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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.

GMC Hummer EV infotainment built with Unreal Engine used by 'Fortnite' and 'Rocket League'

We're only a couple weeks away from the reveal of the GMC Hummer EV truck and SUV. And we're expecting a lot of boasting about impressive capability and unique features. What we weren't expecting was for its infotainment system to be built on a video game engine. That's the news that has come out of Epic Games, creators of Unreal Engine, the basis of the Hummer's infotainment system. If you've been an avid video gamer anytime in the last 20 years, Unreal Engine should be recognizable. The first version of it powered Epic's "Unreal" and "Unreal Tournament" games, and more recent versions power multiplayer hits such as Epic's "Fortnite" and Psyonix's "Rocket League." The engine has been licensed out to countless other game developers for titles by both indie developers and large game companies. But its use in the GMC Hummer will be the first time it has powered a production car's infotainment system. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Epic didn't say which version of Unreal Engine is being used in the Hummer. Presumably it's a version of Unreal Engine 4, since Unreal Engine 5 hasn't been released yet. Also, while Epic released a trailer announcing the partnership and showcasing Unreal's 3D rendering and menu developing tools, it doesn't give us a peak at what the infotainment and instruments of the Hummer will look like. The company does tout fast boot-up times, powerful graphics, and over-the-air updates as useful features included with Unreal. But for a clear look at the final product, we'll have to wait for the October 20 reveal. Related Video:

2022 GMC Hummer Edition 1 weighs 9,063 pounds

From the beginning, the Hummer line of vehicles has been synonymous with the phrase, "absolute unit." The M998 Humvee turned to civilian use as the Hummer H1 came with a curb weight of 7,560 pounds depending on configuration. The much more urbane Hummer H2 didn't sacrifice much of those gains, putting about 6,615 on the scales. Let us not forget that the behemoth gravitational pull and square-jawed mass were what every Hummer buyer wanted. So, starting with the brand values and customer demand, and adding the fact that electric vehicles are substantially heavier than their ICE counterparts, no one should be surprised that the 2022 GMC Hummer Edition 1 weighs 9,063 pounds. That's just one of the substantial figures GMC included in a self-certification filing submitted to the U.S. Environmental Protection Agency, the document rooted out by Car and Driver. Last year GMC told us the Hummer would weigh 9,046 pounds, which proves again the Freshman 15 (or 16) is unavoidable.  Loaded up with humans and their accessories, the truck's gross vehicle weight rating (GVWR) comes in at 10,550 pounds. It takes a few other big numbers to keep that kind of tonnage on the go. The Ultium battery weighs 2,923 pounds. With a 617-amp-hour capacity at 400 volts, total capacity comes in at 246.8 kWh, specific energy at 158 Wh/kg. Usable capacity is about 85% less, at 212.7 kWh. For the time being, these numbers put every other pack in a production vehicle in the shade. That gargantuan chemical plant in the Hummer's floor powers a 329-mile range the same way a giant fuel tanks feed a truck that gets 8 miles to the gallon. The miles per gallon equivalent figures GMC submitted to the EPA are 51 MPGe city, 43 MPGe highway, 47 MPGe combined. Motor Trend questioned whether GM applied the correction factor used for window sticker numbers; if not, the standard 0.7 correction drops the MPGe specs to 36 city, 30 highway, and 33 combined. However, trucks with a GVWR beyond 8,500 pounds don't need to display fuel economy figures on their window stickers, so don't expect to see any such details on dealer lots. For comparison, the Rivian R1T Launch Edition weighs about 7,000 pounds, and fits a 128.9 kWh battery good for an estimated 314 miles estimated at 70 MPGe.