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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.

2024 GMC Sierra HD AT4X and Extreme AEV muscle their way into the lineup

The new AT4X variant of GMC's 2024 Sierra HD pickup series officially joins the stable this week, giving pickup truck box-checkers yet another off-road trim to chase. Well, two trims, technically, as GMC took the opportunity to announce that the AT4X will also be offered with an upfit package from American Expedition Vehicles, appropriately named the Extreme AEV Edition that takes its cues from the same package offered on the Sierra 1500 AT4X. And with its introduction, the 2024 GMC Sierra HD lineup is now complete.  GMC's Sierra AT4X models mirror the ZR2 packages offered on the updated Chevrolet Silverado. If you paid any attention at all to the Silverado HD ZR2's introduction earlier this month, you'll be familiar with the formula. Key upgrades include a 1.5-inch factory lift, standard electronic locking rear differential, Multimatic DSSV shocks and 35-inch Goodyear Territory all-terrain tires. It also gets beefier skid plates —  both the steel protecting the transfer case and the aluminum piece up front. With the updated 6.6-liter Duramax diesel, GMC says it'll tow up to 18,500 pounds.  "GMCÂ’s AT4X trim, which will be available across the entire GMC truck lineup, offers customers more premium and capable choices when it comes to ‘do-it-allÂ’ capabilities," said GMC VP Duncan Aldred. "Each model delivers unique strengths, with the all-new Sierra HD AT4X taking it to the max, enabling you to go virtually anywhere, with the towing power to bring your recreational toys, gear or camper along for the journey." And by "do it all," he means all the luxury stuff too, judging by the Obsidian Rush interior, which GMC says includes massaging leather front seats and real ash wood trim. The better from which to feel the shove of the AT4's two available 6.6-liter engines, one a gasoline-burner rated at 401 horsepower and 464 pound-feet of torque, the other a Duramax turbodiesel making 470 horsepower and 975 pound-feet of torque. You'll need the latter if you want to hit GMC's advertised towing capacity.  And don't forget the Extreme AEV Edition, which will surely come with a Denali-rivaling (and still TBA) price tag. The stamped steel bumpers stand out right away, as do the integrated front recovery points and winch mount. The package also adds more skid plates protecting the steering gear and transfer case. Its 18-inch "Salta" wheels are also unique.  GMC says it will be cranking out 2024 Sierra HD AT4Xs and Extreme AEV Editions by the third quarter.

2014 Chevy Silverado details continue to dribble out

PickupTrucks.com has gotten its hands on a few more details concerning the 2014 Chevrolet Silverado and the 2014 GMC Sierra. General Motors held a conference call on the two trucks, allowing Jeff Luke, executive chief engineer for both, to answer a few questions. Luke said truck buyers are largely concerned with power and fuel economy, and as such, GM will continue to explore new methods of providing both. That may translate into any number of drivetrain permutations, including light-duty diesel engines, eight-speed transmissions or even a twin-turbocharged V6.
What's more, both the 2014 Silverado and its GMC twin will boast a tow rating of 11,500 pounds, but only when equipped with a max-trailering package. Without that special package, the rating drops to 10,200 lbs for regular cabs and 9,700 lbs for crew cabs. Buyers will no longer be able to opt for a 4.10 gear ratio.
We're also excited to hear that GM plans on making the Z71 package into something more than just a few a stickers. While Luke didn't go into details, PickupTrucks.com says "it will get significant improvements in the future." Head over to the site for a quick rundown of the call's highlights.