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GM sees 'strong year' in 2018, then gold in Chevy Silverado for 2019

DETROIT — General Motors said on Tuesday it expects earnings in 2018 to be largely flat compared with 2017, but that profits should pick up pace in 2019 as its revamped line of high-margin pickup trucks hits the U.S. market. The 2018 earnings outlook was above market expectations, sending GM shares up more than 3 percent in premarket trading. "GM had a very good 2017 as we continued to transform our company to be more focused, resilient and profitable," GM Chief Executive Mary Barra said in a statement. "We are positioned for another strong year in 2018 and an even better one in 2019." GM and its Detroit rivals, Ford and Fiat Chrysler Automobiles, are bringing on new trucks at a time when overall U.S. new vehicle sales have been falling, but truck sales continue to grow as consumers abandon passenger cars in favor of pickups, SUVs and crossovers. GM on Saturday fired a new round in the battle for profits from one of the U.S. auto industry's most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at the Detroit auto show. The new Silverado, a highlight of the event, is the successor to GM's best-selling vehicle in North America. Sales of the current Silverado rose nearly 2 percent to 585,000 vehicles in 2017. In the coming months, the company will also reveal a revamped GMC Sierra pickup truck. U.S. new vehicle sales fell 2 percent in 2017 after hitting a record high in 2016, and are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. GM said on Tuesday that while it retools a factory in Ft. Wayne, Indiana, to make the new pickup trucks, it will shift some production to an Oshawa, Ontario, plant in order to avoid missing sales in a hot market for the vehicles. The No. 1 U.S. automaker said it will record a $7 billion non-cash charge for its fourth-quarter 2017 earnings related to deferred tax assets. GM said it expects capital expenditure in 2018 of around $8.5 billion, about $1 billion of which will go toward funding self-driving car technology. Last week, the company said it is seeking U.S. government approval for a fully autonomous car — one without a steering wheel, brake pedal or accelerator pedal — to enter the automaker's first commercial ride-sharing fleet in 2019. GM said it expects 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.

NHTSA investigating nearly 750,000 GM models over non-deploying airbags

Nearly 750,000 vehicles built by Chevrolet, GMC, and Cadillac are the subject of a National Highway Traffic Safety Administration (NHTSA) investigation due to non-deploying driver-side airbags. While the investigation is ongoing, the agency believes the issue is likely due to rust particles that form on the inflator's connection terminal interface. The list of nameplates included in the investigation includes Chevrolet's Silverado, Tahoe, and Suburban, GMC's Sierra, Yukon, and Yukon XL, plus Cadillac's Escalade, Escalade ESV, CT4, CT5, and XT4. All of the potentially affected vehicles are 2020 or 2021 models, according to a bulletin published on the NHTSA's website. Investigators launched the probe in April 2021 after 15 consumers reported airbag-related issues, including nine who said an airbag malfunction light appeared in the instrument cluster. More alarmingly, the NHTSA is aware of six accidents that caused significant damage to the car's front end yet didn't trigger the driver's airbag. It adds that there are no fatalities linked to the issue, but there are six crashes and eight injuries reportedly blamed on it. No evidence suggests this problem is related to the millions of potentially deadly Takata inflators recalled over the past few years. General Motors is aware of the defect. It sent a technical service bulletin (TSB) to its dealers in March 2021 to address the aforementioned warning light. The note explains the issue is due to "rust particles in the connection terminal interface of the driver's airbag inflator." The company hasn't issued a safety recall yet, however. Whether it will partially depends on the NHTSA's findings. It's currently looking into the scope and the severity of the problem, and it wants to understand its implications on driver safety. Investigators will decide whether General Motors needs to recall the 749,312 cars that are part of the probe when they close their investigation. General Motors has already spent a significant amount of money replacing defective airbag-related parts in its cars. In November 2020, it was ordered by the American government to recall nearly 6 million pickup trucks and SUVs equipped with potentially dangerous Takata airbag inflators. It repeatedly argued that testing proved the inflators were safe, and it petitioned the agency four times starting in 2016 to avoid a recall, which cost an estimated $1.2 billion (about a third of its net income in 2020).

GM recalls nearly 340,000 large SUVs to fix daytime running lights

General Motors has initiated a recall campaign for more than 338,000 of its large SUVs to address a potential defect in the onboard computer software that controls the daytime running lights. In some cases, the DRLs may remain on even when the headlights are enabled, which creates additional glare for oncoming drivers at night and fails to comply with federal regulations for headlight performance.  "GM determined that the body control module (BCM) software in these vehicles, under a combination of certain pre-conditions, may fail to deactivate the DRLs when the headlamps are on," GM's recall report said. "A regulatory assessment was conducted to evaluate whether the condition presented a potential noncompliance with the DRL activation requirements in S7.10.5, Table I-a. of FMVSS 108. On October 27, 2022, GM’s Safety Field Action Decision Authority (SFADA) decided to conduct a recall for potential noncompliance with this standard." GM says the recall covers the 2021 model year GMC Yukon and Yukon XL, 2021 Chevrolet Tahoe and Suburban, and 2021 Cadillac Escalade and Escalade ESV. The company says all models produced within that operating window include the improperly programmed body control module, meaning all vehicles within the recall population may exhibit the problem. The issue was discovered by a GM engineer during validation testing in August, prompting a deeper investigation and eventually leading to the recall itself.   The module's software can be updated by GM dealers, so it should be a quick fix for customers. Notifications will be mailed to owners in December.  Related video: Recalls Cadillac Chevrolet GMC Ownership Safety SUV Luxury