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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.

2021 GMC Yukon Denali adds another extra-luxe accessories bundle

For the 2018 GMC Yukon Denali, GMC added a Denali Ultimate Package that combined every option already available with some 22-inch Midnight Silver rims. In 2020, GMC expanded build options for the Terrain with a Denali Premium Package, lumping together a couple of a la carte packages as an exclusive mix of features. The 2020 Yukon Denali configurator includes a lightweight Denali Premium Package, too, but for 2021 GM Authority reports the top-tier choices will expand to include an entry-level Denali Deluxe Package along with the Denali Premium and Ultimate options. The Deluxe Package checks the boxes for the Advanced Technology Package, Advanced Security Package, and the Rear Seat Media System. The long list of tech roped in with that trio includes adaptive cruise control, enhanced automatic emergency braking, rear camera mirror and washer, interior movement sensors, glass break sensors, dual 12.6-inch rear seat-mounted screens, two HDMI ports, and wireless projection capability. The exterior showpiece is a quartet of 22-inch bright machined aluminum wheels with premium paint, affixed with wheel locks. Go with those rims and the Denali Deluxe Package costs $5,750, opting for a different set of wheels can drop the price to $3,775. On top of that, choosing the right combination of options to go with the Deluxe Package can lower the price another $500. The Denali Premium Package includes almost everything above, only omitting the Rear Seat Media Package. In place of the screens for back-seaters, the bundle installs a powered panoramic sunroof and power-retractable assist steps with perimeter lighting. Purchased with the 22-inch wheels, this assortment runs $7,000, or $5,025 with a different set of wheels. Here again, the right combination of additional packages can save $500. The Denali Ultimate Package combines everything in the bundles above, plus the Max Trailering Package that gets GMC's ProGrade Trailering System and high-capacity engine cooling. The price is $10,460 on a rear-wheel drive Yukon Denali, $11,255 on the four-wheel drive models. Choosing a different wheel only saves $1,000 in this case, and there's no extra discount available. The 2021 Yukon is expected to enter production next month at GM's Arlington Plant in Texas, Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.    

GM announces net 220 job increase as Trump visits Michigan

GM announced today that about 900 jobs would be added (or, importantly, retained) ahead of President Trump's arrival in Michigan, where he is expected to discuss his plan to roll back fuel economy standards. The timing of the announcement is almost certainly not coincidental, as appending it to a Trump visit gives it a higher profile and dovetails with the President's jobs agenda. It's less likely the decision itself was made for those reasons, but the free PR boost is a nice bonus. As for those 900 jobs themselves, they aren't all new jobs. The only net gain is approximately 220 jobs at the Romulus Powertrain Plant, which produces the 10-speed automatic transmission that's proliferating through the company's lineup. The 180 jobs at Flint Assembly and 500 jobs at Lansing Delta Township are retained jobs – that is to say, spots the company found for workers who would otherwise have been laid off. By the way, the Flint jobs will help with production of heavy-duty pickups, and the Lansing jobs are to produce the Chevrolet Traverse and Buick Enclave. Finding jobs for manufacturing workers in the auto sector, whether new or retained, is admirable. No matter how GM couches it, the company has created or retained a total of 7,000 jobs this year, and its total reinvestment in US production is around $1 billion. But these decisions are business ones, not political ones – timing the announcements to make them seem inspired by economic policy, or the political situation, is simply smart PR. Related Video: Image Credit: Bill Pugliano/Getty Images Celebrities Government/Legal Buick Cadillac Chevrolet GMC