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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.

2022 GMC Sierra 1500 Denali gets Super Cruise and an upgraded interior

The 2022 GMC Sierra 1500 is getting Super Cruise! Exclamation point required, because this is exciting news. Cadillac has been the sole owner of Super Cruise at GM from the start, and though we knew it was coming to the Hummer EV, we didn't know a fast-selling full-size pickup would be getting the technology. GMC says it will launch Super Cruise on the 1500 Denali, which is the most expensive and luxurious trim of the Sierra. It’s scheduled to arrive for the 2022 model year, but GMC qualifies that by saying “late model year 2022.” That means itÂ’s probably coming right toward the end, with 2023 scheduled as the first full year of Super Cruise in the Sierra 1500. GM also claims that the version of Super Cruise coming to the Sierra is capable of towing. Yes, hands-free towing, folks. WeÂ’re a little antsy, too. The tech is the same as the newest generation of Super Cruise coming in the Cadillac CT5 and CT4. ItÂ’s an improved version with more capability than the first-gen system that won AutoblogÂ’s Technology of the Year award a couple of years ago. Questions still remain to be answered, though. GM hasnÂ’t said anything about what it will cost on the Sierra 1500. WeÂ’re also left in the dark when it comes to other Sierra 1500 trim levels; and what about the Silverado 1500? It makes sense that GM would give the Sierra Super Cruise first, but itÂ’s certainly compatible with the Chevy version of the truck now, too. As for other GMC products, GM is quiet on when theyÂ’ll be blessed with Super Cruise. The redesigned Yukon would be the most obvious candidate being the flagship product, but GM says the program timing worked out best to launch on the 2022 Sierra, not the Yukon. ItÂ’s likely that the SUV will be updated with the system in the near future. Besides Super Cruise, GMCÂ’s photo also reveals that the 2022 Sierra is getting a fully digital instrument cluster. ItÂ’s surely an optional item, but could very well be standard on Denali. GM has flipped the speedometer and tachometer to opposite sides, but their digital versions still have that straight-edged GMC look to them. You can see the Super Cruise graphic in the center, and all the gauges are dropped down to the bottom of the display. But wait, thereÂ’s more. The photo also shows the beginnings of a totally new interior design, different from both the current Sierra, standard Yukon and Yukon Denali interiors. ItÂ’s immediately and obviously different everywhere we look.

GMC caught using Rivian R1T image for Sierra Denali EV Photoshop

The rise of electric start-ups have many legacy automakers checking their rear view mirrors as they scramble to join the EV party. Most wouldn't like to admit it publicly, but we know that at least some folks at General Motors are keeping an eye on Rivian. That's because a recent post on social media account by the General Motors design department appears to have used an image of the Rivian R1T, but heavily photoshopped. The post was intended as a peek of the GMC Sierra Denali EV's rear view. Eagle-eyed observers like AllCarNews soon noticed many familiar elements to the rendering, including the wheels and tires, mirrors and doors. Even the backgrounds are identical, including some leaves that the truck is kicking up. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Seen side by side, the two pickups' similarities don't end there. The Sierra EV is wider, but the cab's rear pillars and glass look the same as the Rivian's, just stretched horizontally. The rear bumper and its license plate cutout and reflectors on either side look a bit too close for comfort as well.  The post as since been deleted. A GM spokesperson explained the situation to The Drive, "The GM Design Instagram channel is meant to give followers an inside look at the process of designing new products and the creative teams behind it. Often, these posts use sketches made for internal studio use during design development. The sketch in question was intended for internal use only, and was posted without the necessary approval. It has been removed from the GM Design Instagram page." Automakers often use products from the competition as benchmarks or design inspiration. Designers sometimes use existing images as a starting point as well, in order to quickly get an idea down "on paper". They just tend to do it in private. A juggernaut like GM using an image from an upstart like Rivian is embarrassing for the General, but surely an ego boost for the EV brand.  When dealing with an up-and-comer, perhaps it's best to take a page from Mad Men's Don Draper. In season four of the advertising drama, a newspaper calls the hot shot exec for a quote, after a young rival publicly says he's gunning for Draper. Draper knows exactly who the reporter is talking about but when asked for comment says, "Never heard of him." Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.