1991 Chevrolet Corvette Zr-1 Hatchback 2-door 5.7l on 2040-cars

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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.

Chevy Crossvolt name kept alive in new trademark application

In April 2011 General Motors submitted a trademark application with the US Patent and Trademark Office for the word "Crossvolt." In November of this year, the application expired for lack of a statement of use. But in August of this year, GM applied again for the same trademark, leading some to believe that it intends to apply the name to a vehicle. That vehicle could explain the mule in sliced-and-diced Chevrolet Orlando bodywork caught in several spy shots this year, theorized to be some kind of Toyota Prius V or Ford C-Max Hybrid competitor; or it could be a production version of the Chevrolet Volt MP5 concept showed off at the Beijing Motor Show in 2010, which was about the same size as the Chevy Orlando. Or it could be none of those things – but the fact that Chevrolet is keeping it current makes us believe it will be... something. Featured Gallery Beijing 2010: Chevrolet Volt MPV5 concept View 13 Photos News Source: Fox News, Trademarkia Green Chevrolet GM Crossover Hybrid trademark uspto

Recharge Wrap-up: Chevy Spark EV in Canada, Audi to use Valeo electric supercharger

The Chevrolet Spark EV will become available to retail customers in Canada. "We're expanding our electric vehicle offerings to our customers by offering the 2016 Spark EV for retail sales in the growing EV markets here in Quebec as well as in Ontario and BC," says Chevrolet's Chris Hay. Chevrolet has not yet released pricing for the Spark EV in Canada. In the US, the Spark EV is available in California, Oregon and Maryland. Read more at Hybrid Cars. Four recreational vehicle companies in Texas have settled with the EPA over illegal import and sale of off-road vehicles. The 4,000-plus Hammerhead brand vehicles in question were imported without the proper certification, a violation of the Clean Air Act. Some vehicles lacked proper emission control equipment or were manufactured by a company not listed on the certificate application. The settlement totals $560,000 in civil penalties for the companies involved. Read more from the EPA. The Iowa Supreme Court has upheld the state's natural gas tax, which was challenged by the ethanol industry. Ethanol producers, which use natural gas to make ethanol, argued the complicated tax was unconstitutional, as it forced certain plants to pay more than their competitors. Taxes vary by location, and some plants have to tap into interstate pipelines at much higher tax rates rather than get it from a local utility. Now, ethanol producers will work to change the law. "My hope is that people understand that, something may be constitutional but that doesn't make it good public policy," says Iowa Renewable Fuels Association Executive Director Monte Shaw. Read more at Manufacturing.Net. Audi will use Valeo's electric superchargers to improve fuel economy and acceleration. Valeo says Audi will launch a vehicle using its electric supercharger next year, with other reports suggesting that car will be the Audi Q7. The company says other unspecified automakers will also use the technology in their vehicles. While the electric supercharger adds to the vehicle's cost and electric energy use, it can improve fuel economy by as much as 20 percent. Read more at Automotive News Europe. Featured Gallery Chevrolet Spark EV View 13 Photos Related Gallery 2016 Audi Q7: Detroit 2015 View 15 Photos News Source: Hybrid Cars, EPA, Manufacturing.Net, Automotive News EuropeImage Credit: Chevrolet Government/Legal Green Audi Chevrolet Alternative Fuels Emissions Ethanol Fuel Efficiency Electric Off-Road Vehicles recharge wrapup