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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.

2024 Buick Envision debuts with family styling, massive interior screen

Buick showed us the 2024 Envision in a single image nearly a year ago, and while the wait’s been a long one, we now have all the details on this crossoverÂ’s thorough refresh. And yes, even though weÂ’re already rather deep into 2024, this refresh is indeed for the 2024 model year Envision. The big changes outside are plenty visible at first glance as you see the Wildcat EV-inspired front end thatÂ’s been splashed across BuickÂ’s SUV lineup. The Envision looks largely similar to before around back, though Buick notes itÂ’s using new badging on the rear fascia. Plus, new 20-inch wheels are standard on both the ST and Avenir trims, while the base Preferred trim makes do with 18s. Its powertrain is all carryover, which means the only engine option is a 2.0-liter turbocharged four-cylinder that sends 228 horsepower and 258 pound-feet of torque through a nine-speed automatic transmission. One difference for 2024, though, is that all-wheel drive is made standard, eliminating the cheaper FWD versions. BuickÂ’s most substantial changes are inside the 2024 Envision. It features a standard 30-inch display that stretches across the dash encompassing the instrument cluster and the infotainment screen. This also means it has a new center stack and center console design that better fits this massive display. Many of the hard climate control buttons are eliminated from the center stack, but some key, often-used toggles remain for easy use. The button-operated “shifter” layout on the center console is gone, too, replaced by GMÂ’s column shifter slowly making its way across the entire General Motors lineup. In its place is a massive, shiny volume knob and additional storage capacity. As for luxuries and styling, the Envision adds new red/black and gray/blue interior color combos, and the front seats themselves are new to be more comfortable than before. Ambient lighting is added to the cabin, and Buick says itÂ’s upped the trim quality on the center console. If you opt for the ST, you get a flat-bottom steering wheel for a sportier appearance, too. More driver assistance features are being made standard for 2024, though Super Cruise is not one of them despite it being initially touted as one of the new technology items coming to the Envision this year. When queried about its absence, a Buick spokesperson told us this: “The 24MY Envision will no longer debut with Super Cruise, but we plan to bring it to Buick vehicles soon.

Consumer Reports no longer recommends Honda Civic

Consumer Reports annual Car Reliability Survey is out, and yes, there are some big surprises. First and foremost? The venerable publication no longer recommends the Honda Civic. In fact, aside from the walking-dead CR-Z and limited-release Clarity fuel-cell car, the Civic is the only Honda to miss out on CR's prestigious nod. At the opposite end there's a surprise as well – Toyota and Lexus remain the most reliable brands on the market, but Buick cracked the top three. That's up from seventh last year, and the first time for an American brand to stand on the Consumer Reports podium. Mazda's entire lineup earned Recommended checks as well. Consumer Reports dinged the Civic for its "infuriating" touch-screen radio, lack of driver lumbar adjustability, the limited selection of cars on dealer lots fitted with Honda's popular Sensing system, and the company's decision to offer LaneWatch instead of a full-tilt blind-spot monitoring system. Its score? A lowly 58. The Civic isn't the only surprise drop from CR's Recommended ranks. The Audi A3, Ford F-150, Subaru WRX/STI, and Volkswagen Jetta, GTI, and Passat all lost the Consumer Reports' checkmark. On the flipside, a number of popular vehicles graduated to the Recommended ranks, including the BMW X5, Chevrolet Camaro, Corvette, and Cruze, Hyundai Santa Fe, Porsche Macan, and Tesla Model S. Perhaps the biggest surprise is the hilariously recall-prone Ford Escape getting a Recommended check – considering the popularity of Ford's small crossover, this is likely a coup for the brand, as it puts the Escape on a level playing field with the Recommended Toyota RAV4, Honda CR-V, and Nissan Rogue. While Ford is probably happy to see CR promote the Escape, the list wasn't as kind for every brand. For example, of the entire Fiat Chrysler Automobiles catalog, the ancient Chrysler 300 was the only car to score a check – there wasn't a single Dodge, Fiat, Jeep, Maserati, or Ram on the list. That hurts. FCA isn't alone at the low end, either. GMC, Jaguar Land Rover, Mini, and Mitsubishi don't have a vehicle on CR's list between them, while brands like Mercedes-Benz, Volvo, Nissan, Lincoln, Infiniti, and Cadillac only have a few models each. You can check out Consumer Reports entire reliability roundup, even without a subscription, here.