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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.

AEV-upgraded GMC Canyon AT4X, Chevy Colorado ZR2 appear in spy photos

As with the previous generation, it appears the 2023 Chevy Colorado ZR2 will be getting a special AEV version. Not only that, but its twin, the GMC Canyon AT4X will get one, too. And as these spy photos show, they'll have some additional off-road accessories included, as well as bigger tires. We'll start with the GMC Canyon. The first example of the truck without any camouflage is not quite fully upgraded like the camouflage vehicles. But it has one part not seen on the others: the AEV snorkel. 2023 Chevy Colorado ZR2 AEV Bison prototype View 13 Photos The two appear to be riding on larger Goodyear Wrangler Terrain MT tires. These look like 35-inch examples -- 2 inches larger than the biggest tires available on the ZR2 and AT4X. They're also mounted on beadlock capable wheels. Besides the bigger tires, both trucks also feature a new bed-mounted spare tire. It's a full-size spare, and unlike past bed-mounts, this one places the tire flush against the cab. The benefit of moving the spare to the bed is departure angle. And while this position looks a little less like how trophy trucks carry their spares, it should provide better cargo space. Rear visibility probably isn't great, though. Generalizing based on what we know about the current ZR2 Bison, the new AEV trucks will probably get unique grilles, steel bumpers, fender flares, a suspension lift and possibly even axle ratio changes. Additional options such as a winch could be offered, too. We expect the trucks will be revealed within the next year, since the base trucks have already been shown, and these are just upgraded versions of those trucks. Related Video: 2023 Chevrolet Colorado walkaround

Peter Max staring down $1M lawsuit over Corvette collection sale

Pop artist Peter Max recently sold off his collection of 36 vintage Chevrolet Corvettes – one each from 1953 to 1989 ­– for an undisclosed amount. The new owners have already announced plans to restore some of them and auction the models off sometime soon. Up until then, the sports cars had been languishing in various garages around New York City for decades and were caked in dust and grime. However, Max's end of the transaction has just become more complicated, because two men are suing the artist claiming he employed them to complete the deal first. The men allege that Max hired them to broker the sale of the 36 Corvettes in exchange for a 10-percent commission, according to the New York Post. They claim to have emails and text messages proving the existence of the deal, and are taking Max to court for $1 million over the squabble. The collection of Corvettes was amassed in 1989 as part of a prize package from the television network VH1, and Max bought the cars from the winner intending on using them for an art project. He never got around to it, though, and parked the sports cars around New York, until he finally sold them over the summer.