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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.

2023 GMC Hummer paint choices are out of this world

The 2022 GMC Hummer EV Edition 1 came in one color: Interstellar White. Despite production issues potentially pushing Edition 1 builds into the 2023 model year, the Edition 1 will stick to being bathed in that single brilliant shade. GM Authority says it got access to the color palette on the way for the standard series Hummer EVs due next year that shows seven new galactic-themed choices on the way. Interstellar White carries on, joined by Void Black as the only no-cost colors. The others are: Afterburner Tintcoat, said to be an orange hue; Deep Aurora Metallic, said to be some kind of bronze; Meteorite Metallic, said to be a gray; Moonshot Green Matte, which we've seen on early shots of the Hummer EV SUV; Supernova Metallic, said to be dark blue; Tide Metallic, said to be a different shade of blue. GMA didn't get intel on pricing for the cost-extra colors; right now, the most expensive palette option for GMCs is White Frost Tintcoat for $1,095. However, the outlet believes Moonshot Green Metallic will be "extremely limited" and charge a super premium price. If that ends up being the case, it suggests GM has a thing about getting big green for special greens. Cadillac made Dark Emerald Frost a late option on the 2022 CT4-V and CT5-V Blackwings and charged $3,925 for the matte paint job. The brand ended production of Dark Emerald Frost in January, making the color doubly exclusive since it was offered for less than a year at the same time as customer demand far exceeded the number of Blackwings available. Anyone wanting Moonshot on their Hummer should get in line early.  The 2023 GMC Hummer EV will begin production later this year. Last month, GM raised prices for the coming model year by $6,250, and raised the destination fee to $1,995. For the moment, that makes the Hummer EV 2 start at $86,245, the EV 2X at $96,245, and the EV 3X at $106,245. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2016 GMC Sierra Denali Ultimate wants to take even more off the top

What do you do when getting to the top of Denali isn't enough? You create a higher peak called Denali Ultimate. That's what GMC has done with the 2016 Sierra, the new Sierra Denali Ultimate adding even more content and showing off the truck's refreshed face and new Denali grille. The reasoning behind this truck is perfectly sane. GMC says that in 2013 it had zero percent of the premium light-duty truck market; since that time, the brand says the segment (with an average transaction price beyond $55,000) has grown by a factor of ten, and the Sierra Denali has given GMC a 15.5-percent share. When it goes on sale in in the first quarter of next year, it can be optioned on the four-wheel drive 1500 Crew Cab with either the five-foot-eight or six-foot-six-inch bed. Standard equipment includes a sunroof, Lane Keep Assist, automatic headlights, Tri-Mode Power Steps, chrome tow hooks, and 22-inch wheels. The press release below has more. GMC Sierra Denali Ultimate: The Pinnacle of Premium Unique 22-inch wheels, expanded package of standard content drives exclusivity DETROIT, Tuesday, Nov. 17, 2015 – GMC is taking the range-topping style, craftsmanship and capability of the Sierra Denali even higher with the 2016 Sierra Denali Ultimate. It builds on the Sierra Denali's already class-leading attributes with a package of precision-crafted features designed to elevate its comfort, design and capability in the growing premium niche of the full-size truck market. GMC introduces the Sierra Denali Ultimate today, ahead of its public debut at the Los Angeles Auto Show. It goes on sale late in the first quarter of 2016. "The Sierra Denali has helped drive the growth of premium portion of the light-duty crew cab segment," said Duncan Aldred, vice president of GMC Sales and Marketing. "This truck is the ultimate expression of the Sierra Denali with greater emphasis on the bold and refined presence and advanced features that make Denali models synonymous with precision and exclusivity." Thanks in large part to Sierra Denali, which was redesigned in 2014, GMC commands 15.5 percent of the premium full-size truck segment, where average transaction prices exceed $55,000. The segment has nearly doubled in 2015 and grown tenfold since 2013, when GMC had zero percent of the market. In fact, Sierra Denali has helped GMC earn a higher share of the premium portion of the light-duty crew cab segment than of the overall full-size pickup segment.