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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.

First-edition Detroit muscle raises millions for charity at Barrett-Jackson

Amidst all the classic metal crossing the auction block each year in Scottsdale, AZ, Detroit automakers have a tradition of donating the first examples of their most enticing new muscle cars, with the proceeds of their sales going towards worthwhile charities. This year, Barrett-Jackson handled three noteworthy examples. The highest price among them was the first Ford Shelby GT350R Mustang with the VIN #001, which raised $1 million for the Juvenile Diabetes Research Foundation. General Motors donated the first new Chevy Corvette Z06 Convertible, the first retail example of the droptop supercar garnering $800,000 for the United Way. Along with the Z06, GM also donated the first new 2016 Cadillac CTS-V sedan, which brought in $170,000 for Detroit's College for Creative Studies. Although these were the headline Motown muscle machines furnished by the automakers themselves, they weren't the only vehicles auctioned off for worthy causes. A 1950 GM Futurliner bus donated by collector Ron Pratte led the charge when it brought in $4.65 million for the Armed Forces Foundation. Other lots included a custom Jeep Wrangler donated by SEMA ($85k), a new M5 donated by BMW ($800k), a '79 Oldsmobile Cutlass Hurst ($140k), '39 Cadillac LaSalle C-Hawk ($410k), Jeff Gordon's 1999 NASCAR-spec Chevy Monte Carlo ($500k) and a Victory Cross Country 8-Ball motorcycle ($180k). All told, the charity lots raised over $8.7 million for local and national charities. BARRETT-JACKSON REACHES HISTORIC HIGHS FOR SALES, CROWDS AND CELEBRITY APPEARANCES IN SCOTTSDALE • Barrett-Jackson sold 1,611 vehicles, which went for more than $130 million (unaudited), smashing records in the company's 44-year history during the 10-day auction at WestWorld of Scottsdale • Automobilia sales nearly tripled world records, with 2,000 pieces selling for more than $6.55 million • Celebrity attendance and crowds, along with ratings on Discovery and Velocity, spike SCOTTSDALE, Ariz. – Jan. 18, 2015 – Barrett-Jackson, The World's Greatest Collector Car AuctionsTM, reached historic highs during the Scottsdale auction at WestWorld from Jan. 10-18, 2015. During the 10-day auction, Barrett-Jackson recorded more than $130 million in vehicle sales (unaudited) and a world record $6.55 million in automobilia sales (unaudited), making it the highest auction in sales to date. The Ron Pratte Collection alone brought in over $40.44 million in vehicle and automobilia sales.

New Forza Horizon 2 pack features Chevy Monte Carlo SS, Audi RS6 Avant [w/video]

The latest car pack for Forza Horizon 2 is hitting Xbox Live today, giving Xbox One owners a shot at six new vehicles that date back to 1970. Leading the charge in the hearts and minds of the Autoblog staff is, of course, the 1988 Chevrolet Monte Carlo SS, one of the most 80s-tastic performance coupes of its time. Chevy's 80s-era NASCAR representative is joined by another General Motors performance two-door, in the form of the 1970 Buick GSX. Complete with a 455-cubic-inch V8, the GSX could best be thought of as the grandpappy to the iconic GNX of the late 1980s. Crossing the pond, we have a trio of offerings from the United Kingdom, with the 2002 Lotus Esprit V8, the redesigned, aluminum-intensive 2014 Land Rover Range Rover Supercharged and finally, the 2015 McLaren 650S. The mid-engined offerings should be a riot on the winding roads of Forza Horizon 2's European locales, while the Range Rover should make cross-country efforts an absolute breeze. Finally, virtual wagon lovers will be able to enjoy the 2015 Audi RS6 Avant and its combination of Quattro all-wheel drive and a twin-turbocharged V8. As per usual, this latest car pack will be available to gamers for $5 while season pass owners will score the sextet of vehicles for free. Scroll down for a video of the new offerings in action, as well as the official press release from Turn 10 Studios. "Forza Horizon 2" NAPA® Chassis Car Pack Now Available The roads and countryside of "Forza Horizon 2" beg for you to leave your mark on them. The NAPA® Chassis Car Pack for "Forza Horizon 2" on Xbox One has arrived, bringing five amazing new cars to blaze trails, break records, or just enjoy a casual cruise in. First off, the new McLaren 650S Coupe's uncanny acceleration and preposterous top speed will satisfy the elitist in you. If you want get away from it all, there's no better way than in the Supercharged Land Rover. Need muscle? Take the classic form of the Buick GSX or the later model Monte Carlo SS for a spin. We all need more wagon in our lives and the Audi RS6 is ready to run around town or serve up surprises at the track. The NAPA® Chassis Car Pack for "Forza Horizon 2" on Xbox One is available today for $5 in the Xbox Live store. Starting today, also available this month for free for all Xbox One players is the 2002 Lotus Esprit V8.