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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.

GM applies for 'Enspire' trademark for the second time

When we wrote about the Buick Enspire concept debut in China earlier this year, we said "we wouldn't be surprised to see either an all-new crossover, or a redesigned current model, sporting the designs seen on this concept." Now it appears General Motors might be planning to go with Option A. GM Authority discovered a trademark application for the name "Enspire," to be applied to "Automobiles, excluding motor homes." This is the second time GM filed for the name, the first being in 2015. As always, applications don't mean certainties. However, we know Buick has a range of new models in development, it's losing the LaCrosse sedan and its crossovers sell quite well. If there's to be a new vehicle called Enspire, it shouldn't be hard to guess what kind it would be. GMA's previous investigations picked up clues that there'll be two new Buick crossovers, one about the size of the China-sourced Envision and sitting on the E2 platform that supports the Cadillac XT4, Chevrolet Malibu, and Buick Regal. Based on data in an IHS Automotive document, the site said the putative Enspire's platform code is E2UB, the U for utility vehicle, the B for Buick. The other crossover would sit above an Envision, below the Enclave, on the short-wheelbase C1 platform employed by the Cadillac XT5. We can probably take the Enspire concept's design cues as a preview of the future, if not its electric drivetrain. Designers carved the wide, formidable stance with curved and elongated versions of traditional Buick brand cues, such as the grille crossbar stretching into the headlights. A futuristic, art-filled and screen-heavy interior contrasts with genuine wood, and is probably best not to look at because Buick couldn't bring anything like it to production. The electric drivetrain included a 550-horsepower electric motor and enough battery to power a 370-mile range. Those figures seem a little outlandish given the potential price tag and the Buick badge. Besides, GM has other plans for a dedicated EV powertrain in development that should bow around 2021, and a Buick EV based on the Chevrolet Bolt's BEV II architecture. As such, a conventional powertrain seems more likely for an Enspire crossover, at least initially. The same IHS Automotive document said the E2UB vehicle would go into production in Shanghai in late 2019.

2024 Buick Encore GX refresh adds Wildcat looks, Avenir trim

Buick made it clear with the Wildcat EV concept that styling cues from it would start appearing on future products. It turns out the first of them is the refreshed 2024 Encore GX subcompact crossover. And that may seem a little odd to start a revamp of the lineup with the entry-level model, but there is some logic to it. According to Buick representatives, the Encore GX made sense for a few reasons. It was due for a refresh regardless, but also it's the brand's best seller, one that's growing and attracting younger buyers. And as far as refreshes go, the Encore GX's is pretty substantial. The front end is completely redone with the low, frowning grille of the Wildcat and the glaring LED daytime running lights high up. The rear has been updated with new LED taillights and rear bumper design, too, plus the new Buick logo and word mark placed prominently in the middle of the hatch. There are unique features for two new trim levels. The ST, which has been promoted to a full trim instead of just an add-on appearance package, gets gloss black body cladding and other trim such as on the mirrors. It gets unique wheels, ST badges in the grille, and a flat-bottom steering wheel inside. The Avenir, a first for the model and an addition that makes the Avenir trim available on every Buick, features bright grille inserts, body color trim, clear taillight lenses and unique interior upholstery. All Encore GXs benefit from interior updates. Almost the entire dash has been redesigned, mainly in service of the new instruments and infotainment. Every trim gets an 8-inch digital instrument cluster and 11-inch infotainment touch screen. Other details such as the climate control buttons and dials have been revamped as well. The screen can be used to access wireless Apple CarPlay and Android Auto. The Avenir trim sweetens the interior with unique leather upholstery, power adjustable front seats (10-way for the driver, 8-way for the passenger), a heated steering wheel, air ionizer and auto-dimming rear mirror. Things are mostly the same under the skin, though. The base engine is a turbocharged 1.2-liter three-cylinder making 137 horsepower and 162 pound-feet of torque. The optional turbo 1.3-liter three-cylinder makes 155 horsepower and 174 pound-feet. They're basically carry-over, as are the drivetrain combinations. Front-wheel-drive Encore GXs get a CVT, and the all-wheel-drive ones get a nine-speed automatic. Pricing is quite reasonable. The base model starts at $26,895.