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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.

12 new cars that will never go out of style

Some cars never go out of style. It’s rare, but it happens. They get old. They get depreciated. But they never stop looking cool.  Some might call them modern or instant classics. Within a few years theyÂ’re no longer the latest and greatest, no longer the flavor of the month, but they remain special. Eternally special. Timeless.  These cars arenÂ’t necessarily going to be worth a fortune someday. However, some may not depreciate as rapidly or as far as other models. But thatÂ’s not what weÂ’re talking about here. These are the cars that enthusiasts will always find desirable from the curbside. TheyÂ’re the cars you end up shopping on eBay late at night 10 years later because you canÂ’t get them out of your head. TheyÂ’re the cars that will forever excite you when you spot a clean one in traffic or in a parking lot.  There are plenty of recent examples over the past couple of decades that could count as instant design classics. But then we got to thinking, what 2021 models will be forever cool to stare at? Which new cars and trucks on sale today will we be shopping on eBay late at night in the 2030s? We kept supercars and other ultra-expensive cars off the list to keep things within the realm of attainability, and ended up with 12 total cars. Lexus LC WeÂ’re not applying a numerical ranking to any of the cars on this list, but if we were, the Lexus LC would be No. 1. There isnÂ’t another car design out there that can stir our emotions the way an LC can when itÂ’s just standing still. This car is a concept design come true in the most beautiful of ways, and itÂ’s a shoo-in winner for Concours events decades into the future. All of this heaping praise, and we havenÂ’t even gotten to the LC 500Â’s intoxicating 5.0-liter V8. It doesnÂ’t win drag races. It wonÂ’t be the fastest around the track against any similarly-priced competition. But none of that matters. ItÂ’s quite possibly the best car you can buy new, and that says it all when it comes to the LC. Chevrolet Corvette It might not be the stunner that the Lexus LC is, but the new C8 Corvette is and will always be a special vehicle. ItÂ’s the first mid-engine Corvette, which instantly cements it into an automotive hall of fame section of sorts. All of the performance stats and specs are there to back up its supercar-like looks, and it remains the best performance bargain on sale today.

GM claims it's first to sell million 30+ mpg vehicles

As we continue to put together all the data for the year-end edition of By The Numbers, General Motors has announced that it sold more than a million vehicles in the US last year that achieved at least 30 miles per gallon on the highway. More impressively, GM managed this feat using multiple strategies including small vehicle size, turbocharged engines and hybrid or plug-in technologies across four brands (Buick, Cadillac, Chevrolet and GMC) accounting for 13 separate models. This number will grow even more in 2013 thanks to cars like the all-electric Spark, the diesel Cruze, the range-extended Cadillac ELR and the Buick Encore compact CUV.
GM's small car sales were up 39 percent last year helping to attain this million-sales mark for 30-mpg models, and almost 40 percent of all GM sales consisted of cars with fuel-efficient I4 engines. In regards to more advanced means of improving fuel economy, GM says that it plans on having 500,000 vehicles with "some form of electrification" on the road by 2017.
Scroll down for the full list of GM's million 30+ mpg cars as well as an informative press release.