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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.

2020 GMC Sierra makes diesel and 10-speed more available

The 2020 GMC Sierra full-size pickup truck doesn't look much different than the previous model, but it brings along a number of new feature updates. Specifically, certain options are now more widely available, including some powertrain options. The model year also brings about the truck's latest towing camera and some towing app updates. We'll start with the 3.0-liter diesel inline-six and 10-speed automatic, as both are more broadly available for 2020. The diesel adds the second-lowest Elevation trim level, meaning it's available in every trim except the base Sierra. The diesel is also now an option for the CarbonPro Edition AT4 and Denali, so you aren't limited to the 6.2-liter V8 for those trims. The 10-speed automatic is finally available on the 5.3-liter V8, but it's restricted to four-wheel-drive versions of the SLT, AT4 and Denali trims – lower trims retain the eight-speed automatic. The 10-speed transmission continues to be standard with the 6.2-liter V8 and 3.0-liter diesel. GMC also added new towing-related features for 2020. It has a newly-optional rear-view camera system that can show what's behind the truck's trailer, and it can project that where the trailer is on the main display, effectively making the trailer disappear. This feature was introduced in the Sierra HD. GMC also added a feature to its trailer app that lets you store and share details on your trailer setup so that it's easier for someone else to hook it up. You can even monitor and activate functions on compatible trailers with the app. There are a number of other more minor updates. Sierras can now be optioned with adaptive cruise control. The Elevation trim is available with the Crew Cab configuration. The AT4 CarbonPro Edition gets a few extra black accents compared with the 2019 version. Pricing and availability of the 2020 Sierra haven't been announced yet, though.

2017 GMC Acadia coming to Detroit Auto Show

Well, it's about time. If there's one group of vehicles that are in serious need of an update, it's the GM Lambda crossovers. You know, the Chevy Traverse, GMC Acadia, and Buick Enclave. They're super old. Good thing, then, that the brand-new Acadia is coming to the Detroit Auto Show next week, as evidenced by this teaser image found on the company's Facebook page. There's not much to see here, except for an LED taillamp signature on what appears to be a much cleaner rear end. We expect the three-row CUV to feature all of the latest GM tech, including a robust infotainment system with Android Auto and Apple CarPlay. V6 power and optional all-wheel drive makes sense here, too, though we won't rule out some kind of four-cylinder option. When GM launched the Lambda crossovers, the Acadia arrived first in late 2006, alongside the now-discontinued (but still very much present in the current Acadia) Saturn Outlook. The Buick Enclave came next, and the Chevy Traverse arrived after that. It's unclear if GM will stick with this rollout plan, of course, but one thing's for sure: all-new versions of these CUVs cannot come soon enough. Related Video: