in the Lonestar State, which means a lot of things to a lot of Texans: rodeos, cook-offs, country music concerts, big belt buckles, and even bigger hats. But it also means new trucks. Ford used the occasion this year to roll out its new F-Series Super Duty pickups, but the Blue Oval won't have the show all to itself as Chevy is also on hand to reveal in full its latest updates to the Silverado. The Bowtie brand gave us our first glimpse at its updated 1500-series pickup back in July, but has now revealed the revised truck in full – and not just in Z71 spec, either. Buyers will be able to choose between WT, LS, LT, LTZ, and High Country trim levels – to say nothing of the various cab, box, and powertrain configurations. The top three get all-LED exterior lighting. And while the Z71 adopts the color-keyed trim we saw previously, other models like the LT, LTZ, and (to a lesser extent) the top-of-the-line High Country still bring the chrome for those who want it. Whichever the model, the new Silverado boasts a more muscular-looking front-end and a more sculpted hood. Inside, the new Silverado gets an optional MyLink system with Apple CarPlay and Android Auto support. The revised truck also benefits from added safety technology and convenience features. Engine options include a 4.3-liter V6 with 285 horsepower and 305 pound-feet of torque, a 5.3-liter V8 with 355 hp and 383 lb-ft, and a 6.2-liter V8 with 420 hp and 460 lb-ft. The news when it comes to powertrains is that the eight-speed automatic launched last year on the larger V8 is now being offered on the smaller 5.3 as well. 2016 Silverado: The New Face of Strong 2016 Silverado designed to build on Chevrolet's truck momentum 2015-09-24 - Bolder, more muscular look reflects Silverado strength, dependability - Expanded use of 8-speed transmissions; additional safety technologies - Available support for Apple CarPlay and Android Auto DALLAS – The new 2016 Chevrolet Silverado 1500 brings muscular designs and new customer-focused technologies to the most dependable, longest-lasting family of full-size pickups on the road. The new Silverados make their public debut today at the State Fair of Texas in Dallas. "The new 2016 Silverado will build on the Chevy truck legacy of dependability," said Sandor Piszar, marketing director for Chevrolet trucks.

GM files for Z71 Trail Boss trademark

Try as they might to keep their plans a secret, automakers have their hands tipped through a variety of methods – be they through loose lips, spy shots or patent and trademark applications. That's how we know, in this instance, that General Motors is working on (or at least considering) an off-road machine wearing the name Z71 Trail Boss – the name which our compatriots at AutoGuide.com tell us that GM has registered for use on light-duty trucks. Now if that alphanumeric designator sounds familiar, it should. GM has long used it to designate the off-road packages on many of its body-on-frame trucks from Chevy and GMC. These days you can order a Z71 package on the Chevy Colorado, Silverado, Tahoe and Suburban and on the GMC Canyon, Sierra and Yukon. The package typically includes components like a beefed-up suspension bits, high-capacity air cleaner and underbody protection plates. The Trail Boss designator would seem to suggest something further reaching than a suspension package, though. Just what it would entail we don't know; minds immediately start running toward Chevy or GMC going after the Ford F-150 Raptor, but we'll likely be looking at something closer to the Trailhawk packages Jeep offers on the likes of the Renegade and Cherokee. Featured Gallery 2015 Chevrolet Tahoe Z71 View 16 Photos News Source: AutoGuide.comImage Credit: Chevrolet Chevrolet GM GMC Truck SUV Off-Road Vehicles patent trademark