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GM sees 'strong year' in 2018, then gold in Chevy Silverado for 2019

DETROIT — General Motors said on Tuesday it expects earnings in 2018 to be largely flat compared with 2017, but that profits should pick up pace in 2019 as its revamped line of high-margin pickup trucks hits the U.S. market. The 2018 earnings outlook was above market expectations, sending GM shares up more than 3 percent in premarket trading. "GM had a very good 2017 as we continued to transform our company to be more focused, resilient and profitable," GM Chief Executive Mary Barra said in a statement. "We are positioned for another strong year in 2018 and an even better one in 2019." GM and its Detroit rivals, Ford and Fiat Chrysler Automobiles, are bringing on new trucks at a time when overall U.S. new vehicle sales have been falling, but truck sales continue to grow as consumers abandon passenger cars in favor of pickups, SUVs and crossovers. GM on Saturday fired a new round in the battle for profits from one of the U.S. auto industry's most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at the Detroit auto show. The new Silverado, a highlight of the event, is the successor to GM's best-selling vehicle in North America. Sales of the current Silverado rose nearly 2 percent to 585,000 vehicles in 2017. In the coming months, the company will also reveal a revamped GMC Sierra pickup truck. U.S. new vehicle sales fell 2 percent in 2017 after hitting a record high in 2016, and are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. GM said on Tuesday that while it retools a factory in Ft. Wayne, Indiana, to make the new pickup trucks, it will shift some production to an Oshawa, Ontario, plant in order to avoid missing sales in a hot market for the vehicles. The No. 1 U.S. automaker said it will record a $7 billion non-cash charge for its fourth-quarter 2017 earnings related to deferred tax assets. GM said it expects capital expenditure in 2018 of around $8.5 billion, about $1 billion of which will go toward funding self-driving car technology. Last week, the company said it is seeking U.S. government approval for a fully autonomous car — one without a steering wheel, brake pedal or accelerator pedal — to enter the automaker's first commercial ride-sharing fleet in 2019. GM said it expects 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.

GM opens official investigation into C8 Corvette transmission leaks

In March 2020, a month after Chevrolet began customer deliveries of the 2020 C8 Corvette, a GM dealer technician created a Reddit thread about a leaking gearbox in a Corvette with 32 miles. That car hadn't even been sold yet. Since then, as a search of "C8 Corvette transmission leak" shows, it's been tales of woe for some owners. Something in the Tremec TR-9080 transaxle in the back of the mid-engined Corvette doesn't work as it should, the fault able to cause codes that the transmission needs service, or that the driver needs to shift to park. In some cases, the battery would die because of follow-on issues after the initial transmission code, that code preventing the car from powering down. As Autoevolution reports, GM filed paperwork with the National Highway Traffic Safety Administration in August to look into what's going on. Between forum threads and GM's investigation document, there are several issues mentioned. The most common appears to be the dual-clutch transmission leaking fluid due to gasket failures like the one suffered by one owner at 858 miles, and another for an owner currently enduring a second leaking transmission. The Midengined Corvette Forum reported that Chevy engineers redesigned the TR-9080 pan, fitting Corvettes with the new unit at some point in the 2021 model year. The original pan was stamped steel unit affixed to the engine with two studs and 13 bolts, plus "reinforcement plates." The updated pan is said to be a cast aluminum unit affixed with two studs and 17 bolts, omits the reinforcement plates, and gets a new machined new groove around its edge to seat the gasket seal. The GM paperwork now at the NHTSA mentions a P1789 code, and says one reason for it could be "debris on the park position sensor magnet causing an incorrect position reading to the TCM." This might be caused by another issue mentioned in forums, which is clogged transmission filters. GM gives instructions for returning transmission filters to the company, and a poster on one forum said the Corvette tech at the dealer where he bought his Corvette told him the automaker "requires every used transmission filter to be returned to GM."  Whatever's going on, the problems haven't stopped, and they go beyond the P1789 code. Over the weekend, a 2022 Corvette owner posted on Corvette Forums that he got a check engine light on his car after just 850 miles.

GM recalls over 323,000 HD pickups because tailgates can open unexpectedly

General Motors is recalling more than 323,000 heavy-duty pickup trucks in the U.S. because the electronic tailgate release switches can short circuit and open the gates while the vehicles are in park. The recall covers certain Chevrolet Silverado and GMC Sierra 2500 and 3500 trucks from the 2020 through 2024 model years. The National Highway Traffic Safety Administration says in documents posted on its website Tuesday that water can get into the switches and cause the tailgates to open when in park gear. The agency says that can result in unsecured cargo falling out of the beds, creating a road hazard and increasing the risk of a crash. GM is advising owners to check that the tailgate is closed and latched before they drive the trucks. Dealers will replace an exterior touchpad switch. Owners are to be notified by letter starting March 18. GM dealers also have been told to stop selling affected vehicles until repairs are made. The company says in documents that it has 136 complaints about the tailgates opening unexpectedly. GM reported one complaint of a minor injury and three complaints of minor property damage. Recalls Chevrolet GM GMC Truck