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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.

Mystery man buys fast food worker a new car

A mystery man bought a Tennessee fast food worker a new car. 34-year-old Jeff Smith told WKRN he was approached by an older stranger as he was exiting a grocery store. The two struck up a conversation about Smith's 1991 Geo Storm. The vehicle is falling apart; it has more than 350,000 miles on it, a cracked dashboard, no drivers side window, and a door that is literally being held closed by a small hook. The stranger asked Smith to follow him down the road to James Motors, but then asked the fast food worker to wait outside. Smith told WKRN, "He comes back out and says, 'How do you like that blue pickup?' I said. 'It looks great.' Then he said, 'Well, I bought it and it's yours now.' [...] It's just a blessing. It's the best thing that has ever happened to me." At first, Smith didn't believe this was even real. But the owner of James Motors showed up at the fast food restaurant where he works with the keys and title to the 2001 navy blue GMC Sonoma. The mysterious benefactor didn't want to be identified, but asked smith to do something nice for someone else in the future. Weird Car News GMC geo

GM will no longer remove parts from trucks to calculate curb weights

Following last week's mild uproar after it was discovered that Ford and General Motors were removing some optional parts from their pickups to lower the curb weight and consequently increase the maximum payload, GM has come out and committed to a base curb weight for its upcoming Chevrolet Colorado and GMC Canyon compact trucks (although it has yet to publish them) and its current Silverado and Sierra. The company will do the same for its heavy duty offerings, although those numbers have not been finalized yet.
"This will make our curb weight and payload specs more consistent with those of most other truck makers, making it easier for customers to compare vehicles," GM spokesman Tom Wilkinson told Autoblog in an emailed statement.
As GM notes - and as every manufacturer has noted since this story broke - customers still shouldn't take max payload ratings as gospel. Instead, they should refer to their truck's Tire and Load Label, like the one shown at the inset, which will offer detailed information on max payload, specific to their truck.