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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.

Meet the mother-daughter team that's worked on almost every Chevy Volt

It's Mother's Day, and we're soft enough we love our mothers enough to share a new video from General Motors with you. In it, we meet Monique Watson (left) and Evetta Osbourne, a mother-daughter team that works at the Detroit-Hamtramck Assembly where GM makes the Chevy Volt (along with all of GM's other plug-in hybrids: the Opel Ampera, Holden Volt and Cadillac ELR). The two work side-by-side and have installed the lithium-ion battery pack on almost all of those vehicles - nearly 80,000 of them - since GM started making the pre-production Volts in 2009. In a prepared statement, Watson said that she likes working next to her mom, day in and day out, and they the two are totally in sync when it comes to putting the 400-pound, 16.5-kWh packs into the vehicle undersides. They two can also share stories throughout the day, and Watson said, "The arrangement has absolutely improved our relationship." Osborne started working at Detroit-Hamtramck in 1999, Watson since 2006. If you're driving a Volt today, you probably have them to thank for doing a bit of the work putting your car together. See a short video of them in action below. It's Always Mother's Day for Detroit-Hamtramck Duo Mother, daughter install lithium-ion battery pack in nearly all GM electric vehicles 2014-05-08 DETROIT – For Detroit resident Evetta Osborne, every day is Mother's Day. That's because she literally works side by side with her daughter, Monique Watson, at General Motors' Detroit-Hamtramck assembly plant. They have installed the lithium-ion battery pack on nearly every Chevrolet Volt, Opel Ampera, Holden Volt, and Cadillac ELR since production began. In fact, apart from vacation days and an occasional sick day, the mother-daughter duo has installed almost every battery pack since the Volt was in pre-production in 2009. The ELR launched earlier this year. All told – including Ampera – that's more than 80,000 electric vehicles. "We're a good team and our relationship is secondary when it comes to performing our jobs – but it's great to work alongside my daughter, said Osborne, a mother of five. Because the battery packs weigh more than 400 pounds each, automatic guided vehicles – robotic carts that use sensors to follow a path through the plant – deliver them just as the vehicle body structures glide into position overhead. The carts then lift the T-shaped packs, and Osborne and Watson guide them into the chassis and secure each one with 24 fasteners.

Huge, pricey trucks haul jobs and profits for the Detroit Three

DECATUR, Texas — Mickey McMaster is on his 12th pickup truck. The 61-year old farm equipment dealer in Decatur, Texas, two weeks ago treated himself to a 2019 GMC Denali for around $69,000 — a reward for long hours at work. "For me this is the Cadillac of trucks, it's a real luxury vehicle," McMaster said. "I've worked my way up to afford a truck like this and it shows that I've earned it." McMaster is the kind of customer General Motors Co is banking on as it plans to add 1,000 jobs at a plant in Flint, Michigan that will build a new generation of its largest pickups. Demand from Texas and other heartland states for big pick-ups is providing a lifeline to many workers the No. 1 U.S. automaker is laying off at plants elsewhere. The Detroit Three automakers and thousands of their U.S. workers are counting on customers like McMaster to keep buying bigger and more luxurious pickup trucks even if overall U.S. vehicle demand weakens this year, as most analysts predict. At Flint, GM will build a new generation of its heavy-duty Chevrolet Silverado and GMC Sierras, including luxury models that are some of the most profitable vehicles on the planet. GM, Ford Motor Co and Fiat Chrysler Automobiles NV's Ram division own the segment and are each doubling down with new or redesigned models launching this year. Sales of heavy-duty pickups in the United States have grown to more than 600,000 vehicles a year, up more than 20 percent since 2013, according to industry data. Prices for luxury models can easily top $70,000. GM on Tuesday celebrated the launch of a new generation of heavy-duty GMC and Chevrolet pickups at the assembly plant in Flint, Michigan, that is now building all such trucks for the company. At the same time that GM is laying off thousands of U.S. workers and planning to shutter five North American factories, Flint is hiring. The plant runs on three daily shifts, six days a week. As the new model's assembly system ramps up, the plant's capacity will increase by more than 25 percent, plant manager Mike Perez told Reuters. The Flint plant plans to add 1,000 workers, more than half of the 1,500 factory workers who have asked to transfer from plants GM has targeted for shutdown as part of CEO Mary Barra's restructuring plan. "We're bringing in 50 to 100 people every week," said Perez. Workers last week were still finishing the job of retooling the Flint factory to build the new heavy-duty trucks as part of a $1.5 billion investment project.