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GM CEO to meet with U.S. lawmakers over job cuts

WASHINGTON — General Motors Co Chief Executive Mary Barra plans to visit Capitol Hill next week to discuss the company's plans to halt production at five plants in North America next year and cut up to 15,000 jobs, two congressional aides said on Friday. GM has come under harsh criticism from lawmakers from both major political parties, and from President Donald Trump, since Monday when it announced the biggest restructuring for the U.S. No. 1 carmaker since its bankruptcy a decade ago. Barra is expected to meet with lawmakers from Michigan and Ohio, where GM plans to shutter three plants, as well as senior leaders in Congress. GM did not immediately comment. Barra has been calling lawmakers this week to explain the decision to end production. Trump has threatened to revoke subsidies for GM. The Detroit automaker plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly complex near Toronto. It will also stop building several models now assembled at those plants, including the Chevrolet Cruze, the Chevrolet Volt hybrid, the Cadillac CT6 and the Buick LaCrosse. Additionally, GM plans to shutter the Warren transmission plant outside Detroit and a plant that makes electric motors and drivetrains outside Baltimore, Maryland. The Cruze compact car will be discontinued in the U.S. market in 2019, although GM may continue building it in Mexico for other markets, Barra said. Reporting by David Shepardson. Related Video:

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.

2018 GMC Sierra Denali can help you tow without breaking a sweat

Towing a trailer once meant that only those who possessed certain knowledge would be able to go fishing, tow a race car or pull a camper safely. For me, it took four long years of practice working a job behind the wheel of a jacked-up Ford F-250, hauling tons upon tons of mowing equipment for my local parks department, to become proficient. Just how far things have come since then became evident after a recent trip to Utah with GMC, in which we used the half-ton Sierra Denali to tow a set of Polaris side-by-sides through the state. Modern safety technology and a suite of electronic aids make towing simple enough that anyone with a driver's license and something to haul can do it. This revelation came behind the leather-wrapped and heated steering wheel of GMC's outgoing 2018 Sierra Denali. Sitting in the plush, heated and cooled captain's chair, I could barely feel the 6,000 pounds I was towing behind me. Even GMC's smallest full-size truck engine, a 5.3-liter V8 generating 355 horsepower and 383 lb-ft of torque, felt like overkill for what used to amount to a heavy load. With Utah's pristine landscape, the plush confines of the cabin and the uneventful nature of modern towing, mile after mile just streamed by at highway speeds without incident (or excitement). When we finally reached our destination a few hours later, one of GMC's representatives who had chosen to sit in the rear of the cab asked me what I thought about the drive. I pondered for a few minutes and answered with this: "Modern pickup trucks have removed nearly every skill-based variable once associated with towing. I could drive this truck and trailer confidently with just one finger." Consider the near overabundance of towing-assistance systems in the GMC Sierra Denali that I piloted through Utah. Let's start with the most basic of towing skills — something that's now been relegated to the annals of history: reversing a pickup to meet the trailer's hitch. Once upon a time, this required knowing a truck's dimensions and understanding proximity, as well as having a keen eye, a steady foot for both the gas and the brake and the patience to get it right. Now, though, pickups such as the Sierra Denali offer customers a trailer reverse camera system that helps the driver align truck to hitch with pinpoint accuracy.