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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.

NHTSA closes 4-year GM investigation, issues common sense advisory [w/video]

Since January 2011, the National Highway Traffic Safety Administration has been investigating a possible problem with corroding brake lines in General Motors' GMT800-platform models, like the Chevrolet Silverado and Suburban and GMC Sierra, in states with salt on their roads in the winter. However, as opposed to launching a full recall of millions of vehicles, the government is issuing a common-sense safety advisory to all drivers in snowy states to keep their vehicle's undercarriage clean. It even has a video explaining things. "Older-model vehicles, often driven in harsh conditions, are subject to corrosion over long periods of time, and we need owners to be vigilant about ensuring they, their passengers, and others on the roads are safe," said NHTSA Administrator Mark Rosekind in the announcement of the end of the investigation. The agency was clear in its report that "brake line corrosion seen in the GM vehicles was not unique," and the government "has not identified a defect that would initiate a recall order." Instead NHTSA is advising drivers, especially those of vehicles from before 2007, to wash their vehicle's undercarriage in the winter and spring to remove salt or other de-icing chemicals. It also recommends regular checks by a mechanic to make sure everything is in proper order. According to the investigation documents, for just the GMT800 platform models, NHTSA found 3,645 complaints of brake line corrosion, which included allegations of 107 crashes and 40 injuries. The issue was found to be more common in vehicles over 10 years old. GM has released a statement (embedded below) that the company "supports the consumer advisory from NHTSA urging regular maintenance and care of brake lines on older vehicles." NHTSA Closes Investigation into Brake-Line Failures NHTSA 13-15 Thursday, April 9, 2015 Agency issues safety advisory on preventing undercarriage corrosion WASHINGTON – The Department of Transportation's National Highway Traffic Safety Administration (NHTSA) today issued a Safety Advisory and consumer video encouraging owners of model year 2007 and older trucks, SUVs and passenger cars to inspect brake lines and thoroughly wash the underside of their vehicles to remove corrosive salt after the long winter in order to prevent brake-line failures that increase the risk of a crash.

Autoblog Minute: 2017 Ford F-Series Super Duty truck reveal

Competition in the heavy duty truck segment heats up as we get our first look at the 2017 Ford F-Series Super Duty lineup. Autoblog's Adam Morath reports on this edition of Autoblog Minute. With commentary from Autoblog's senior editor Greg Migliore and an interview with Doug Scott of Ford Motor Company. Update: This post has been updated to reflect that the entire Ford F-Series Super Duty lineup is new for 2017, not just the F-250 model. Show full video transcript text [00:00:00] Competition in the heavy duty truck segment heats up as we get our first look at the 2017 Ford F-Series Super Duty trucks. I'm Adam Morath and this is your Autoblog Minute. As Ford prepares to release its new Super Duty line to the American worker, we spoke with Doug Scott of Ford's Truck Group to find out what customers can expect from this latest super duty offering: [00:00:30] [Doug Scott Interview] For more on what the changes to Super Duty mean for the segment we go to Autoblog's Greg Migliore: [00:01:30] [Greg Migliore Interview] Will a larger cabin and increased towing capacity help these heavy duty trucks take off like the smaller F150? And, how will the other HD giants, Chevy, GMC, and Ram respond? Truck fans, be sure to sound off in the comments below. For Autoblog, I'm Adam Morath. [00:02:00] Show Logo Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Chevrolet Ford GMC RAM Truck Autoblog Minute Videos Original Video ford f-250 f-250 super duty