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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 cars for snow and ice in 2023 and 2024

What's the best car for snow? The real answer is "the one with winter tires." What do we mean by that? You could have the finest, most advanced all-wheel-drive system or four-wheel drive in the world, but if you're running all-seasons (the spork of tires), your fancy four-wheeler won't matter much. The odds are, any vehicle on the road running good winter tires will probably perform adequately in slippery, slushy and/or snowy road conditions. (Here's a more complete explanation of why winter tires are totally worth it). In other words, you don't really need any of the cars on this list. With a set of winter tires, countless others will do the job, and even these will be at their best with proper rubber. You can find a variety of winter tires for your car here at Tire Rack. Keep in mind that you will need a full set of four snow tires for safety and performance, no matter what you're driving. The days of your dad putting just two snows on the family truckster to get it moving in a straight line are long gone. Don't get us wrong, getting a car that performs well in snow and ice is still a worthy criteria for car buyers. According to the U.S. Transportation Department, 70% of Americans live in places that get snow and ice. And much of the country has been blasted with arctic air for much of the new year. So let's look at the cars. First, we're highlighting choices for a variety of buyers and price points. Second, we're not just considering snow; we're considering general wintery conditions people will experience driving to work or school. As such, these are all choices with advanced all-wheel-drive systems, usually with "torque-vectoring" systems that not only automatically shunt power front and back, but side to side between the rear axles. Most have extra ground clearance for getting through deep snow, and we prefer those vehicles with more responsive steering, throttles and transmissions that provide a greater sense of vehicle control in slippery conditions.    Acura RDX Read our Acura RDX Review Acura's Super-Handling All-Wheel Drive system was one of the first to offer torque-vectoring, and besides often being touted for its ability to greatly enhanced dry-road handling, its benefits in the slick stuff can be profound. It's actually surprising that Acura hasn't leaned into this capability further by offering more rugged versions of its vehicles.

nuTonomy beats Uber to market with self-driving taxi rides, and the latest Corvette ZR1spy shots | Autoblog Minute

Software developer nuTonomy beats Uber to market with self-driving taxi rides in Singapore. A 124 Coupe could soon join Fiat's roadster lineup, and we have the latest spy shots of the new Corvette ZR!. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Senior Editor Greg Migliore reports on this edition of Autoblog Mintue. Show full video transcript text [00:00:00] Massachusetts based software company, nuTonomy, launched its self-driving taxi service in Singapore this week. nuTonomy specializes in developing software for self-driving cars. Testing of the companies ride-hailing smartphone app occurred in Singapore, where riders were able to book a free driverless ride. nuTonomy's robo-taxi fleet is comprised of Renault Zoes and Mitsubishi i-MiEVs. Engineers from nuTonomy were present at this public launch as a safety measure. [00:00:30] The company will now continue to collect data and conduct more testing with its self-driving cars in Singapore, Michigan and the United Kingdom. nuTonomy has plans to offer widely-available commercial service in Singapore in 2018. nuTonomy's aggressive play in Singapore has put Uber and its partner Volvo in the unlikely position of playing catch-up. Autocar reported this week that we should expect FCA to add a Coupe [00:01:00] to it's 124 roadster lineup. When? Well, seeing as the 124 Spider just recently made it US dealers we may have to wait until next year to see a hardtop Fiata. It's tough to predict what kind of performance we can expect out of a 124 Coupe but in the U.S. the Spider has 160hp using a 1.4-l turbocharged engine. So the car you see in these pictures is actually Fiat's 124 Rally car that will be used for competition. [00:01:30] Now that's not exactly how the street car will look but it gives you an idea of what a 124 with a fixed roof is gonna look like. This week we got another look at what we think is the Chevy Corvette ZR1 and its massive rear wing. Now to be clear, the images that we're seeing are actually demonstrations. The car was actually captured without the rear wing. However, our spy photographers photoshopped the wing, which we've seen before, on some of these new shots just so you could get [00:02:00] a sense of what the car looks like driving around in it's most recent state. Now we think this car will make more than 700hp, which is kind of a magic number. The Hellcats from Chrysler make 707 so certainly GM wants to beat them.