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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.

2016 Chevrolet Camaro First Drive [w/video]

The Autoblog gang was downright stoked to learn the 2016 Chevy Camaro was next on our test-car docket. Then we found out it was the V6 model. Buzzkill. We were hoping for the snorting V8, or at least the spunky new turbo four-cylinder. The V6? Meh. We've been driving V6 Camaros for, like, six years. It's what you buy if you can't afford anything better, or so say horsepower snobs as they wrinkle their noses and cut their coffee with 93 octane. But after a week with the six-pot Camaro, we'll admit it: we were wrong. The all-new 3.6-liter V6 is strong, sounds good, and is damn fun to drive. Its 335 horsepower and 284 pound-feet of torque appear modest by modern standards, but they power the Camaro to 60 miles per hour in 5.1 seconds with the automatic, or in the case of our manual-equipped test car, 5.2 seconds. That's almost half a second quicker than the new turbo four-cylinder model. Yes, it has the same displacement as the old V6. No, it's not the same engine. Upon closer inspection, the V6's potency shouldn't come as a surprise. This engine is from General Motors' newest family of dual-overhead cam powerplants that launched in the Cadillac CTS and ATS. Yes, it has the same displacement as the old V6. No, it's not the same engine. Don't be fooled, and don't underestimate it at stoplights. The strapping V6 is unsuspectingly good, but it's just one of many improvements for the sixth-generation Camaro. Chevy's coupe is lighter, faster, and more modern looking inside and out. It starts with a rear-wheel-drive chassis donated from the Cadillac ATS, though about 70 percent of the components are unique to the Camaro. The 2016 model is about two inches shorter in length (thanks to a shorter wheelbase) and about an inch has been removed from height and width compared to the 2015 model. These lighter underpinnings jumpstarted the Camaro's weight-loss plan, and thanks to extensive use of aluminum, the V6 with the new eight-speed automatic transmission weighs 3,435 pounds – 294 less than its predecessor (the manual-transmission V6 Camaro weighs 3,448 pounds). The V8, meanwhile, sheds 223 pounds. One by one, these elements would merely enhance how the Camaro drives, but taken collectively, they invigorate the new model. It feels much more confident and agile in all circumstances. Put simply, it's a sportier car. View 32 Photos Grab second, let the revs build, and the dual-mode exhaust changes its tune from a low buzz to a rumble, then a growl.

GM cutting Chevy Sonic, Buick Verano production [UPDATE]

UPDATE: A previous version of this story indicated that Orion Assembly would be idled for seven weeks, from February 16 through April 6. This was incorrect. The factory will instead only be idled for the weeks of February 16 and April 6. The story has been edited to reflect this. General Motors has announced that the factory responsible for the Buick Verano and Chevrolet Sonic will be idled for the weeks of February 16 and April 6, with blame being placed on excess supply. The Orion Assembly plant, about 45 minutes north of GM's Renaissance Center headquarters, employs about 1,800 people, but they'll be given a pair of furloughs as inventories of the sub-compact Sonic and premium compact Verano reach 127 days and 84 days, respectively. That works out to 26,600 Chevys and 9,800 Buicks waiting for buyers. According to Automotive News, the compact Chevy sales bested the industry average in 2014, jumping up nine percent versus the the overall segment's eight-percent gain, while the Buick sedan's sales were down four percent. When asked about the shutdown, a GM spokesman told AN that it will "build to market demand," while also pointing out that the company did not comment on production plans. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Chevrolet GM buick encore orion assembly