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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.

Detroit 3 to implement delayed unified towing standards for 2015

Car buyers have a responsibility to be well-informed consumers. That's not always a very simple task, but some guidelines are self-evident. If you live in a very snowy climate, you generally know a Ford Mustang or Chevrolet Camaro might not be as viable a vehicle choice as an all-wheel drive Explorer or Traverse, for example. If you want a fuel-efficient car, it's generally a good idea to know the difference between a diesel and a hybrid. But what if it's kind of tough to be an informed consumer? What if the information you need is more difficult to come by, or worse, based on different standards for each vehicle? Well, in that case, you might be a truck shopper. For years, customers of light-duty pickups have had to suffer through different ratings of towing capacities for each brand. For 2015 model year trucks, though, that will no longer be a problem. According to Automotive News, General Motors, Ford and Chrysler Group have announced that starting with next year's models, a common standard will be used to measure towing capacity. The Detroit Three will join Toyota, which adopted the Society of Automotive Engineers' so-called SAE J2807 standards way back in 2011. The standard was originally supposed to be in place for MY2013, but concerns that it would lower the overall stated capacity for trucks led Detroit automakers to pass. Ford originally passed, claiming it'd wait until its new F-150 was launched to adopt the new standards, leading GM and Ram to follow suit. Nissan, meanwhile, has said it will adopt the new standards as its vehicles are updated, meaning the company's next-generation Titan should adhere to the same tow ratings as its competitors. While the adoption of SAE J2807 will be helpful for light-duty customers, those interested in bigger trucks will still be left with differing standards. There is no sign of the new tow standards being adopted for the heavy-duty market.

Barrett-Jackson is auctioning the first 2022 GMC Hummer EV for charity

Unveiled in late 2020, the GMC Hummer EV Edition 1 was so popular that enthusiasts scooped up the entire production run in merely 10 minutes. If you missed your chance to reserve one, you're in luck if your pockets are deep enough. Auction house Barrett-Jackson will sell the first example off the production line for a great cause. VIN 001 will be up for grabs during a sale that starts in Scottsdale, Arizona, on March 20. Hummer production hasn't started yet, so we don't know precisely what the truck will look like and it won't physically cross the auction block. Barrett-Jackson did not provide a pre-auction estimate, but it pointed out that 100% of the proceeds from the sale will be donated to a charity called Stephen Siller Tunnel to Towers Foundation that helps wounded first responders and veterans across America. Charity auctions normally bring big dollars, so a sold-out flagship variant of a highly-anticipated model whose base price is pegged at $112,595 could sell for a seven-digit sum. Edition 1 deliveries will start in the fall of 2021, meaning the winning bidder will need to wait a few months before exploring the great outdoors in the 1,000-horsepower electric truck. More affordable trim levels are in the pipeline, but they're not exactly around the corner. GMC will expand the range by launching three trim levels called EV2, EV2X, and EV3X, respectively. Equipped with three electric motors, the EV3X will land in the fall of 2022 with a $99,995 base price. Pricing for the two-motor EV2X due out in the spring of 2023 starts at $89,995, while the entry-level EV2 will arrive a year later priced at $79,995. None of these figures include available incentives. Looking ahead, the Hummer EV will spawn an SUV that will make its official debut online in February 2021. We don't know when it will reach showrooms yet, but we're not expecting to see it until 2022 at the earliest.  Barrett-Jackson's Scottsdale sale includes sports cars from every era, ranging from a custom 1928 Ford Model A to a 2021 Honda Civic Type R. Ram's first 1500 TRX is on the roster, too, and it will also be sold for charity. Another stand-out car from the catalog is the first production version of the 2020 Chevrolet Corvette Convertible. Finished in black with a black and red leather interior, it's powered by a mid-mounted, 6.2-liter V8 engine rated at 495 horsepower, and it's equipped with the 3LT and Z51 packages plus the Performance Data Recorder, among other features.