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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.

Junkyard Gem: 2006 Hummer H3 SUV

After General Motors bought the rights to the Hummer brand from AM General in 1999, it continued to sell the civilianized versions of the military HMMWV that was made famous after appearing in the heavily televised Operation Desert Storm. The Hummer H1 (as it became known) never sold in large numbers, but The General decided to make everyman Hummers based on existing GM truck platforms. The Silverado-based H2 came first, debuting as a 2003 model, followed by the Colorado-based H3 as a 2006 model. Here's one of those first-year H3s, found in a Denver self-service car graveyard recently. Now it's time for some Hummer brand history. After the American Motors Corporation bought Kaiser Jeep in 1970, it spun off the fleet and military parts of that operation into a new company called AM General. The best-known AM General products for many years were the Jeep DJ Dispatchers, generally called "Mail Jeeps," and they were sold all the way through 1984. 1984 was also the year that the United States Army put the first AM General-built High Mobility Multipurpose Wheeled Vehicles (HMMWV, which soldiers pronounced "Humvee" at first but eventually adopted the "Hummer" nickname). Around the same time, militarized VW-powered sand rails were being purchased from Chenowth by Uncle Sam. After Arnold Schwarzenegger convinced AM General to build civilianized Hummers, sales of the not-so-civilized brute that became the H1 began in 1992. The H2 and H3 had the misfortune to be launched just before the Great Recession hit and fuel prices went crazy, while a couple of overseas conflicts that were much less popular than Gulf War I made grim headlines and reduced the street appeal of combat-inspired civilian wheels. The H1 got the axe in 2006; GM tried and failed to sell the Hummer brand to a Chinese manufacturer in 2010, as it struggled through Chapter 11 bankruptcy, finally giving up and killing the brand alongside Pontiac, Saturn and Saab. Then the Hummer name was revived in 2022 as an electron-fueled GMC model, and you can buy a 2024 GMC Hummer EV SUV right now (though GMC's website warns of "LIMITED AVAILABILITY" in big red letters, so you might have a hard time actually taking delivery of one). The final 2010 H3s were built for Avis at Shreveport Operations, which itself shut down two years later.

Mil-Spec M1-R First Drive Review | The ultimate Hummer H1 gets better

In 2018, we got our first introduction to Mil-Spec, a company that sought to do to Hummer H1s what other resto-mod companies like Singer and Icon have done to other classic cars. Its initial run of hopped-up Hummers showed quite a bit of promise with an array of mechanical upgrades, including a particularly potent and entertaining diesel engine, plus major improvements to interior livability and luxury. As good as the initial trucks were, Mil-Spec wanted to do even better. It focused on details such as better materials and ergonomics for what it’s calling the second-generation of restored H1s. And all those upgrades are on display in the M1-R, which takes the second-gen M1 and adds some pretty extreme customer-requested modifications. @autoblog WhatÂ’s that? Oh nothing, just a Mil-Spec M1-R rolling on by ##autoblog ##hummer ##m1r ##custom ##fyp ? original sound - Autoblog As with all Mil-Spec Hummers, the M1-R received a comprehensive restoration, taking the body and frame down to bare metal. It was recoated in a durable bedliner-style material made with bits of Kevlar. This particular one was given a tint to make it look like one of the factory H1 colors, Competition Yellow. Steel off-road bumpers, a front brush guard, rear tubular tire rack, fender flares and door panels finished in plain black add contrast and help give it a more rough-and-tumble look. The simple and rugged 20-inch Black Rhino wheels look right at home on the truck, too, especially wrapped in the 38-inch off-road tries. Most of the improvements in the second-gen M1 are found within the cabin. As before, every upholstered surface is made of leather, in this case with diamond stitching that the customer requested. ItÂ’s all done in-house (fun fact, Mil-Spec is now also doing upholstery for private jets). Virtually every non-upholstered surface is made from machined aluminum. That includes the steering wheel, climate control knobs, air vents, window switches, turn signal stalks, even the custom-made ignition key. They all look and feel superb with hefty weight and crisp edges. The toggle switches are a particular treat and return a light, mechanical click with each press. Some of them are a little tough to reach as a result of the HummerÂ’s strange interior layout, but that would be the case even in a stock Hummer. These aluminum pieces are a massive step up from the plastic rocker switches and air vents used on previous Mil-Spec Hummers.