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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.

2020 GMC Sierra Heavy Duty First Drive Review | King of the haul

JACKSON HOLE, Wyo. — The 2020 GMC Sierra Heavy Duty is a bit of a mixed bag. It excels at the tasks an owner is likely to require from a massive pickup truck, but the interior is a definite letdown. Taken as a whole the truck boasts several class-leading specifications and features that make up for the lackluster look and feel of the cabin. And it's much more successful than the mechanically similar Chevy Silverado HD, which shares the Sierra's weaknesses but few of its subjective strengths. GMCÂ’s Sierra HD may share most of its major bits and pieces with the Silverado, but the strongest reason to pick the GMC over the Chevy is that the SLE and SLT trims of the Sierra HD are legitimately handsome. And the rugged, off-road-themed AT4 package is new for 2020 with a blacked-out look that we think a lot of buyers are going to love. Even the ostentatious, chrome-dipped Denali trim looks classy compared to the in-your-face look of FordÂ’s Super Duty line. The same canÂ’t be said for the Silverado HD, which, depending on trim level, varies from garish to just plain ugly. The six-function MultiPro tailgate is the next major differentiator. ItÂ’s not perfect — and mounting a hitch ball in the receiver renders some of its functionality unusable — but itÂ’s unique and potentially very useful to a subset of truck customers. WeÂ’ve covered MultiPro several times already, but if youÂ’re still not clear on its advantages, watch the video below for a demonstration (that's a light-duty Sierra in the video, but the tailgate works the same). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Another unique selling proposition is the AT4 trim, since Chevrolet doesnÂ’t (yet) offer its Trail Boss package on the Silverado HD. The most obvious competitor to the Heavy Duty AT4 is the Ram Power Wagon, and the GMCÂ’s 3,615 pounds of payload and 18,500 pounds of towing capability handily outdo the RamÂ’s ratings of 1,660 and 10,620. Granted, the trucks arenÂ’t aimed at quite the same buyer — the Power Wagon has legit off-road credibility thanks to upgrades like its electronically disconnected sway bars, 12,000-pound Warn winch, and a forward-facing trail camera. But unlike the GMC Sierra AT4, it isnÂ’t available with a diesel. No matter; those aiming for a rough-and-tumble appearance in a heavy duty now have a couple options.

GM recalling 8.4M cars, 8.2M related to ignition problems

General Motors today announced a truly massive recall covering some 8.4 million vehicles in North America. Most significantly, 8.2 million examples of the affected vehicles are being called back due to "unintended ignition key rotation," though GM spokesperson Alan Adler tells Autoblog that this issue is not like the infamous Chevy Cobalt ignition switch fiasco.
For the sake of perspective, translated to US population, this total recall figure would equal a car for each resident of New Hampshire, Rhode Island, Montana, Delaware, South Dakota, Alaska, North Dakota, the District of Columbia, Vermont and Wyoming. Combined. Here's how it all breaks down:
7,610,862 vehicles in North America being recalled for unintended ignition key rotation. 6,805,679 are in the United States.