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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.

Nissan Sentra, Buick LaCrosse to headline LA Auto Show

We're less than a month away from the start of the Los Angeles Auto Show, and automakers have been lining up their debuts for the upcoming left-coast expo. The latest announcement comes from the show's organizers who are eager to tout the global debuts slated for next month. Chief among them will be new versions of the Buick LaCrosse and Nissan Sentra. So far all we've seen of the 2017 LaCrosse is a glimpse at the front grille, but it's already promising to bring elements of the Avenir concept to the street. The original LaCrosse was launched in 2004 and was replaced in 2010 with the current model. The Sentra nameplate has been around much longer, but the current model was launched more recently in 2013. The new version spied recently while undergoing testing is promised to be a substantial update on that model, not a complete replacement, bringing it up to speed with the latest equipment and revised styling. This represents the first official confirmation we've received of when Nissan will be unveiling the new Sentra. Mitsubishi will also be on hand with its new Outlander Sport, as well as the redesigned Mirage. They'll be joined as well by new versions of a couple of high-end models that promise to resonate with the local crowds in tinseltown. Land Rover has chosen the LA show as a suitable venue to unveil the production Range Rover Evoque Convertible that will drop the top on one of the most stylish luxury crossovers on the market. And Porsche, as we know, is gearing up to hit the track with the new Cayman GT4 Clubsport - a customer racing version of the company's little two-seat, mid-engined sports car that's been lightly modified for motorsport competition. Of course these won't be the only new metal on display at the Californian auto expo. They'll be joined as well by the likes of the new Infiniti QX30, Hyundai Elantra, Kia Sportage, and Jaguar F-Pace - many of which we've already seen. Meanwhile companies like Fiat, Ford, Mazda, Mercedes, Subaru, Volvo, Volkswagen, and Elio Motors are keeping their plans under wraps for the time being. But with mere weeks to go, it won't be long before we see what they've got in store as well.

Buick Enspire spied for the first time, loses concept's electric powertrain

About a year ago, Buick showed a high-performance electric crossover with wide, aggressive, curvy lines that was called the Buick Enspire. Now we have our first look at the production version. While it does seem to be styled like the crossover, it also seems to have lost its electric powertrain in favor of internal combustion. At the front of the crossover, we can clearly see it has the skinny, scowling headlights of the concept sitting high on the front fascia and flush with the hood. The main grille looks like it may be smaller, but it could also just be that the actual open section of the grille doesn't fill up the grille area of the fascia. In profile, the crossover has an attractive long nose, low roof and rising belt line. The rear shows the most change, as the rear pillars are much thicker, and the taillights don't appear to span the full width of the crossover. It's in the rear that we can also see the evidence that the Buick Enspire will actually be gasoline powered. Looking very closely under the rear bumper cover, we can see two exhaust tips turned to face the ground. Based on the size of the crossover, and the fact a Cadillac XT4 was being driven along with the prototype, the Enspire is probably using the XT4's platform, as well as its mechanical bits. That means it probably has a turbocharged 2.0-liter four-cylinder making 237 horsepower and 258 pound-feet of torque. Power will also probably go through a nine-speed automatic to either the front wheels or all four. This prototype looks to be pretty far along, so we'll probably see the production version in about a year. Considering the Enspire's size and likely powertrain, it may even replace the similar Buick Envision. And since the Envision is Buick's worst selling crossover (unless you count the Regal TourX as one), it would be ripe for replacement.