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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 follows up Lambda CUV stop-sale with tire recall

In late January, General Motors announced a stop-sale for about 6,281 examples of the 2015 Chevrolet Traverse, GMC Acadia and Buick Enclave because of the possibility for the treads cracking on their 18-inch Goodyear Fortera HL tires. At the time, GM said that this would also eventually lead to a safety campaign to repair the problem, and the National Highway Traffic Safety Administration has just published those details. GM's recall covers 5,876 of the three Lambda platform crossovers to replace their tires. According to NHTSA, if the treads crack, there could be a loss of pressure and possible failure. Goodyear already announced its own recall of the tires after internal testing found small tread cracks. The company did not believe this was safety issue, but the problem did put the rubber out of compliance with federal laws. The business's safety campaign covered an estimated 48,512 tires. Of those, around 32,000 were reportedly made for GM to either be fitted to vehicles or sold as replacements. The remainder went to the aftermarket. Goodyear's portion of the recall is expected to begin around February 20. RECALL Subject : Tire Tread Cracking/FMVSS 110 Report Receipt Date: JAN 28, 2015 NHTSA Campaign Number: 15V044000 Component(s): TIRES Potential Number of Units Affected: 5,876 All Products Associated with this Recall Vehicle Make Model Model Year(s) BUICK ENCLAVE 2015 CHEVROLET TRAVERSE 2015 GMC ACADIA 2015 Details Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2015 Buick Enclave vehicles manufactured December 9, 2014, to January 14, 2015, 2015 Chevrolet Traverse vehicles manufactured December 9, 2014, to January 20, 2015, and 2015 GMC Acadia vehicles manufactured December 9, 2014, to January 16, 2015, and all equipped with Goodyear P255/65R18 Fortera HL tires. These vehicles are equipped with tires that may experience tread cracking. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) No. 110, "Tire Selection and Rims and Motor Home/Recreation Vehicle Trailer Load Carrying Capacity Information for Motor Vehicles with a GVWR of 4,536 kilograms (10,000 pounds) or Less." CONSEQUENCE: If the tire treads crack, a loss of tire pressure and possible tire failure may result, increasing the risk of a crash. REMEDY: GM will notify owners, and dealers will replace the tires that were manufactured within a specific date range, free of charge.

'Killing a Duramax' Gale Banks YouTube series methodically tunes a diesel to death

Learning or perfecting a skill by watching YouTube videos is known as attending YouTube University. GM Authority picked up on one of the video site's more fascinating courses, hosted by Gale Banks; in a fair world, he should be referred to as Professor Banks when it comes to diesel engines and truck tuning. A few months after GM introduced the updated L5P 6.6-liter Duramax diesel V8 in the 2020 Chevrolet Silverado HD and GMC Sierra HD that ships with 454 horsepower and 910 pound-feet of torque, Banks decided he wanted to methodically tune the engine to death. The purpose of the resulting series, called "Killing a Duramax," is to push more power out of the engine in order to discover which parts break and when — or, as Banks puts it, force-feed the Duramax "until the crank hits the street and the heads hit the hood." With that knowledge, Banks can figure out all the weak points on his way to building what he calls a "Superturbo," that being a supercharged, twin-turbo race engine with more than 1,000 hp. What makes the series fascinating is Banks' knowledge, paired with the company's comprehensive iDash engine monitoring system that keeps tabs on a glut of parameters every step of the way. So for instance, you get Banks explaining the differences between inches of mercury and barometric pressure, how those are different from the water content of the air measured in grains, then showing those readouts on the iDash, then explaining in detail how they affect the air density in the Duramax system. The stock Borg-Warner variable turbo gets a lot of airtime — Banks accuses it of being "out to lunch" because he feels it's the weakest link on the engine. That turns into a turbo teardown and a deep explanation of performance pitfalls, such as when air pressure on the turbine begins to diverge from the boost pressure coming from the compressor. Banks says he can keep close tabs on where power's coming from, because the iDash monitors the horsepower contribution provided by the ambient air, the turbo, and the intercooler separately. The major changes so far are a stouter Precision 7675 turbo and TurboSmart wastegate (episode 5), a twin intake (episode 6), a custom liquid-cooled intercooler from a marine engine, a new GM oil cooler and synthetic oil (episode 10), and new injectors (episode 11).