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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 Chevrolet Corvette Stingray Beauty-Roll

For those of you paying attention, we've really ramped up the old Autoblog video game these days. Our new series Car Club USA joins Translogic and The List, and there are more Daily Drivers and Short Cuts than ever. But sometimes, all you care about is the car. The Autoblog Beauty-Roll video series has one goal: bring you glossy video images of cars, and nothing but. We're collecting moving pictures of all the cars we test, inside and out. Each episode comes with a hit of engine sound – start-up and with a few revs – to round out the package. Set your resolution to max, kick it into full-screen, turn up the sound, and enjoy today's subject, the 2016 Chevrolet Corvette Stingray. Oh, and if you'd like more Beauty-Roll, click here to see the back catalog.

15 vehicles most likely to surpass 200,000 miles

Americans drive a lot. Collectively, we put, on average, more than 13,000 miles on our cars each year according to the U.S. Department of Transportation. Because of this, a vehicle's ability to travel long distances without major problems is a huge consideration when it comes time to purchase a new one. It's also worth remembering that keeping an older car on the road instead of trashing it and buying new can be considered an eco-friendly decision. After all, it takes a lot of resources to build a car. iSeeCars.com, a website that aggregates used car listings from all around the country, recently ran through the numbers on millions of vehicles that are currently on the road to determine which last the longest. Alternatively, you could choose to look at this list as vehicles likely to be driven by owners who travel long distances. Either way, we've laid out the top 15 vehicles most likely to hit or even surpass the 200,000-mile mark. It's important to note that while these are the vehicles that have stood the test of time up until today, we can't guarantee future results if you decide to opt for one of these from a current model year. That said, unless we specifically say so in the text below, we've used pictures of current models for illustrative purposes. Now, with all of that out of the way, scroll on down for the top 15 vehicles most likely to crest 200,000 miles. 15: Toyota Sienna 14: Honda Odyssey The 15th spot and 14th spot on the list of the top 15 vehicles most likely to surpass 200,000 miles are both minivans. Spoiler alert: They will be the only two minivans on the list. According to iSeeCars, 3.2% of both of these family haulers crest the 200,000-mile mark, making them the best bets for families looking to put a ton of miles on their machines. 13: Honda Ridgeline 12: GMC Yukon The next spot on the list is occupied by the Honda Ridgeline pickup truck with 3.7% lasting past 200,000 miles. Unlike any of the other midsize trucks it competes with, the Ridgeline is based on a unibody chassis. Opting for this more car-like structure — as opposed to a traditional body-on-frame layout — allows Honda's hauler to ride and drive more like a car. Up next is the GMC Yukon, also with 3.7% past the 200K mark, and the first, but very much not the last, big traditional SUV you'll see on the list. In fact, get ready to see a whole bunch of 'em, including several from GMC parent General Motors.