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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.

Will GMC enter the subcompact crossover segment after all?

GMC last year categorically ruled out launching a subcompact crossover positioned below the Terrain, but the decade-old rumor refuses to die. The on-again, off-again model is back on track for production, according to a recent report. Citing anonymous sources, enthusiast website GM Authority claims the soft-roader is closer than ever to receiving the proverbial green light for production. It hasn't been approved yet, so development work hasn't started. What it will look like if it receives a thumbs-up from executives is up in the air, but GMC can take several paths into this lucrative (and increasingly popular) segment of America's new-car market. Chevrolet has two fighters in the ring: the Trailblazer and the Trax. GMC could feasibly choose one, put it in a brand-specific wrapper, and call it a day. It could also design its entry from scratch, though this option would take longer and cost significantly more. Either way, the model will allegedly be called Granite or Graphyte, and it will be positioned below the Terrain in terms of size and price, meaning it would likely start above $20,000. In 2019, GMC explained it ruled out expanding its range towards the bottom to position itself as a premium brand. It wanted to focus on high-profit models, like the Sierra and the Canyon, but the crossover's ever-increasing popularity may have proven too alluring to resist. Besides, small and premium aren't mutually exclusive, and downsizing would help the brand increase its annual sales. If you're experiencing deja vu, it's likely because we've heard murmurs about a city-friendly GMC since the Granite concept (pictured) made its debut during the 2010 edition of the Detroit Auto Show. It was approved for production that year, approved again in 2011 (tentatively on a Cruze platform), and abruptly canceled in 2012. GMC hasn't commented on the report, so we'll need to be patient to find out if it's accurate — and how it would differentiate its entry-level crossover from Buick's. In the meantime, the company is putting the final touches on the electric Hummer, which will be offered as a pickup and as an SUV, and it's about to unveil the 2022 Sierra. Featured Gallery GMC Granite Concept Rumormill GMC Crossover

2015 Chevy Tahoe, Suburban and GMC Yukon unveiled

General Motors has today unveiled its new family of fullsize SUVs, including the 2015 Chevy Tahoe, its longer Suburban sibling, and their GMC Yukon, Yukon XL and Yukon Denali cousins. More efficient powertrains, improved aerodynamics, increased connectivity and better overall refinement are what Chevy and GMC say will separate their new SUVs from the current generation.
Sporting a tried-and-true body-on-frame architecture, these full-size SUVs feature platforms that are stronger and offer a wider rear track for "a more planted stance," according to Chevy and GMC. Mounted at the front of each SUV is an EcoTec3 powertrain, which consists of a standard 355-horsepower, 5.3-liter V8 (or a 420-hp, 6.2-liter V8 for the GMC Yukon Denali alone) with direct injection, cylinder deactivation and continuously variable valve timing, that's paired with a Hydra-Matic 6L80 six-speed automatic transmission. The setup is said to be more efficient than before, though official EPA fuel economies for each vehicle are not yet available. To help the powertrain achieve the best possible fuel economy in these 5,000+ pound SUVs, the new styling was developed with aerodynamics in mind. For the same reason, electric power steering also makes its debut in the Tahoe/Suburban/Yukon family.
The front fascias of the Chevy Suburban/Tahoe and GMC Yukon are distinct, but from the base of the A-pillars back, they share most of the same styling cues. This now includes inlaid doors that tuck into the door sills, instead of over them, which improves aerodynamics and fuel economy, and lessens interior noise. The hoods and liftgate panels now are made of aluminum in an effort to reduce vehicle weight. Chevy and GMC also tout that the Tahoe/Suburban and Yukon don't share a single piece of sheetmetal or lighting element with the brands' full-size pick-up trucks.