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GM profits threatened by glut of pickups

Automotive News reports that General Motors may slash production or ramp up discounts in order to deal with an oversupply of pickup trucks. GM currently has more than double the standard supply of pickups, and the vehicles are threatening to dampen the automaker's profits for 2013. Typically, automakers try to sustain a 60- to 75-day supply of vehicles, but GM is currently loaded with a 139-day supply, as of last month. At the end of November, the automaker was sitting on 245,853 units.
The manufacturer says that it will adjust production accordingly before laying any incentives on the profitable pickups. Even so, there's some concern that the inventory swell could hurt the roll-out of the next-generation Chevrolet Silverado and GMC Sierra. GM actually began slowly stepping back production in August, but it's clear the company will take further action as it heads toward the end of the year and into the next. Analysts predict the automaker could reduce pickup manufacturing by nearly half in the first quarter of 2013.
That still may not be enough to keep GM from laying extra cash on the Silverado and GMC Sierra. While the company's incentive spending was down in November compared to the same month in 2011, both the Ram 1500 and Ford F-150 saw double-digit percentage increases in sales last month while the Silverado and Sierra numbers slid compared to a year prior. Incentive spending could help move more trucks and add some balance to the GM inventory surge.

Jay Leno gets pulled over while roaring in a Corvette Z06 convertible

No one is above the law, even if that person is a certain silver-haired auto enthusiast with a popular weekly video series about the cars in his garage. This week, Jay Leno experiences the 2015 Chevrolet Corvette Stingray Z06, but he also gets to have a meeting with some of California's Finest immediately after a high-speed blast. As opposed to the full-bore Z06 coupe with the seven-speed manual, Leno gets behind the wheel of the slightly heavier convertible version with the eight-speed auto. Being a droptop doesn't bother him too much, but Leno makes it obvious he wishes that he could be shifting for himself. Even if the auto is technically quicker, Leno says that swapping gears gives him something to do while driving. Of course, one of the major advantages of the convertible is the ability to listen to the Z06's thumping V8 unimpeded. With 650 horsepower and 650 pound-feet of torque from 6.2-liters of supercharged muscle, it already puts down impressive numbers, but the sound might just be the best part of all. Around town, the 'Vette is quiet enough to easily blend in with the rest of traffic. However, tip the throttle down and the valves in the exhaust open up to turn the engine into roaring monster. Be careful where you make this thing howl, though, because it's pretty easy for the police to take notice. The host finds that out the hard way in this week's episode of Jay Leno's Garage. Related Gallery 2015 Chevrolet Corvette Z06 Convertible View 18 Photos News Source: Jay Leno's Garage via YouTube Celebrities Chevrolet Coupe Performance Videos Jay Lenos Garage chevy corvette stingray chevy corvette z06

GM sees 'strong year' in 2018, then gold in Chevy Silverado for 2019

DETROIT — General Motors said on Tuesday it expects earnings in 2018 to be largely flat compared with 2017, but that profits should pick up pace in 2019 as its revamped line of high-margin pickup trucks hits the U.S. market. The 2018 earnings outlook was above market expectations, sending GM shares up more than 3 percent in premarket trading. "GM had a very good 2017 as we continued to transform our company to be more focused, resilient and profitable," GM Chief Executive Mary Barra said in a statement. "We are positioned for another strong year in 2018 and an even better one in 2019." GM and its Detroit rivals, Ford and Fiat Chrysler Automobiles, are bringing on new trucks at a time when overall U.S. new vehicle sales have been falling, but truck sales continue to grow as consumers abandon passenger cars in favor of pickups, SUVs and crossovers. GM on Saturday fired a new round in the battle for profits from one of the U.S. auto industry's most lucrative segments when it showed a new generation of its Chevrolet Silverado pickup truck at the Detroit auto show. The new Silverado, a highlight of the event, is the successor to GM's best-selling vehicle in North America. Sales of the current Silverado rose nearly 2 percent to 585,000 vehicles in 2017. In the coming months, the company will also reveal a revamped GMC Sierra pickup truck. U.S. new vehicle sales fell 2 percent in 2017 after hitting a record high in 2016, and are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. GM said on Tuesday that while it retools a factory in Ft. Wayne, Indiana, to make the new pickup trucks, it will shift some production to an Oshawa, Ontario, plant in order to avoid missing sales in a hot market for the vehicles. The No. 1 U.S. automaker said it will record a $7 billion non-cash charge for its fourth-quarter 2017 earnings related to deferred tax assets. GM said it expects capital expenditure in 2018 of around $8.5 billion, about $1 billion of which will go toward funding self-driving car technology. Last week, the company said it is seeking U.S. government approval for a fully autonomous car — one without a steering wheel, brake pedal or accelerator pedal — to enter the automaker's first commercial ride-sharing fleet in 2019. GM said it expects 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.