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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.

Best midsize trucks for 2024

Pickup trucks are hugely popular in the United States, but most of them carry huge dimensions and huge price tags to match. That's where the rapidly expanding midsize truck market comes into play. With options from nearly every major manufacturer in America, there are plenty of midsize trucks to consider, but the best midsize pickup trucks are more comfortable, more capable off-road or more luxurious than the rest of the crowd. Put simply, there's an excellent midsize truck for every buyer, whether they want to save money with a low starting price and strong efficiency, tackle technical trails, surround themselves with leather and wood or even hit the road with the wind in their hair on their way to the beach. We've tested all of the midsize trucks in America available for 2024 and picked out the best choices for any type of buyer. Read on to find out which option is the best midsize truck for you for 2024 or 2025 (expect more versions of the Toyota Tacoma and Jeep Gladiator in 2025, too). If you're needs don't require a midsize truck, you may want to consider a compact. There are only two for sale in 2024, and we break down our rankings here.   Best midsize trucks for 2024 2024 Chevrolet Colorado  Why it stands out: Good ride, handling; powerful engines; strong towing; refined interior; Google infotainment Could be better: Only one cab/bed combination (four door, short bed) Starting Price: $31,095 Read our most recent Chevrolet Colorado review Suffice it to say, we're big fans of the latest Chevy Colorado. In fact, we think the Colorado is the best midsize pickup truck in America overall. Thanks to the base WT offering, the starting price is reasonable, but the Colorado is really at its best in one of its more specialized forms. The Trail Boss expands its off-road capabilities with a suspension lift and chunky tires, the ZR2 adds an even larger suspension lift and a gaggle of off-road special bits and the ZR2 Bison tops the range with sensational Multimatic DSSV spool-valve dampers, special bumpers and underbody cladding for rock-crawling prowess. In between those specialist packages lie the LT and Z71 trims, which is what will make up the majority of sales. A low-power turbocharged 2.7-liter four-cylinder making 237 horsepower and 259 pound-feet of torque is standard, while the more common engine is a more powerful version with 310 HP and 390 lb-ft. A High-Output engine option keeps the same 310 HP but boosts torque to 430 lb-ft.

2024 GMC Canyon AT4X AEV Edition First Drive Review: The business-class Bison

McALLISTER, Mont. – Not far from MontanaÂ’s Ramshorn Peak is a beautiful body of water known as South Meadow Creek Lake. It sits just a hair below 9,000 feet and offers beautiful views of the surrounding highlands and — if youÂ’re lucky and the lighting is just right — a clear line of sight to Big Sky Country. To hear the locals tell it, you canÂ’t get there in a pickup truck. Apparently, to a GMC engineer, that comes across as an open challenge. And so I found myself in the two-horse town of McAlllister (not far from Bozeman), chilly in the fog of an early October morning, inspecting a line of GMCÂ’s midsize trucks in their hardest of hardcore variations. One half of the fleet was made up of the standard 2023 Canyon AT4X finished in a beautiful scarlet red; the other half, 2024 Canyon AT4 AEV Editions in a menacing gray that matched the dreary morning sky. Yep, that AEV. The Canyon AT4X is an already-capable little trail monster with all the off-road bells and whistles you could possibly ask for. ItÂ’s a virtual mechanical twin to the new Chevrolet Colorado ZR2, in fact, down to the 2.7-liter four-cylinder that produces 310 horsepower and a whopping 430 lb-ft of torque. Naturally, American Expedition Vehicles managed to turn that dial up to 11. More on that later. Canyon AT4X 3 View 32 Photos To the locals' point above, off-road trucks have existed for quite some time (just ask Marty McFly), but it has only been since their rise in popularity as mainstream commuters that the dedicated four-wheelinÂ’ pickup has really come into its own. The “you canÂ’t get there from here” Maine attitude at Bozeman latitudes betrays somewhat old-school notions about four-wheeling — and the fact that just about everybody in town owns some sort of ATV or side-by-side. The formula used to be pretty simple: You take the shortest SUV frame youÂ’ve got, add big stick axles to the front and rear, and then jack the thing up as high as you can without it falling over at the first sign of an incline. TodayÂ’s torque-monster engines have turned that on its ear. More torque means you can turn bigger tires, and what do bigger tires do? Well, among other things, they lift your truck off the ground. Shove enough tire under a truck and no matter where youÂ’re talking about, you can indeed get there from here. At its core, AT4X isnÂ’t groundbreaking.