on 2040-cars

Auto blog

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 Canyon Review: Ready for the trail, happy on the commute

Pros: Stellar exterior styling for all trims; punchy powertrain; outstanding AT4X off-road trims; great tech and interior amenities Cons: Only one cab/bed combination; gets expensive quick; firm ride for most trims The 2024 GMC Canyon is an excellent midsize pickup. So is the Chevrolet Colorado, its bowtie-branded twin, though with the new generation, the Canyon does a better job than ever of differentiating itself. It starts with the styling where GMC offers a pick-your-own-adventure amongst the various trims. You can go classy and upscale with a Denali or rugged and mean with the AT4. Off-road junkies can find all they might want in the Canyon lineup now, too, as the AT4X is basically the Colorado ZR2’s doppelganger, enjoying its magical Multimatic dampers for outstanding performance no matter the surface. And if you want even more extreme, thereÂ’s the AT4X AEV Edition. The turbocharged four-cylinder powertrain is more than potent with its 430 pound-feet of torque, and unlike the Colorado that offers various output levels, the Canyon only comes in the highest power spec no matter the trim level. The one downside to the Canyon is its high price, but at least it backs that price up with tech and capability. In fact, the Canyon and Colorado are so good that theyÂ’ve instantly become some of our favorite pickups, regardless of size or segment. Needless to say, then, GMCÂ’s version stacks up very well within its actual segment, leading us to prefer it over stalwarts like the Ford Ranger and Nissan Frontier. It might not have an efficiency answer to the Toyota TacomaÂ’s new hybrid variant, but the Canyon is about as good as it gets for the midsize truck segment in 2024. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? The GMC Canyon was all-new for 2023, so there arenÂ’t many changes for the truck in 2024. GMC did add a new model for the new year with the AT4X AEV Edition that improves off-road performance beyond the already impressive AT4X. You can find our first drive review of the AEV Edition here. Beyond the introduction of the AEV model, GMC makes the 11-inch digital instrument cluster standard across all trims – it was previously only installed on the Denali and AT4X. Other trims had an 8-inch version. What are the CanyonÂ’s interior and in-car technology like?

MotorWeek looks back at 1995 Chevy Tahoe, GMC Yukon

MotorWeek's Retro Review series gives us a nostalgic look back at some of the best sports cars and luxury sedans available in the 1980s and '90s. For its latest clip, the show shifts gears to remember the 1995 Chevrolet Tahoe and GMC Yukon. Similar to the success of crossovers today, SUVs were tallying big sales and making big money for automakers in the mid-'90s. The Tahoe and Yukon filled slots in the market as steps down from the larger Suburban. These twins weren't wanting for space, though, with plenty of room to haul around a family. MotorWeek came away generally impressed too, and called the models some "of the better riding sport utilities we've ever experienced." This review comes with some jazzy, electric guitar licks to enjoy in the background.