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GM raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.

GMC boss wants a Jeep Wrangler rival

Challengers come and challengers go, but the Jeep Wrangler continues to push forward even after vehicles like the Toyota FJ Cruiser and the entire Hummer brand have been shut down. Now GMC reportedly wants to take a stab at the quintessential Jeep, as well.
The news comes directly from Buick-GMC vice president Duncan Aldred, speaking with our compatriots over at Edmunds. Although Aldred said there are no plans currently on the table to expand GMC's lineup beyond the current range, "there is plenty of room everywhere in the hierarchy."
That could include a rival to the Wrangler, as well as a flagship luxury SUV positioned above the current Yukon Denali (pictured above). Just when (or for that matter, if) such models might come into fruition remains a big question mark, but it's certainly interesting to see what GM's dedicated truck brand has on the drawing board.

2022 GMC Sierra Denali caught towing in new spy photos

The GMC Sierra 1500 was just redesigned for the 2019 model year, but the hyper-competitive half-ton segment will see an updated Denali offering for 2022 and, as we can see from these spy photos, GMC is already testing prototypes.  There's quite a bit covered up on this particular example, leading us to believe the Sierra Denali's refresh will be on the heavy side. We're not surprised, as GM's usually comfortable position within the full-size segment has been eroded over the past few years, largely due to intrusion into the luxury market on the part of both Ford and Ram.  From these shots, we can tell the Sierra Denali will get at least one new grille (if not several of them), new headlights, new bumpers, new bed sides, new tail lights and perhaps even an updated tailgate, though we expect that will matter more on trucks not equipped with the MultiPro multi-function tailgate option, which tends to take up a lot of stylistic real estate.  As comprehensive as that may sound, it's nothing compared to what GMC has in store for the Denali's upgraded interior. Super Cruise — GM's highway semi-self-driving suite — will headline the updates. This is big news for two reasons. For starters, Super Cruise has thus far been relegated only to Cadillac, so the Denali will likely be among the first outside of that model line to offer it. GM also claims that the version of Super Cruise coming to the Sierra is capable of towing. Yes, hands-free towing. Besides Super Cruise the 2022 Sierra is getting a fully digital instrument cluster as part of what appears to be a fairly comprehensive interior redesign, different from both the current Sierra, standard Yukon and Yukon Denali interiors.  Related Video: