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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.

2021 GMC Canyon gets AT4 trim and a 'more upmarket' Denali

The AT4 train continues at GMC, with the 2021 Canyon AT4 climbing to altitude in Vail, Colorado, to announce its arrival. The off-road package, teased during the Sierra HD launch last year and already rolled out on the Sierra and Acadia, replaces the Canyon All Terrain trim. The rectangular grille goes away, the new rig picking up a larger, Sierra-like grille with a dark chrome surround and vertically-oriented fog lights. And because nothing says off-road badass like red recovery hooks, of course there's a pair peeking out from under the tweaked lower bumper. Otherwise, all the All Terrain kit carries over, like the tuned suspension with Advanced Hill Descent Control, transfer case skid plate, automatic locking rear differential, and 31-inch Goodyear Wrangler DuraTrac® tires on 17-inch aluminum wheels. Inside, the headrests are embroidered with AT4 logos, and Kalahari stitching is exclusive to this trim. GMC also announced a more polished Denali trim, without providing any photos. The coming pickup adopts a grille with a "more sculpted and layered pattern," plus five-inch chrome assist steps, and 20-inch Diamond Cut aluminum wheels that we'll assume come in a different pattern than the current 20-inch Diamond Cut aluminum wheels. The cabin goes upscale with open-pore ash wood trim and aluminum trim, a new Cocoa/Dark Atmosphere color theme, and unique stitching. Both the AT4 and Denali offer the same two engine choices. There's either the 3.6-liter V6 throwing out 308 horsepower and 275 pound-feet of torque, shifting through an eight-speed automatic, or the 2.8-liter Duramax diesel producing 181 hp and 369 lb-ft, shifting through a six-speed auto. The 2021 trucks will be available later this year, pricing to be announced closer to the on-sale date. The 2020 Canyon All Terrain starts at $37,695, the 2020 Canyon Denali starts at $41,595. Featured Gallery 2021 GMC Canyon AT4 View 11 Photos Related Gallery 2021 GMC Canyon AT4 View 11 Photos GMC Truck Luxury Off-Road Vehicles

GM program sees dealers taking on way more loaner cars

Given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. Bring your car into the dealership for service, and you may need a loaner car in exchange. And with so many recalls being carried out, that means a lot of loaners – especially at General Motors dealerships. That could be one of the reasons why GM is massively expanding its loaner fleet program. While many Chevrolet and Buick-GMC dealerships have an on-site rental car location operated by a third party like Enterprise (which may or may not provide a GM vehicle), others manage their own loaner fleets. But while the range of dealerships operating such fleets was once small, reports Automotive News, the number has been growing rapidly: from the locations responsible for only 20 percent of those brands' sales two years ago to about 90 percent today. The impetus for that growth comes down to a massive expansion of GM's Courtesy Transportation Program. The initiative encourages dealers to ramp up their loaner fleet to a maximum size determined by GM, with a mix determined by the dealer itself, so that a showroom in Texas can be bolstered with a fleet of pickup trucks and a dealer in California can employ more Volt and Camaro Convertible loaners. The dealership gets a $500 credit for each vehicle its puts in its fleet, and can use those vehicles as loaners for service customers, as multi-day test drivers or to rent out separately. The vehicles remain in the dealer's fleet for 90 days or 7,500 miles, then they can be sold as used, but with new-car incentives. The dealer gets a fleet of loaners, customers get to use the loaners, try out a new car overnight or buy a barely used car with attractive incentives, and GM gets to clock more sales. But therein lies the kicker: the automaker counts the dispatch of the loaner new vehicle to the dealership as a new-car sale, which could end up distorting its sales figures. Counting loaner vehicles as sold vehicles is something of an industry-standard practice, but given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. One dealership - Paddock Chevrolet in Kenmore, NY, for example - had no loaner fleet two years ago, but now runs a fleet of 50 vehicles. Multiply that by the 4,000 or so dealers GM has across America and you're talking about the potential for hundreds of thousands of these sorts of sales.