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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.

2020 GMC Sierra 1500 Interior Driveway Test | Still lagging behind

GM has caught nothing but grief for the interiors of its full-size pickups since they were redesigned. Some of it is about perspective. Ram blew everybody away with the new 1500’s interior, but it's not like the Ford F-150 is embarrassed by it. Chevy and GMC are. Even a top-shelf Sierra Denali doesnÂ’t live up to the luxurious environment its price tag would promise.  The trim of Sierra we're testing is an AT4, though. ThatÂ’s the light off-roading version of the Sierra thatÂ’s mechanically the same as the Silverado Trail Boss we recently reviewed. Looking at the interior from a pure functionality standpoint, the Sierra is perfectly fine at performing its truck duties. The seats are wide, flat and comfortable. It has huge armrests on both sides so you can stretch out as much as your truck stretches the boundaries of the road (seriously, this thing is huge). All the buttons in the center stack are well-labeled, easily found and big enough to stab away at without hitting the wrong one. It even has a volume and tuning knob. Yeehaw!  But look at the design. And the styling, or lack thereof. ItÂ’s plain and lacking in imagination. The whole center stack is just one big slab of black plastic, and the only splashes of color or style to distinguish it visually are bits of silver surrounding knobs and bits of gray surrounding air vents. That's certainly not enough to make it attractive. There are token pieces of "wood" inserted on Denali models, but they're almost hidden away along the center console and doors.  The screen looks as if itÂ’s scrunched into the top of the stack due to the vents curving in on both sides, making it look smaller than its perfectly acceptable 8-inch size. That just makes it more obvious that GM doesn't offer something to challenge the gigantic 12-inch optional screen on the Ram 1500. Not good, because size does matter when it comes to trucks, even if it's measured in a touchscreen's inches rather than engine displacement. LetÂ’s not discount how good all of the tech is in the Sierra 1500, though. GMÂ’s infotainment software that runs on the screen is glitch-free and runs like lightning through screens and menus. The performance is impressive, and of course both Apple CarPlay and Android Auto are on board.

GM Canada recalls 159,240 GMC and Chevy trucks for faulty defroster circuit

General Motors is recalling more than 159,000 2014-2019 Chevrolet Silverado and GMC Sierra pickup trucks in Canada due to a potential fire risk. GM says the rear defroster circuit could overheat on trucks optioned with the power-sliding rear window. Thus far, there is no word on the recall's relation to U.S. vehicles. The recall, found by Automotive News, was posted to Transport Canada on June 28, 2019 with manufacturer recall No. N192220470. Included in the 159,240 vehicles are the 2014-2018 Silverado 1500, the 2015-2019 Silverado HD, the 2014-2018 Silverado LD, the 2014-2018 Sierra 1500, the 2015-2019 Sierra HD, and the 2014-2018 Sierra LD. The notice says the rear defroster circuit, specifically on trucks with the power-sliding rear window, could overheat. Because of its placement, this excess heat could cause melting, smoking, or possibly fire, in the worst case scenario. As of now, there is no official word when GM will initiate the recall and there is no official fix detailed just yet. GM suggests that owners, who will be notified by mail if their vehicles are affected, take their trucks to a dealer to remove the rear window defroster fuse as a stop-gap.  Automotive News contacted GM to find out if the problem is also found in trucks sold in the United States, but no definitive statement was made, as the investigation is reportedly ongoing. We will update this space if American vehicles are found to be included in the problem.