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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.

GMC Sierra Denali CarbonPro bed is finally, almost here

GMC revealed the Sierra 1500 with the optional CarbonPro bed on March 1, 2018. The bed wasn't available at launch, though. You can't buy it now, either, but it will hit dealerships with limited availability after production starts in early June, exclusively for the Denali 1500 and AT4 1500 trims. The carbon floor and sides replace the steel panels in a normal bed, providing "strength, durability, and scratch resistance" and a potential 59-pound weight saving, depending on the truck's configuration. To make sure the bed had a chance, development engineers replicated "extreme use scenarios" like dropping 1,800-pound gravel loads, 450-pound steel drums, and cinder blocks from various heights. They put a 250-pound man on a snowmobile with studded tracks, had him drive into the bed and then go wide-open throttle. We're told the result was "minimal scratching." On top of the extreme weather testing any vehicle goes through, the team also put a generator in the bed and aim the exhaust into a corner to ensure vibration and direct heat wouldn't deform the carbon fiber. Because of the finer shaping area-specific strength possible with carbon fiber, the bed provides one cubic foot of additional payload space by having its sidewalls pushed further out. The CarbonPro bed doesn't need a bedliner, and is grained at the top for better traction but smooth on the bottom for easier hosing down and dirt removal. Tie-downs at the front of the bed work with molded indentations to hold motorcycle tires, and slots in the sidewalls hold two-by-sixes. The truck maker says the carbon-lined payload area confers "best-in-class dent, scratch and corrosion resistance," but we suppose the nation's pickup truck army will prove that or not. The trucks likely won't have the hardest life at the start, since the Sierra Denali costs $56,790 before even a basic option like four-wheel drive. The real test probably won't come until around 2029, when third owners begin treating their aerospace-inspired thoroughbreds like dray horses.

GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC