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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.

GMC Canyon next generation previewed with off-road AT4X trim

GMC is preparing to give the Canyon, its smallest and most affordable pickup, a complete makeover. While we won't see the truck for a few months, the company released a preview image to give us an idea of what to expect and confirmed the lineup will include an AT4X model. Although the teaser keeps most of the sheetmetal hidden, the truck appears to receive a more chiseled hood and concave door skins that should make it look less slab-sided. The fenders are eye-catching as well: They're more punched-out that the current-generation model's. Keep in mind that we're looking at the AT4X trim, which will be positioned as the off-road champion of the range and should consequently get a brawnier-looking design. Other off-road goodies include big Goodyear Wrangler tires wrapped around 17-inch beadlock-capable wheels, plastic wheel arch flares, and rock rails. GMC is keeping additional details under wraps, but we're guessing suspension tweaks are part of the package as well. After all, the current-generation AT4 benefits from a one-inch suspension lift and skid plates, among other upgrades. This isn't the first time we've seen or heard of the Canyon AT4X. Our spy photographers caught a camouflaged prototype that looks taller and considerably more rugged than the AT4 in July 2021, and the Canyon AT4 OVRLANDX concept introduced in August 2021 seemingly previewed some of the features that will trickle down to the production model, including the rock rails and wheel arches. GMC will unveil the next-generation Canyon this summer, and we expect to hear more about it in the coming weeks. And, if a new Canyon is around the corner, that likely means that the next Chevrolet Colorado isn't far behind. Both will compete directly against the new Ford Ranger, which has only been unveiled for overseas markets as of writing and which will spawn a range-topping, V6-powered Raptor. Another competitor the duo will need to fend off is the Nissan Frontier, which got its first update since the 2005 model year for 2022. Already offered on the 2022 Sierra, the outdoorsy AT4X trim will spread across the GMC range in the coming years. Nothing is official yet, but earlier spy shots strongly suggest that the Sierra Heavy Duty will be treated to the AT4X treatment in the not-too-distant future. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2017 GMC Acadia coming to Detroit Auto Show

Well, it's about time. If there's one group of vehicles that are in serious need of an update, it's the GM Lambda crossovers. You know, the Chevy Traverse, GMC Acadia, and Buick Enclave. They're super old. Good thing, then, that the brand-new Acadia is coming to the Detroit Auto Show next week, as evidenced by this teaser image found on the company's Facebook page. There's not much to see here, except for an LED taillamp signature on what appears to be a much cleaner rear end. We expect the three-row CUV to feature all of the latest GM tech, including a robust infotainment system with Android Auto and Apple CarPlay. V6 power and optional all-wheel drive makes sense here, too, though we won't rule out some kind of four-cylinder option. When GM launched the Lambda crossovers, the Acadia arrived first in late 2006, alongside the now-discontinued (but still very much present in the current Acadia) Saturn Outlook. The Buick Enclave came next, and the Chevy Traverse arrived after that. It's unclear if GM will stick with this rollout plan, of course, but one thing's for sure: all-new versions of these CUVs cannot come soon enough. Related Video: