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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.

National Corvette Museum to recreate sinkhole experience for patrons [UPDATE]

UPDATE: The Thunderdome at the National Corvette Museum is not a ride; instead it's an experience that mixes digital graphics and thundering sound. For a brief period, it looked like the National Corvette Museum was going to preserve that sinkhole that ate eight important 'Vettes last year. After all, tourism boomed there afterwards. However, keeping the crater would have been more expensive than just doing the repairs. The museum isn't ready to let people completely forget, though, and now intends to make a major attraction out of a recreated version of the calamity. The museum's plan turns the sinkhole disaster into an amusement park ride called the Thunderdome, according to GM Authority. In a smaller recreation of the Skydome, 15 people at a time would get to watch an imitation of the sinkhole devouring the eight Corvettes. To make the experience even more immersive, visitors would get to view this all from an artificial, underground cave. If you missed seeing the actual pit, this would certainly be a bizarre way to experience it. According to GM Authority, the exhibit would also include an explanation of how sinkholes occur. The Corvette museum reportedly wants the attraction open by this fall.

Hennessey HPE1000 builds a 1,000 hp 2016 Chevy Camaro

If the 455-horsepower 2016 Chevrolet Camaro SS isn't powerful enough for you off the showroom, ring up the folks at Hennessey Performance. The company can bump the coupe's output up to 650 hp if you want to keep the engine naturally aspirated, but supercharged versions can more than double the stock rating to 1,000 hp. To achieve such a massive boost in performance, the company performs a thorough suite of engine modifications in addition to installing the supercharger and intercooler. Among the biggest tweaks is stroking the motor to 6.8 liters from the stock 6.2 liters. To make sure the mill can handle the boost, it also gets forged pistons, billet steel connecting rods, ported cylinder heads, an upgraded valve train, new engine management, and more. Hennessey tests each car before and after on a chassis dyno and does up to 100 miles of road evaluations. The company claims this tune works with the factory automatic and manual gearboxes. The HPE1000 Camaro is available to order now. Clients send the company their 2016 Camaro SS, and the upgrades cost $65,000, which includes installation, John Hennessey tells Autoblog. The improvements also come with a one-year / 36,000-mile warranty. Unfortunately, Hennessey Performance doesn't have a video of the HPE1000 Camaro, but it does have a clip (below) showing the naturally aspirated HPE600 version, which boasts 526 hp at the rear wheels. Think of it as just a taste of what the forced induction model might offer, but we'd imagine with a screaming supercharger.