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GM raises 2023 guidance on strong sales, higher profits
Tue, Apr 25 2023General 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.
Best 3rd row SUVs of 2022
Wed, Oct 19 2022If you plan on using a vehicle's third row a lot, let us at least make the suggestion that a minivan would be a smarter bet than anything you're going to see on this list of best three-row SUVs. Their third rows are bigger, more comfortable and easier to get to. The kids will definitely be happier. Here are our two top choices. OK, now that that's out of the way, we totally get why minivans are totally depressing and that if the kids want to be happier, they can buy their own darn vehicle. You're buying, you're driving, you're being seen in it and you'd rather have a three-row SUV. Fair enough. Luckily, there are more choices than ever and they're really good. The best do a particularly good job of being family friendly without looking like a drab transportation appliance, although really, you can't go wrong with any of the mainstream three-row SUVs. Now, some of the luxury choices are a bit suspect, including those that are otherwise very appealing but have cramped third-row seats (the Genesis GV80 comes to mind). We're focusing on three-row SUVs here, so having a usable third row is a must.  In this list, we have broken things down into four sub-categories: Best Three-Row Crossover |  Best Full-size Three-Row SUV Best Luxury Three-Row SUV |  Best Flagship Luxury Three-Row SUV Note that we define crossovers as SUVs since most buyers use the terms interchangeably, but acknowledge that "crossover" is literally a vehicle with a car-like unibody structure as opposed to the truck-like, body-on-frame construction that traditionally has defined "SUV." In other words, we consider all crossovers SUVs, but not all SUVs are crossovers (specifically those in the full-size segment and some in the flagship luxury segment). Best Three-Row Crossover SUVs of 2024 2024 Honda Pilot Why it stands out: Exceptional storage and cargo space; unique second-row functionality; refined ride; versatile and capable TrailSport; advanced AWDCould be better: Subpar acceleration with lackadaisical transmission and engine response; so-so driver assistance tech Read our full 2024 Honda Pilot Review The Honda Pilot was completely redesigned for 2023. It maintains its predecessor's family friendly packaging and overall focus, but it has injected a welcome sense of style (especially in the TrailSport pictured above) that makes it stand out much better from the big crossover crowd.
2016 Chevy Volt will be available across Canada, unlike most of US [UPDATE]
Wed, Sep 16 2015UPDATE: The story's been updated to add a response from General Motors of Canada. It's not enough that the Toronto Blue Jays may be the most intimidating team in Major League Baseball. Now, it appears that our neighbors to the north will also have some bragging rights in regards to General Motors' Chevrolet Volt extended-range plug-in vehicle. Specifically, most of Canada will have access to the 2016 version before most of the US will. In fact, the car will be available in Canada before people can buy it in Michigan. A trip to Windsor, Ontario, anyone? The Volt, which will boast a longer plug-in range than the current version, could go on sale in Canada as soon as November, GM Authority says. The model's second-generation version may debut in California as soon as this month, and is slated to be sold later this year in the 10 other states that abide by the so-called CARB (California Air Resources Board) rules for zero-missions vehicles. Those states include Oregon, Maine, New York and Massachusetts. But not GM's home state of Michigan. Either way, the new generation model's debut can't come soon enough for the US automaker, as Volt sales in 2015 have seriously lagged the 2014 numbers because of people waiting for the new version. "We will receive the 2016 Volt in Canada this fall, starting with our key Volt markets in Quebec, Ontario and British Columbia," wrote General Motors of Canada spokesman George George Saratlic in an e-mail to AutoblogGreen. "Note these are also the three provinces that provide provincial incentives on EV purchases. We'll then roll out Volt to the rest of the country." Last week, details were revealed about the first sales of the 2016 Volt, where marketing efforts will be concentrated among the largest plug-in buying states in the union. The other 39 states will get their shot starting next year with the 2017 model-year variant. Related Video: