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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.

Here are the best-selling cars and trucks from January 2015

Every month, Autoblog slogs through all the sales figures reported by automakers that do business in the United States, and, after a little bit of sorting, we put it into an easy-to-read chart in an attempt to make it as easy as possible to follow the ins and outs of sales and shipments. But that only covers the brands themselves, not the individual models they sell. And we think you'd all be interested in knowing which vehicles beat their rivals in sales from month to month, so we've put together this handy gallery to keep you in the know. While the leader of the pack may not come as much of a surprise, the order that the top ten finishes in changes frequently – due to automaker deals, the price of gas, etc. – and we've included some statistics to help you see how their current performance stacks up to month's past. Click here to see January 2015's Top Ten Best-Selling Cars And Trucks In America. By the Numbers Chevrolet Ford GM Honda Nissan RAM Toyota Car Buying

GM Ultium tech can scavenge heat from everywhere, even you

GM likes to give us tidbits about its Ultium platform from time to time, and today it’s telling us about the platformÂ’s ability to capture waste heat from the propulsion system. In addition to capturing from the propulsion system, it can also capture humidity from both inside and outside the vehicle and even from passengersÂ’ body heat. Yes, you, your family and/or your friends are a usable heat source as far as GM EVs are concerned. It then deploys the heat in an advantageous way. If at this point, youÂ’re screaming, "Heat pump!" youÂ’d be right. WeÂ’re talking about an elaborate heat pump system that GM is using for its Ultium-based vehicles. Every Ultium-based GM vehicle gets this system that is covered by 11 patents and four publications. The waste heat it collects is used in a number of ways, but its primary use is to heat the cabin quickly and efficiently. GM claims it can heat the cabin of its Ultium-based vehicles quicker than vehicles with traditional internal combustion engines. Plus, when put to use, GM claims that using the heat pump provides its EVs with up to 10% more range than theyÂ’d have without. Beyond heating the cabin, the heat pump is capable of putting waste heat to use by preheating the battery prior to charging so that you can charge quicker. The system can even cool the propulsion system in preparation for Watts to Freedom (WTF) launch control starts. GM says this was vital in helping the Hummer EV achieve its bonkers 0-60 mph time of about 3 seconds. “Having a ground-up EV architecture gives us the freedom to build in standard features like UltiumÂ’s energy recovery capabilities,” said Doug Parks, GM executive VP of global product development, purchasing and supply chain. “This helps us squeeze more efficiency, performance and overall customer benefit out of our EVs.” GM says itÂ’s been developing heat pump technology since the EV1 and its heat pump. This is the modern evolution of that technology, and GM says itÂ’s going to be implemented in every Ultium-based vehicle as a standard feature. Related video: Green Cadillac Chevrolet GM GMC Technology Electric Future Vehicles