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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.

Recharge Wrap-up: Panasonic, Tesla on Gigafactory deal?

Bentley has been awarded the Carbon Trust Standard for reductions of carbon, water use and waste production in manufacturing. The Carbon Trust is an organization that helps groups such as businesses and governments reduce carbon emissions, use of energy and resources, and waste output. From 2011 to 2013, Bentley reduced CO2 emissions by 16 percent per car manufactured, curtailed water use by 35.7 percent, and saw significant waste reductions. Darran Messem of Carbon trust says, "Bentley is clearly passionate about continuing to improve its environmental performance, which is reflected by the fact the company has consistently invested in new technology." Read more in the press release below. Chevrolet is giving 12 Volts to MBAs Across America. The organization will use the range-extended electric cars in its efforts to help MBA students learn from and work with small business owners. As part of the MBAs Across America program's first year, four students drove 8,000 miles to provide entrepreneurs with free business counseling. The program has expanded, and this year, teams of MBAs will use the Volts to travel to 25 cities to offer their services. Learn more about the partnership between Chevrolet and MBAs Across America in the press release below. A professor from the University of Michigan has found fuel cycle analysis to be too flawed to be relied upon for measuring CO2 impacts of transportation fuels. Professor John DeCicco of the university's Energy Institute feels that the flaws in calculating the carbon footprint of liquid fuel production and combustion make such lifecycle analysis impractical. He suggests, instead, to focus to carbon capture. Since capturing CO2 directly from a vehicle is probably never going to happen, DiCicco believes the solution is to capture carbon from the atmosphere in sectors outside of transportation. Says DiCicco, "Research should be ramped up on options for increasing the rate at which CO2 is removed from the atmosphere and on programs to manage and utilize carbon fixed in the biosphere, which offers the best CO2 removal mechanism now at hand. Such strategies can complement measures that control the demand for liquid fuels by reducing travel activity, improving vehicle efficiency and shifting to non-carbon fuels." Read more at Green Car Congress. Global transportation energy consumption is expected to increase by 25.4 percent by 2035, according to a report by Navigant Research.

NHTSA approves hybrid rearview mirror display in Cadillac CT6, Bolt EV

The Chevy Bolt EV prototype doesn't just have a fancy new all-electric powertrain. Just outside the driver's line of sight is a newfangled rearview mirror, one that can turn into a screen that shows a moving image from the rear-facing camera. Speaking to NPR's Robert Siegel yesterday, Department of Transportation secretary Anthony Foxx said that NHTSA has now approved this type of mirror/screen for use in vehicles. According to a letter from NHTSA to General Motors, GM will likely use this Full Display Mirror first in the 2016 Cadillac CT6 before coming to the Bolt. In its letter to GM, NHTSA said that the Full Display Mirror will only qualify as a standard rearview mirror as long as there are normal side mirrors in place. In other words, don't expect to see cameras and screens replacing all the mirrors in a motor vehicle just yet. @AutoblogGreen @NPR - #NHTSA has OK'd GM rear-view system that can switch between mirror & camera views. pic.twitter.com/6CBeIit10v — Anthony Foxx (@SecretaryFoxx) February 22, 2016 The Full Display Mirror was developed by Gentex, which has long worked with GM. The FDM debuted in 2014 and some people hoped it would also make its way into the Tesla Model X. Gentex, which also makes auto-dimming mirrors, says that it has "set out to develop the technologies and core competencies necessary to manage this evolution of the rearview mirror." The Chevy Bolt EV will start at $37,500, before incentives. The 200-mile EV will go into production late this year for likely sale in early 2017. Related Video: