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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.

GM is training more first responders for EV emergencies in the U.S. and Canada

GM is training more first responders to be able to handle emergencies involving electric vehicles. The automaker is "significantly expanding" its EV First Responder Training program in the United States and Canada as electric vehicle sales continue to grow. Its initiative will primarily focus on training firefighters and equipping them with the necessary knowledge about full electric vehicle technologies. GM says it's hoping to dispel misconceptions when it comes to handling EVs in emergency situations. One of those misconceptions is that water is dangerous around EV batteries — turns out the recommended way to put out lithium-ion battery fires is by using copious amounts of water.  Andrew Klock, a senior manager of education and development at the National Fire Protection Association (NFPA), said: "The best way for the public and private vehicle fleet owners to rapidly adopt EVs is to train firefighters and emergency responders on how to handle incidents involving battery powered vehicles. The fire service has had more than 100 years to gain the knowledge needed to respond to internal combustion engine fires, and it is critical that they are now educated on EV safety." The NFPA held trainings of its own that had benefited 300,000 first responders, but it believes more than 800,000 members of the community still need further training.   GM previously piloted the program in southeast Michigan, but now it's conducting training events across Michigan and in Fort Worth, Texas, as well. Later this summer, it's bringing the program to metro New York City and Southern California. Participants will have to attend four-hour sessions, with up to two per day, held in various venues, such as fire houses and dealerships. Interested first and second responders can register through the program's dedicated website and earn a certificate from the Illinois Fire Service Institute if they score higher than 70 percent on the learning assessment by the end of their training.  The automaker already has a few EV models on the market, including the Chevy Bolts, the GMC Hummer EV and the Cadillac Lyriq. It has huge electrification plans for the future, though, and training responders could help make potential customers more receptive to the idea of switching to electric vehicles. GM aims to launch 30 EV models by 2025 and to exclusively sell EVs ten years after that. Related video: Green Cadillac Chevrolet GM GMC Safety Electric

Can Fernando Alonso win Indy? Here's why and why maybe not

SPEEDWAY, IN – The month of May has been a joy ride for Fernando Alonso at Indianapolis Motor Speedway. The two-time Formula 1 champion came to Indy having never turned left in a race car without also turning right. But he acquired such a feel for Indy's 2 1/2 -mile rectangle during a month of practice and qualifying that he's considered a strong contender to win the 101st Indianapolis 500 on Sunday, rookie or not. "You're not trying to bring somebody on who has very little experience driving very high-performance cars," said 2003 Indy 500 winner Gil deFerran, who this month has helped Alonso learn the nuances that make the speedway such a tough place to conquer. "I suppose it would be a little bit different if you were dealing with a younger, much less experienced person." Driving a McLaren Honda from the potent Andretti Autosport team, Alonso was consistently near the top of the speed charts in practice, he qualified fifth fastest at 231.300 mph, and he handled runs in heavy traffic like a driver who'd done it many times before. But those were the prelims. The race is another creature. "The car felt the best (it has) in the last two weeks. I was making some moves, taking some different lines. I am extremely happy." Other drivers say the speedway looks different on race day when the crowd, expected to top 300,000, fills the grandstands and makes an already narrow track seem even tighter. The three-wide rolling start is something Alonso has never experienced, and he will see the green flag from the middle of the second row between Takuma Sato and J.R. Hildebrand. And the space he'll be given by his competitors in the first 180 laps may disappear In the last 20 when it's every driver for themselves. Can a rookie like Alonso win this race? Absolutely, as Andretti driver Alexander Rossi showed last year when his team used a fuel-mileage strategy to win in his first taste of Indy. We're talking about Fernando Alonso here, who easily could show his rookie stripes to the rest of the field most of the day. His best lap in Friday's final practice, 226.608, was fifth fastest in the field and, more important, he said the car felt comfortable in heavy traffic. "The car felt the best (it has) in the last two weeks," Alonso said. "I was making some moves, taking some different lines.