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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.

Pushing Back: GM expanding Chevrolet into Korea, Daewoo out

Chevrolet Camaro goes to South Korea - Click above for high-res image
General Motors decided several years ago to begin heavily promoting Chevrolet as its global mainstream brand even in markets where its existing brands like Opel and Daewoo were a dominant force. Today, at the Busan Motor Show in South Korea, GM Daewoo president Mike Arcamone announced that the Camaro would lead the way in GM's efforts to market Chevrolet in South Korea.
For now at least Chevrolet and Daewoo-branded vehicles will coexist in the Korean market. However, while we were in China last week GM officials told us that the Daewoo brand, which has been somewhat tainted by past quality issues, would eventually be phased out in favor of Chevrolet. When the new Aveo launches next year it will likely be badged as a Chevrolet even though GM Daewoo is in charge of engineering the car.

2015 Chevy Impala Bi-fuel burns CNG, starts at $37,385*

Currently, the only natural-gas-powered passenger car offered for sale by an OEM in the US is the Honda Civic Natural Gas. Starting this fall, that long-running CNG car will be joined by a CNG-burning 2015 Chevy Impala for both fleet and retail customers. General Motors announced today that the car will start at $37,385, plus an $825 destination charge. That comes to $38,210 before taxes and options. Those options include two trim lines, the base LS and the upper-level LT. Chevy doesn't break out the details in the press release announcing the price, but you can see the trim details for the standard gas-powered 2014 Impala here. Exact information on the 2015 models is not available just yet, but GM spokesman Chad Lyons told AutoblogGreen that the equipment that you see listed on the site for 2014 is "almost exactly the same" as what will be available for 2015. The 2015 Impala gets around 19 city mpg on CNG, but official EPA numbers are not yet available. That means the LS will come with 18-inch aluminum wheels, electric variable-assist power steering, projector-beam headlamps, and 10 air bags. The LT adds an eight-inch touch screen with MyLink, premium Cloth interior and dual-zone automatic climate controls. The cost for this upgrade is unspecified. For CNG purposes, we can ignore the numerical prefix used for the gas-powered LT trims, since that denominates the engine type, and all the CNG models use a 3.6-liter engine with hardened valves and valve seats that can better handle natural gas. The trunk capacity also drops from 18.8 cubic feet to 10 cu .ft. in order to fit in the CNG tank that holds the equivalent of 7.8 gallons of gas. That amount of CNG should move you 150 city miles, which is around 19 mpg, but official EPA numbers are not yet available. With the addition of the gasoline on board, the overall range is 500 city miles. The car burns CNG when available and switches to gas with "no interruption" either when the tank is empty or when the driver selects the gas tank. Find more details in the press release below. GM says the CNG Impala will will be available nationwide this fall. CNG is a growing fuel in the US, thanks in part to fracking. The Civic Natural Gas, which starts at $26,640, is growing towards a nationwide availability. Next year, for example, the Shell Eco-marathon Americas in Detroit will allow CNG for the first time. Chevrolet Announces Pricing of CNG-Capable 2015 Impala 2014-05-06 LONG BEACH, Calif.