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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 recalls 740,000 vehicles over daytime running light issue

General Motors is recalling over 740,000 vehicles due to a daytime running light issue that causes all of the affected cars to run afoul of Federal Motor Vehicle Safety Standards. Vehicles affected by this recall are spread across many of GM’s brands. Models include the 2020-2023 Cadillac CT4 and CT5, 2021-2023 Buick Envision, 2022-2023 Cadillac Escalade and Escalade ESV, 2022-2023 Chevrolet Silverado 1500, Suburban, Tahoe and 2022-2023 GMC Sierra 1500, Yukon, and Yukon XL. GM says that the daytime running lights may remain on in these cars when the headlights are activated. This is a problem, because FMVSS rules require that the daytime running lights deactivate once the headlights turn on. If the DRLs remain on, GM says that could result in additional glare, thereby increasing the risk of an accident. The cause of this failure to deactivate the DRLs comes from body control module software that “under a combination of certain pre-conditions, could fail to deactivate the DRLs,” according to GM. Other GM vehicles were tested, but due to a difference in software or hardware, they remain unaffected. If this is reminding you of another recent GM recall, youÂ’d be right, as GM recalled another 340,000 vehicles for the same issue last month. After that original issue was found within GM, the company began looking into its other cars to determine if the population was larger than originally thought. GM found the additional vehicles included in todayÂ’s recall have the problem. The fix will either be via an over-the-air update or it will require you to bring the vehicle into a dealer for a software update, depending on which vehicle you have. Owner notification letters letting folks know what is necessary are currently scheduled to go out on January 23, 2023. Related video: Cadillac Escalade Infotainment Review

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.