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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.

Thoughts on the 2022 GMC Hummer EV and the record-setting SSC Tuatara | Autoblog Podcast #650

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They lead the podcast with the week's two big news stories: the reveal of the 2022 GMC Hummer EV and the 316-mph production car speed record set by the SSC Tuatara. Afterward, the editors discuss some recently driven cars, the Lincoln Continental Coach Door Edition and the GMC Canyon AT4. Autoblog Podcast #650 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News: 2022 GMC Hummer EV reveal SSC Tuatara production car speed record Cars we're driving2020 Lincoln Continental Coach Door Edition 2021 GMC Canyon AT4 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

GM renames its Detroit-Hamtramck plant Factory Zero

Maybe we'll win, saved by zero. General Motors on Friday announced that its sprawling Detroit-Hamtramck facility, which is being retooled to build electric vehicles, has been renamed Factory Zero — as in zero emissions, along with the promise of an autonomous future in which there are zero crashes and zero congestion. The company is spending $2.2 billion to retool the plant into a futuristic facility that is flexible enough to build a variety of cars and trucks across the GM portfolio of brands. GM says that's the most it has ever spent on a production facility, and when the plant's cranking out EVs at scale it will have created 2,200 manufacturing jobs. Factory Zero's first projects will be the all-electric GMC Hummer pickup and the self-driving electric Cruise Origin, both build on GM's new Ultium battery platform, with other EVs to follow. Factory Zero should start cranking out Hummer pickups by fall 2021. A Hummer SUV will come along later. Check back with Autoblog when the Hummer is revealed next Tuesday, Oct. 20. Sustainability will be another key feature. During construction, excess concrete from pours in the plant has been used to pave roads, and stormwater runoff is being recycled to charge the factory suppression system and circulate in cooling towers. The 365-acre site also has 16.5 acres of wildlife habitat — GM says monarch butterflies hang out there, along with foxes and wild turkeys. GM says it's committed to powering all its southeast Michigan plants with sustainable energy by 2023, the rest of its U.S. facilities by 2030, and overseas plants by 2040. To that end, Factory Zero has a 30-kilowatt solar carport, and a 516-kilowatt ground-mounted solar farm, from DTE. “Factory ZERO is the next battleground in the EV race and will be GMÂ’s flagship assembly plant in our journey to an all-electric future,” said Gerald Johnson, GM executive vice president of Global Manufacturing. “The electric trucks and SUVs that will be built here will help transform GM and the automotive industry.” Related Video:     Green Hirings/Firings/Layoffs Plants/Manufacturing GM Hummer hamtramck