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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 Hummer EV Drivers' Notes: We can't stop talking about Crab Walk

The 2022 GMC Hummer EV Pickup defies reason and sense in most ways. It’s a pickup that weighs over 9,000 pounds, but will do the 0-60 mph sprint in around 3.0 seconds. That sounds like something to be afraid of, but itÂ’s also something you want to experience. ItÂ’s a feat of engineering to make something so heavy move so quickly, but thatÂ’s what the EV revolution has brought upon us. GMC gets the Hummer up and moving as quickly as it does with three electric motors — one in front and two in the rear — that combine for a nutty 1,000 horsepower and 1,200 pound-feet of torque. All of that power is unleashed in Watts To Freedom (WTF) mode. Your seat starts rumbling; the air suspension lowers you to the ground, and an electrifying soundtrack is played over the speakers to match your throttle applications. Launching this supertruck is an event every single time, but due to its extra-high ride height and off-road chops, sending it down your favorite trail is, too. That is, assuming said trail is wide enough to fit the gargantuan Hummer. Those knobby all-terrain tires keep the Hummer from being even mildly entertaining when you explore the truckÂ’s handling Â… but who cares. Our specific tester is an Edition 1 model, which means it comes fully loaded with every option you can imagine. As such, its price is $110,295. For the amount of performance and capability on display here, that number sounds surprisingly right. ItÂ’s also befitting the HummerÂ’s status as a supertruck, wherein you get everything youÂ’d ever want in one go-anywhere do-anything package. Editor-in-Chief Greg Migliore — The Hummer EV is the biggest rock star vehicle IÂ’ve tested in quite some time. Literally. ItÂ’s huge and attracts a ton of deserved attention. The Hummer design is spot-on, especially the grille, lights and flared fenders. It looks the part. For $110,000, it should also have some substance, and this Edition 1 delivers Super Cruise, Watts to Freedom and CrabWalk, not to mention GMCÂ’s MultiPro tailgate and the removable Sky Panel roof. It feels quick, as you would expect something with 1,000 hp to feel, and itÂ’s shockingly maneuverable. I CrabWalked down my street to show off, navigating around things on the diagonal and amusing the neighbors. Just the regular four-wheel-steering function, which functions similar to those offered by various other cars, allows the Hummer to turn easily and confidently.

Recharge Wrap-up: BYD unveils 60-ft electric bus, Honda sticking with hybrids in Europe

BYD has debuted a 60-foot electric bus at the American Public Transportation Association Expo in Houston, TX. The Lancaster bus, as it is called, has a 120-passenger capacity and can drive over 170 miles on a single charge. The articulated bus features low floors and no steps, thanks to in-wheel hub motors. BYD also displayed a 40-foot electric bus that drove the 1,500 miles to the show under its own power (recharging along the way, of course). Read more in the press release below. Honda says it will continue to sell hybrids in Europe, despite the fact that it has stopped selling the CR-Z and Insight due to slow sales. "Our focus at the moment is on our 1.6-liter diesel but we haven't forgotten about hybrid technology," says Honda Europe's Philip Ross. Honda will sell the next-generation Fit (badged as the Jazz) in Europe when it launches next summer, and will sell the next-gen hybrid version beginning in 2016. Honda sold 4,500 of the Jazz hybrid in Europe last year. Read more at Automotive News. XL Hybrids is selling its XL3 Hybrid Electric Drive System in California. The news comes after the California Air Resources Board issued an executive order allowing the aftermarket hybrid conversion for 2012-2014 Chevrolet Express and GMC Savana vans. The XL3 Hybrid regenerative braking conversion increases real-world mpg by about 25 percent. Read more in the press release below. NRG eVgo has finished installing 60 charging stations at the Sony Pictures Entertainment studio lot and offices in Culver City, California. The Level 2 chargers, which will be managed by NRG eVgo, allow employees to charge their EVs during the workday. An average of 90 EVs and PHEVs park at the studio headquarters every day, thanks in part to Sony Pictures' Alternative Vehicles Incentive program for its employees. Learn more in the press release below. Pennsylvania's Public Utility Commission will allow operators of EV charging stations to set prices based on kilowatt hour usage. This change ensures that drivers pay for the actual energy they use, rather than the time they spend charging, since different cars can charge at different speeds. Car Charging Group has already begun using the per-kWh fee structure at its charging stations throughout the state. Other states that allow kWh pricing are California, Colorado, Florida, Hawaii, Illinois, Maryland, Minnesota, New York, Oregon, Virginia and Washington. Read more in the press release below.