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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.

The GMC Hummer EV could spawn a smaller electric truck

Over 90,000 motorists have reserved a GMC Hummer EV, and the truck's relative popularity has convinced executives to consider launching a smaller and presumably more affordable model. While nothing is official yet, the Hummer EV's smaller sibling could be a midsize pickup. Citing "people familiar with the matter," Automotive News reported a smaller Hummer EV exists in the design studio that General Motors operates in California. There's no word on what it looks like yet, though it presumably borrows at least some of the rugged-looking styling cues that characterize the controversial, 9,200-pound truck. Interestingly, the smaller model could bring the Hummer name to Europe. It's too early to provide technical specifications. The model hasn't received the proverbial green light for production but Automotive News added that it's a "priority project" and that it has "a good chance of going into production." If and when it does, it's reasonable to assume the truck will use the Ultium battery technology found under the full-size Hummer EV, among other electric models from General Motors. GMC hasn't commented on the report, and it hasn't announced plans to launch a second Hummer-branded electric pickup. If the report is accurate, the baby Hummer is at least a couple of years away from hitting showrooms. First, the Hummer EV SUV will enter production. We've been here before: a downward expansion is exactly how the now-defunct Hummer brand was born. The military-bred H1 spawned the H2 for 2002 and the H3 for 2006. An even smaller off-roader previewed by the 2008 HX concept was planned but ultimately canned. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Hummer officially returns as an EV with 1,000 hp in Super Bowl ad

Hummer, the iconic, controversial and long-dead truck and SUV maker, returned this Sunday in a Super Bowl ad that previewed its comeback under the GMC brand. General Motors announced the move and teased the vehicle with a series of clips (below) Thursday morning, confirming reports of Hummer's resurrection that have simmered for months. The bane of environmentalists in the early 2000s, Hummer is recast as an electric-only truck capable of a jaw-dropping 1,000 horsepower, 11,500 lb-ft of torque (we believe this figure to be wheel torque) and a sprint to 60 mph in 3 seconds. “We came to play ball,” a spokesman deadpanned in an interview with Autoblog. Electric range was not revealed. The teaser shots show a grille that recalls old Hummer vehicles, though the look is updated with flashy lights. GM will build the reborn Hummer at the Detroit-Hamtramck factory in Michigan that was once thought to be set to close. It will be revealed May 20 at an event, possibly in Las Vegas. The truck will be available in fall 2021. “GMC builds premium and capable trucks and SUVs and the GMC HUMMER EV takes this to new heights,” Duncan Aldred, vice president of Global Buick and GMC, said in a statement. “We are excited to debut our revolutionary zero-emissions truck during the biggest night in TV advertising.” The Super Bowl ad aired just before halftime in the United States and featured Los Angeles Lakers star LeBron James.  In a statement, he said: “Teaming up with GMC to introduce the Hummer EV is a natural fit. Everyone knows about my love for Hummer since high school and IÂ’m proud to be a part of announcing the new EV model. The truck may be quiet, but the performance numbers speak for themselves.” Hummer will take aim at a slew of electric truck and SUV makers, including Rivian, which announced Wednesday plans to help build LincolnÂ’s first electric vehicle in its partnership with Ford Motor Co. Hummer will also face off against the Tesla Cybertruck, BollingerÂ’s EVs and other competitors.    GM shuttered Hummer in 2010 after trying to sell the brand to Chinese investors as it shed units during its historic bankruptcy and restructuring.  With today's announcement, GM issued a truckload of videos on the new Hummer: