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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.

Mark Reuss: GM can't afford product 'misses,' has 'thought about' CT6 V-Series

Mark Reuss is a busy man. He oversees General Motors' global product portfolio, an all-encompassing task for a company that sold more than 9.9 million cars and trucks last year. When GM launches a well-received product, like the road-going rocket ship that is the Chevrolet Corvette Z06 – he gets credit. When the company stumbles with the slow-selling Chevy Malibu or grapples with fallout from the decade-old Saturn Ion and its flawed ignition switch, he gets blamed. GM owners, the press and sometimes the federal government, demand answers. Bob Lutz famously held the job before Reuss. So did Mary Barra, who's now GM's chief executive. There's a New GM, but the lineage is connected to a long history. When he's not thinking product, Reuss, an executive vice president, also runs the purchasing and supply chain for the company, which is still one of the largest industrial empires in the world. We caught up with Reuss on the floor of the New York Auto Show, where GM had just rolled out two crucial new products: the 2016 Cadillac CT6 and the 2016 Chevrolet Malibu. Speaking with a small group of reporters, Reuss delved into a variety of subjects, including the new Malibu, Cadillac's future (he thinks the ATS-V is going to "flame the M3 and M4"), and other topics. On fixing the Malibu: "We can't miss. We can't have those kinds of misses [like the previous generation] on our cars and crossovers and trucks. We can't do that. If we do that, we give a reason for someone to go buy something else. It's that simple. "On a car like the Malibu we have a chance to really fix all of that, which we have, and then lead. Then you've got a real opportunity there. So that's what we've really been focused on here – to fix those things." He later added: "We need that car here to transform Chevrolet desperately because it's the heart of the market. And when you think of Chevrolet, people will come back and think about what we did with the [new] Malibu and the Cruze... It's hugely important to us." On Cadillac: "If we go out and try and out-German the Germans, it's probably not going to work. We've got an opportunity here generationally where there's a lot of people younger than me that have parents that drove BMWs and Mercedes, and I think there's an opportunity there for those people to drive something different than what their parents did, and I think that's always been an opportunity in the auto industry if you look at the history of it.

Best cheap SUVs: You don't have to pay a lot to get a lot

Here's a news flash: Everything is a lot more expensive now! And that definitely goes for new SUVs, with prices that keep nudging higher and higher. Actually "nudging" might be too soft of a description for their motion. "Skyrocketing" is probably more accurate.  While higher prices and hefty interest rates have likely knocked a lot of people out of the new car market entirely, there are still quite a few cheap SUV choices. Better still, they're not terrible! Far from it, in fact. While the lowest price SUVs used to be drab, sorry affairs best left to the lots of Avis and Budget, that is definitely not the case today. Not only are there legitimately appealing cheap SUV choices, they offer genuine differences in character, capability and design. It's not just a series of anonymous boxes with different badges. Below you won't just find a simple list of the cheapest SUVs available. We are actually pointing out the best ones. They are listed from least expensive to most expensive, with none exceeding a starting price of $30,000. Most are subcompacts, but a few of our top choices in the compact SUV segment snuck on. Finally, please excuse the crummy photo quality. We sought out representative trim levels of the prices in question rather than just reusing pretty carmaker-provided photos of the most expensive trim levels. This is what the cars will actually look like. Kia Soul Why it stands out: Ample space and abundant features for the money; unique style; strong turbo engine upgrade Could be better: All-wheel drive is not available Starting Price: $21,315 Read our most recent Kia Soul Review The Kia Soul definitely didn't start off as a small SUV, and the term "crossover" is probably better applied to it. Still, what started life as an undefinable funky tall hatchback now finds itself in its third generation with numerous vehicles of similar shape and size that are dubbed "small SUV" or "small crossover." If it walks like a duck and quacks like a duck ... Call it what you will, but the Soul delivers the goods with tons of equipment and space for its price and size, an agreeable driving demeanor, and an even more powerful engine upgrade than the Kona's. We also think it's pretty cool. All of the above helped it win our subcompact SUV comparison test. Now, if there's one area where the Soul does not satisfy a typical SUV requirement, it's the lack of available all-wheel drive.