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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.

Automakers score 8 out of top 20 most-watched ads on YouTube [w/videos]

Who would have ever thought there'd be a day where people are able to skip television commercials only to go to websites to watch them later? Such is the joy of a DVR and YouTube. AdWeek tabulated the 20 most-watched ads on YouTube, and found that nine were car-related including eight coming from automakers.
Volkswagen continued its Star Wars theme with two ads in the top 20, including the highest-ranking car commercial The Bark Side spot at number three with almost 18 million views, which doesn't even have a single car in it. Some of our favorites are from Chrysler with Clint Eastwood in It's Halftime in America and House Arrest with Charlie Sheen for the Fiat 500 Abarth. Chevrolet, Honda, Audi and Toyota were the other automakers in the top 20, but we'd be remiss if we didn't at least mention one of the coolest ads on the list, the Hot Wheels corkscrew jump.
Of all the car videos, only the Fiat ad wasn't played during a Super Bowl. Check out all eight videos - in order - after the jump. Nike took the top spot with its My Time is Now ad that has been seen online more than 20 million times with Pepsi's Uncle Drew posted up in the runner-up; some of the other videos include four Old Spice commercials and an ad in which Snoop Dogg is pedaling Hot Pockets.

Personal testimonies show real-world effect of plugging in with Chevy Volt

At this point, there are tens of thousands of individual stories about what it's like to live with a Chevrolet Volt. But it also remains informative to take a look at one of these in depth. For example, one Atlanta-area Volt owner says he's cut his cents-per-mile ownership costs by almost 40 percent compared to his previous car primarily because of his ability to drive almost all the time on electric power. Jeffrey Cohen told Clean Technica that he put about 14,000 miles on his Volt extended-range plug-in hybrid for the year that ended October 2013, and that more than 92 percent of those were on electrons. He estimates his "lifetime" miles per gallon rating at a whopping 384 mpg, a figure pushed upward by the fact that he installed a Level 2 charger at home while his employer added an external 110-volt charger at work. Cohen is spending 45 cents a mile for his car, compared to 73 cents in his Infiniti M35. As a result, he's spending 45 cents a mile for his car, compared to 73 cents a mile with his prior vehicle, an Infiniti M35. About two-thirds of those Volt costs are for the $349-a-month lease payments, while 15 percent is insurance, 11 percent is for the charger and seven percent for the gas and electricity that actually powers the car. Helping lower that last figure is an overnight electricity rate that's about 10 percent of Cohen's daytime rate. Chevy parent General Motors hopes such testimonies will re-trigger sales for the Volt in 2014. Last year, GM sold 23,094 Volts, down 1.6 percent from 2012. We expect our readers have similar stories they'd like to share in the Comments. Related Gallery 2011 Chevrolet Volt: Review View 22 Photos News Source: Clean TechnicaImage Credit: Lead image: AP Photo/Jae C. Hong Green Chevrolet GM Electric running costs