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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 crab walked the Hummer EV truck up and down Woodward this weekend

Sometimes, manufacturers like to show off their fancy new wares at the Woodward Dream Cruise. It’s largely done through static showcases with big displays for the public to gawk at. However, GM did something a little different with its GMC Hummer EV truck this year. Instead of parking it at the Chevy and GM display area, it took to Woodward Avenue itself to show off the Hummer in pre-production form. Not only did GM drive the electric truck on the road in front of thousands, but it crab walked the whole way. This was our first time, and probably most of the publicÂ’s first time seeing the Hummer EV crab mode in person. Judging from the crowdÂ’s reaction (GM got its wish of everybody paying attention), folks are impressed, and maybe a bit confused at the HummerÂ’s sideways movements.  ItÂ’s a strange spectacle to see in person. At first, the truck appears as though itÂ’s sliding sideways on ice in a smooth, graceful slide. ThatÂ’s because even though the wheels are turned, the front of the truck is still pointing dead straight ahead. The GM employee behind the wheel of the prototype appeared to be moving forward at about 5-10 mph — it appears shockingly quick in person for the way this behemoth of a truck presents itself. The tech making it work is rather simple in concept. GM simply took existing rear-wheel steering technology, then amplified and modified it for this type of movement. Whereas most cars with rear-wheel steering max out at around 5 degrees of lock with the rear wheels, this Hummer can turn the wheels up to 10 degrees. Turn the wheel left or right in crab mode, and the Hummer moves diagonally down the street. If you use it for its intended purpose, crab mode is meant to help you navigate the Hummer through trails it might otherwise be too big to fit through using regular steering. In reality, we suspect most folks might use crab mode in the exact same fashion as GM did this past weekend: to impress people. And honestly, we canÂ’t blame them. It was a seriously cool sight to see. Crab mode in action: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

GMC Hummer EV coming to Extreme E with Chip Ganassi Racing

The electric off-road racing series Extreme E is getting another famous face. This time it's not a person, but rather a vehicle: the GMC Hummer EV. GMC announced that it will be the main sponsor for the Chip Ganassi Racing Extreme E team. With the sponsorship, GMC gets to tweak the Extreme E Odyssey 21 race SUV to look more like the Hummer EV pickup and SUV that starts production late this year. The changes are subtle but effective, with the nose getting a full-width light-bar motif. Of course the race SUV is vastly more rounded than the road-going truck. It also features a standardized chassis from Spark Racing and a battery pack from Williams. The team is able to provide its own electric motor, though, which the series limits to 550 horsepower. The GMC Hummer EV race SUV will make its competition debut alongside several other pedigree teams at the first Extreme E event in Saudi Arabia this April. Three teams are operated by Formula One drivers including Sir Lewis Hamilton, Nico Rosberg and Jenson Button, the latter of whom will be driving. Andretti United will also field a team, a familiar competitor to Chip Ganassi in other racing series such as IndyCar. As for drivers, two World Rally Championship champions will compete: Carlos Sainz and nine-time consecutive champion Sebastien Loeb. The series will feature five races and with the way the competition is shaping up, they should be very interesting to watch. Related video: