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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 caught using Rivian R1T image for Sierra Denali EV Photoshop

The rise of electric start-ups have many legacy automakers checking their rear view mirrors as they scramble to join the EV party. Most wouldn't like to admit it publicly, but we know that at least some folks at General Motors are keeping an eye on Rivian. That's because a recent post on social media account by the General Motors design department appears to have used an image of the Rivian R1T, but heavily photoshopped. The post was intended as a peek of the GMC Sierra Denali EV's rear view. Eagle-eyed observers like AllCarNews soon noticed many familiar elements to the rendering, including the wheels and tires, mirrors and doors. Even the backgrounds are identical, including some leaves that the truck is kicking up. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Seen side by side, the two pickups' similarities don't end there. The Sierra EV is wider, but the cab's rear pillars and glass look the same as the Rivian's, just stretched horizontally. The rear bumper and its license plate cutout and reflectors on either side look a bit too close for comfort as well.  The post as since been deleted. A GM spokesperson explained the situation to The Drive, "The GM Design Instagram channel is meant to give followers an inside look at the process of designing new products and the creative teams behind it. Often, these posts use sketches made for internal studio use during design development. The sketch in question was intended for internal use only, and was posted without the necessary approval. It has been removed from the GM Design Instagram page." Automakers often use products from the competition as benchmarks or design inspiration. Designers sometimes use existing images as a starting point as well, in order to quickly get an idea down "on paper". They just tend to do it in private. A juggernaut like GM using an image from an upstart like Rivian is embarrassing for the General, but surely an ego boost for the EV brand.  When dealing with an up-and-comer, perhaps it's best to take a page from Mad Men's Don Draper. In season four of the advertising drama, a newspaper calls the hot shot exec for a quote, after a young rival publicly says he's gunning for Draper. Draper knows exactly who the reporter is talking about but when asked for comment says, "Never heard of him." Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2015 Chevy Colorado to start at $20,100*, GMC Canyon at $20,995**

General Motors has just announced pricing for its new midsize pickup trucks, the 2015 Chevrolet Colorado and GMC Canyon. Chevy's truck starts at $20,100, *not including $895 for destination, and the GMC starts at $20,995, **not including $925 for destination. These prices are for the base, extended cab models with the 200-horsepower, 2.5-liter inline four-cylinder engine.
Comparatively, these prices fit nicely with the $18,125 starting MSRP of the Toyota Tacoma and the $21,510 of the Nissan Frontier. Compared to the Colorado, the Canyon's extra $895 gets you niceties like LED running lamps, 16-inch alloy wheels, and a four-way power driver's seat.
Both trucks come standard with the 2.5-liter engine, and a more powerful, 305-hp 3.6-liter V6 will also be available. Pricing has not been announced for the upcoming diesel model, which is expected to launch for the 2016 model year.