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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.

2023 Chevy Equinox price goes up a few hundred bucks

Chevrolet and GMC have uploaded the configurators for sibling crossovers the 2023 Chevy Equinox and 2023 GMC Terrain. Both get a few changes to improve performance, and new paints. GM jettisoned the turbocharged 1.5-liter gas engine making 170 horsepower and 203 pound-feet of torque in both vehicles. Replacing it is a different turbocharged 1.5-liter gas engine making 175 hp and 203 lb-ft. The Equinox sends its power through a six-speed transmission, the Terrain fits a nine-speed transmission. On the Equinox, fuel economy in standard front-wheel drive trims holds steady, but the AWD trims lose one mile per gallon in their city and combined EPA ratings. On the Terrain, FWD trims lose one mile per gallon across the board, the AWD trims lose one mile per gallon in the city only. Both models also upgrade to an electro-hydraulic brake system, leaving vacuum-assisted braking behind. The Equinox color palette drops Cherry Red Tintcoat, Seaglass Blue Metallic and Silver Ice Metallic for replaces with Harvest Bronze Metallic, Radiant Red Tintcoat, and Sterling Gray Metallic. Buyers who want the razzle dazzle of the Equinox's optional Blackout and Redline Edition Packages are out of luck at the moment, both appearance flourishes unavailable to order. The Terrain's paint menu drops Cayenne Red Tintcoat, Hunter Metallic, and Quicksilver Metallic for Deep Bronze Metallic, Sterling Metallic, and Volcanic Red Tintcoat. All-wheel drive can be added to any Equinox and Terrain trim for $1,600, save for the Terrain AT4 and Denali that come standard with AWD. Prices for the 2023 Chevy Equinox after the $1,395 destination charge, and their differences from 2022, are: Equinox LS: $27,995 ($300) Equinox LT: $29,095 ($300) Equinox RS: $32,095 ($100) Equinox Premier: $33,195 ($300) New pricing for the 2023 GMC Terrain can only be seen when you visit the configurator's Summary page. The initial Build & Price page shows MSRP before the $1,500 premium on every trim to that pays for the mandatory OnStar with Connected Services plan. After the $1,395 destination charge, the new prices are: Terrain SLE: $31,295 Terrain SLT: $35,295 Terrain AT4: $37,395 Terrain Denali: $39,995  

Train derailment leaves Jeep, GMC, Chevy pickups damaged in Nevada

An unfortunate train derailment is causing some inevitable delays for pickup truck customers west of Nevada. Yesterday morning, 33 train cars derailed in Lincoln County, and the cargo that was being transported consisted of new Jeep Gladiators and Wranglers along with Chevrolet Silverados and GMC Sierras, judging from the photos released by the Lincoln County Sheriff’s Office. The train derailment also caused the adjacent road to be closed, and local law enforcement recommends the area is to be avoided as long as it takes to clean it all up. In the photos, damaged Jeeps and other trucks sit either on their wheels or shiny-side-down as the incident is being assessed. Available information says there were thankfully no personal injuries, but itÂ’s not likely any of these trucks will end up in customer hands, even with a significant discount. Pre-registration transport damage, significant or not, has often resulted in scrapping complete vehicles so that manufacturers can steer clear of liability issues. Hooniverse.com, which also reported on the incident, notes a couple of interesting things. Firstly, the upended Gladiator seems to have a pretty sturdy support structure for its glasshouse, thanks to its new rollbars. Another matter is that the GM trucks, also pictured, wear discreet and temporary transport steel wheels instead of fancier items, perhaps to deter thieves eager to grab a shiny set from trucks on their way to the dealer. Still, itÂ’s a shame these vehicles could never fulfill their hauling purposes in the hands of new owners. Perhaps the manufacturers can at least use the damage for data-gathering purposes. Related Video: