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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.

GM recalls Cadillac ATS and Chevy Impala for separate issues

The National Highway Traffic Safety Administration added two recalls from General Motors in the government organization's daily update of safety campaigns. Both were for failing to meet Federal Motor Vehicle Safety Standards but for completely separate reasons. The larger recall covers 58,698 units of the 2013-2015 Cadillac ATS, but it doesn't really carry huge safety concerns. In vehicles produced between April 25, 2012, and February 9, 2015, the controls for the tilt and slide of the moonroof are not recessed enough, as required by federal law. According to NHTSA, it's possible that someone could inadvertently activate the auto-close for the roof panel, which the agency claims increases "the risk of personal injury." Dealers will install a new trim plate that will add the necessary clearance. The other campaign covers 1,177 examples of the 2014 Chevrolet Impala from between November 15, 2012, and May 27, 2014. However, this is actually a repeat of a previous recall on the Chevy and the Cadillac XTS from 2014. The affected Impalas here "were remedied incorrectly" under the earlier campaign, according to NHTSA. On these sedans, it's possible the electronic parking brake might not fully disengage and still remain in some contact with the rotor, which is in violation of federal rules. The fault can cause excessive heat from the brakes that could potentially lead to a fire, according to NHTSA. To fix the problem, dealers will reprogram the electronic parking brake control module. Show full PR text RECALL Subject : Inadvertent Press of Roof Panel Switch/FMVSS 118 Report Receipt Date: FEB 24, 2015 NHTSA Campaign Number: 15V106000 Component(s): VISIBILITY Potential Number of Units Affected: 58,698 All Products Associated with this Recall Vehicle Make Model Model Year(s) CADILLAC ATS 2013-2015 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2013-2015 Cadillac ATS vehicles manufactured April 25, 2012, to February 9, 2015. In the affected vehicles, the power-operated roof panels auto-close when the non-recessed "Slide" or "Tilt" switches are pressed. As such, these vehicles fail to comply with the requirements of the Federal Motor Vehicle Safety Standards (FMVSS) No.

Best midsize trucks for 2024

Pickup trucks are hugely popular in the United States, but most of them carry huge dimensions and huge price tags to match. That's where the rapidly expanding midsize truck market comes into play. With options from nearly every major manufacturer in America, there are plenty of midsize trucks to consider, but the best midsize pickup trucks are more comfortable, more capable off-road or more luxurious than the rest of the crowd. Put simply, there's an excellent midsize truck for every buyer, whether they want to save money with a low starting price and strong efficiency, tackle technical trails, surround themselves with leather and wood or even hit the road with the wind in their hair on their way to the beach. We've tested all of the midsize trucks in America available for 2024 and picked out the best choices for any type of buyer. Read on to find out which option is the best midsize truck for you for 2024 or 2025 (expect more versions of the Toyota Tacoma and Jeep Gladiator in 2025, too). If you're needs don't require a midsize truck, you may want to consider a compact. There are only two for sale in 2024, and we break down our rankings here.   Best midsize trucks for 2024 2024 Chevrolet Colorado  Why it stands out: Good ride, handling; powerful engines; strong towing; refined interior; Google infotainment Could be better: Only one cab/bed combination (four door, short bed) Starting Price: $31,095 Read our most recent Chevrolet Colorado review Suffice it to say, we're big fans of the latest Chevy Colorado. In fact, we think the Colorado is the best midsize pickup truck in America overall. Thanks to the base WT offering, the starting price is reasonable, but the Colorado is really at its best in one of its more specialized forms. The Trail Boss expands its off-road capabilities with a suspension lift and chunky tires, the ZR2 adds an even larger suspension lift and a gaggle of off-road special bits and the ZR2 Bison tops the range with sensational Multimatic DSSV spool-valve dampers, special bumpers and underbody cladding for rock-crawling prowess. In between those specialist packages lie the LT and Z71 trims, which is what will make up the majority of sales. A low-power turbocharged 2.7-liter four-cylinder making 237 horsepower and 259 pound-feet of torque is standard, while the more common engine is a more powerful version with 310 HP and 390 lb-ft. A High-Output engine option keeps the same 310 HP but boosts torque to 430 lb-ft.