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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.

Chevy EN-V 2.0 coming to Tianjin Eco-City in China

Chevrolet is bringing its EN-V 2.0 to the Sino-Singapore Tianjin Eco-City in China to show off the "Electric Networked-Vehicle" and demonstrate sustainable urban mobility. The small, two-seat EV concept is an updated version of the original EN-V, a vision of getting around in a future world where space is at a premium and clean air is a priority. So what better place to showcase the evolved EN-V than at the Tianjin Eco-City? The Eco-City is being developed as a planned urban space with eco-consciousness built in. The joint venture between China and Singapore offers an alternative to country living and smog-filled cities. Tianjin Eco-City, slated to be completed by 2020, will be able to offer 350,000 inhabitants clean air and water, renewable energy, green transportation and living spaces and, if all goes as planned, jobs for 50 percent of the residents. Currently, only about three square kilometers of the planned 30 square kilometers have been built, with only about 6,000 permanent residents, but there's still time. The EN-V 2.0, as the "Networked" part of its name suggests, not only features mobile internet, but can communicate with other cars around it. Along with GPS and built-in sensors, this connection between vehicles allows the car to drive autonomously (at least in theory - again, there's still time). This is ideal in an urban environment where congestion can be a major issue. The EN-V 2.0 improves upon the original concept with climate control, storage space and all-weather capability, which also make life more bearable and daily commuting possible. We first saw renderings of the updated vehicle in 2012. The Chevrolet EN-V 2.0 will be used in the Eco-City's National Animation Industry Park and Eco-Business Park of the course of the two-week demonstration. Read on below for more in the press release from GM. GM to Demonstrate Chevrolet EN-V 2.0 in Tianjin Eco-City SHANGHAI – General Motors today announced that it will begin demonstrating the Chevrolet EN-V 2.0 (Electric Networked-Vehicle) in the Sino-Singapore Tianjin Eco-City this week, signaling the company's learning and progress in sustainable urban mobility. The demonstration will help GM further understand consumers' usage of low-speed transportation tools for their daily commute. During the two-week demonstration period, the EN-V 2.0s will be used in the National Animation Industry Park and Eco-Business Park inside the Sino-Singapore Tianjin Eco-City.

Recharge Wrap-up: EVs poll well in Portland, Tesla seeks office space

In a poll of drivers in Portland, more than 80 percent said they would be driving an EV in the next 10 years if they weren't already. The poll was small and not scientific, with just 218 votes cast, but it does reflect a slice of a certain population with changing attitudes toward electric mobility, and 80 percent is an impressive figure. Additionally, 43 percent of respondents planned to have an EV in the next five years, and only 18 percent said they prefer gasoline-powered vehicles. With EVs in many ways repeating the adoption process that hybrids went through a decade ago, the five- or ten-year timeframe for more widespread use seems only natural. Read more at the Portland Business Journal. San Francisco Mayor Ed Lee parks like an idiot, or rather, his security detail does. His Chevrolet Volt has been ticketed for parking six times since he took office. Granted, those street-sweeping signs are tough to keep track of, but his car has been photographed blocking at a bus stop while grabbing a burrito (who hasn't sinned in the name of a delicious burrito?), and was even caught parked in a crosswalk. The tickets were all dismissed. Read more from the SF Gate. Tesla is looking for office space in Silicon Valley. As the electric car company continues to search for a place to build its $4- to $5-billion battery Gigafactory, it also needs some real estate to expand its operations near its Palo Alto home. Tesla has expanded from 3,000 to 6,000 California-based employees since the end of 2012, and plans to add 500 more by the end of the year. It is currently looking for 200,000 to 300,000 square feet of office space close to its Fremont factory, according to sources in the real estate industry. Read more at the Silicon Valley Business Journal. Related Gallery 2014 Chevrolet Volt View 11 Photos News Source: Portland Business Journal, SF Gate, Silicon Valley Business JournalImage Credit: Paul Sakuma / AP Green Chevrolet Tesla Electric recharge wrapup portland silicon valley parking ticket