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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.

Next-gen Chevy Volt gets Corvette looks, adjustable regen levels

The hood may say "full speed ahead." The regenerative braking system says "slow down a bit." One person's automotive improvements is another's identity crisis, all in a day's work analyzing the new Chevrolet Volt. The next-generation version of General Motors' first extended-range plug in will include design touches taken from to the new Chevrolet Corvette, GM's iconic sports car. Hexagonal taillights and a "taut" hood will be part of the new package, Automotive News says, citing General Motors design chief Ed Wilbur. But does that mean the Volt is shedding any of its green-car cred? Not at all, if one considers that the Volt will also let the driver adjust the degree of regenerative braking using steering-wheel paddles to dial up and recapture as much energy as possible and engage in "one-pedal" driving or turn it down for easier coasting. Check out the 55-second video below featuring GM executives Mark Reuss and Andrew Farah trying out the Volt's new regenerative-braking system that was first used on the Cadillac ELR. GM will have more details for us when it unveils the 2016 Chevy Volt at the North American Auto Show in Detroit next month. The new version is said to have a larger battery, a longer all-electric driving range and more power, but Chevy's been fairly mum on those sorts of performance details so far. Green Chevrolet Electric volt cadillac elr corvette regenerative braking

GM recalling 686k Lambda-platform models for hatch repair

General Motors is recalling 686,287 units of its Lambda platform crossovers. On models equipped with a power rear hatch the system can potentially fail. This campaign includes the 2008-2012 Buick Enclave, 2009-2012 Chevrolet Traverse, 2007-2012 GMC Acadia, and 2007-2010 Saturn Outlook. According to GM's documents to the National Highway Traffic Safety Administration (as a PDF), dirt can get into a portion of the strut that holds up the hatch and cause the part to prematurely fail. There's a redundancy in place called the Prop Rod Recovery system that's designed to shut the liftgate if there's a malfunction. However, if the breakdown happens too quickly after the hatch is opened the prop rod might not work the way it's supposed to. If someone were in the way of the falling liftgate, they could be hurt. For the repair, dealers will update the software for the power liftgate actuator motor control unit to prevent the hatch from closing so quickly. They'll also check the operation of the system afterward. Related Video: RECALL Subject : Liftgate Struts may Fail and Liftgate may Fall Report Receipt Date: JUN 30, 2015 NHTSA Campaign Number: 15V415000 Component(s): STRUCTURE Potential Number of Units Affected: 686,287 All Products Associated with this Recall Vehicle Make Model Model Year(s) BUICK ENCLAVE 2008-2012 CHEVROLET TRAVERSE 2009-2012 GMC ACADIA 2007-2012 SATURN OUTLOOK 2007-2010 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2008-2012 Buick Enclave vehicles manufactured January 3, 2007, to February 29, 2012, 2009-2012 Chevrolet Traverse vehicles manufactured July 6, 2008, to February 29, 2012, 2007-2012 GMC Acadia vehicles manufactured September 15, 2006, to February 29, 2012, and 2007-2010 Saturn Outlook vehicles manufactured August 17, 2006, to March 18, 2010. The affected vehicles, equipped with the power liftgate option, have gas struts that hold the power liftgate up when open. These struts may prematurely wear and the open liftgate may suddenly fall. CONSEQUENCE: If the open liftgate unexpectedly falls, it may strike a person, increasing their risk of injury. REMEDY: GM will notify owners, and dealers will update the software for the power liftgate actuator motor control unit so that the motor will prevent the rapid closing of the lift gate, free of charge. The manufacturer has not yet provided a notification schedule.