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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.

Crash victim found still inside car 6 hours after it was towed away [w/video]

Police near Dayton, OH, have quite a confusing case on their hands after the victim of a crash early on New Year's Day couldn't initially be found. Six hours later, the man was discovered lying on the vehicle's floorboard at the tow yard. The unidentified person was admitted to a local hospital in critical condition with possible leg injuries. The police first responded to the scene of the crash around 3:00 am on New Year's Day when a Chevrolet Impala hit a utility pole and drove through a fence, according to WHIO News. The authorities claim that they searched for the man for an hour and a half and came up with nothing. The car was then hauled away to the yard, which was only about 500 feet away. The tow yard worker found the man around 9:00 am and called 911. However, he was clearly dubious about the injured man's predicament and suggested to the operator that he might have returned to the Impala. Police are still investigating the incident. According to WHIO, authorities might have somehow missed the man in the sedan during the search. Alternatively, he could have left the scene of the accident and later returned. Watch the video below for more about this bizarre case. The video meant to be presented here is no longer available. Sorry for the inconvenience. News Source: WHIO via Yahoo Autos Chevrolet Police/Emergency Videos Sedan

Chevy preparing new Camaro ZL1 Convertible?

It's a given that when an automaker introduces a new performance model, it's only a matter of time before an even hotter variant arrives. The Ford Mustang begets the Shelby GT350 and the Dodge Challenger R/T spawns the SRT 392 and Hellcat. And for Chevrolet, that progression sees the Camaro SS evolve into the ZL1. That's probably what our spies have captured here. The convertible variant of GM's most powerful Camaro is betrayed not by its big, black wheels or quad exhaust tips – both of those items have been fitted to the far tamer 1LE in the past – but by its brakes. To put it simply, they're enormous. The old ZL1 had 14.6-inch rotors in front and 14.4-inchers in the back, with Brembo-branded six-piston calipers up front and four-piston binders at the rear. While the overall size of the calipers doesn't appear to have changed much, it looks like the rotors – especially in front – seem to take up a larger space inside the front wheels than in last year's model. Perhaps Chevy moved to a straight 15-inch rotor? It's difficult to discern any more from these images, though. Chevy did a fine job with the camouflage, making it difficult to pick out ZL1-specific body parts. From the rear spoiler to the front fascia to the side sills, each body piece looks like it's the same as the standard Camaro or is just completely obscured. If this is a Camaro ZL1, it seems like Chevy may have just stuffed the vital organs inside the body of more pedestrian droptop. According to our spies, it's unlikely that Chevy will mix things up under the hood. Expect the 6.2-liter, supercharged V8 from the Corvette Z06 and Cadillac CTS-V to move the ZL1 from 550 horsepower to around 640 ponies when it debuts for model year 2017. A six-speed manual transmission will be standard, while the Camaro's big brother will probably donate its eight-speed automatic. Related Video: Image Credit: Brian Williams / SpiedBilde Spy Photos Chevrolet Convertible Performance chevy camaro zl1