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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.

2022 GMC Sierra 1500 AT4 Driveway Test | How to use the GMC MultiPro Tailgate

The GMC MultiPro Tailgate is a six-way tailgate that was introduced on the current-generation GMC Sierra 1500 back in 2018. Three years later, not a whole lot has changed, and while the tailgate offers quite a bit more utility than a normal tailgate, the frustrations we had when first testing it are still there. There’s a specific order the tailgate has to be opened for certain uses to work, and it can be a bit awkward to use at times when trying to close multiple steps and tailgates on a variety of different hinges. Is it useful utility, a marketing gimmick to sell more trucks or a mixture of both? Take a look at the video above and let us know what you think in the comments below. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2024 GMC Acadia drops lowest trim, entry price starts at $43,995

GMC unveiled the third-generation Acadia at last summer's Detroit Auto Show, loading as many instances of "More" as it could. The all-new midsizer is longer, taller, with more room for occupants and cargo, more standard features, and a more powerful engine with a higher tow rating. The exterior dimensions return the Acadia a footprint closer to the SUV's first-gen proportions, that SUV about 201 inches long. For the 2024 version, overall length stretched another 10.6 inches to 205 inches, swallowing a wheelbase that grew 8.4 inches to nearly match that of the related Chevrolet Traverse, and overall height climbed 3.2 inches — except on the AT4 trim, which sits another inch higher thanks to a suspension lift. Plumping the exterior makes more room for occupants and cargo, GMC saying second-row passengers enjoy 27% more seat room while cargo gets 80% more space, 12.8 cubic feet formerly compared to nearly 23 cubes now. The new engine is a turbocharged 2.5-liter four-cylinder making 328 horsepower and 325 pound-feet of torque, outdoing the 2023 Acadia's retired, turbocharged 2.0-liter four-cylinder that made 228 hp and 258 lb-ft, and the retired 3.6-liter six-cylinder that made 310 hp and 270 lb-ft. It shifts through an eight-speed automatic, a loss of one cog compared to the 2023 Acadia transmission. The additional gumption means gains for the tow rating, now maxed at 5,000 pounds. That's anywhere from 1,000 to 1,700 pounds more than before. The new Acadia also comes standard with new ADAS features like enhanced lane keep assist, front pedestrian and bicyclist braking, and rear park assist, and offers Super Cruise. Early pricing info reveals that "More" extends to the window sticker, which should surprise no one. These aren't minor bumps, either. Assuming destination holds steady at $1,395, MSRPs for the 2024 Acadia and their differences from 2023 are: Elevation: $43,995 (New trim) AT4: $51,395 ($6,600) Denali: $55,695 ($6,195) Some small print: These figures pay for front-wheel drive except on the AT4, which is AWD only. Getting AWD on those other trims costs $2,000, same as now. The 2023 Acadia started with an entry-level SLE trim that cost $38,195, and that's been booted from the lineup, so too the SLT trim that started at $42,495. The 2024 Acadia Elevation brings GMC's familiar trim name into the Acadia ranks, its MSRP representing a $5,800 rise over the former entry price for the Acadia line.