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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.

Mark Reuss: GM can't afford product 'misses,' has 'thought about' CT6 V-Series

Mark Reuss is a busy man. He oversees General Motors' global product portfolio, an all-encompassing task for a company that sold more than 9.9 million cars and trucks last year. When GM launches a well-received product, like the road-going rocket ship that is the Chevrolet Corvette Z06 – he gets credit. When the company stumbles with the slow-selling Chevy Malibu or grapples with fallout from the decade-old Saturn Ion and its flawed ignition switch, he gets blamed. GM owners, the press and sometimes the federal government, demand answers. Bob Lutz famously held the job before Reuss. So did Mary Barra, who's now GM's chief executive. There's a New GM, but the lineage is connected to a long history. When he's not thinking product, Reuss, an executive vice president, also runs the purchasing and supply chain for the company, which is still one of the largest industrial empires in the world. We caught up with Reuss on the floor of the New York Auto Show, where GM had just rolled out two crucial new products: the 2016 Cadillac CT6 and the 2016 Chevrolet Malibu. Speaking with a small group of reporters, Reuss delved into a variety of subjects, including the new Malibu, Cadillac's future (he thinks the ATS-V is going to "flame the M3 and M4"), and other topics. On fixing the Malibu: "We can't miss. We can't have those kinds of misses [like the previous generation] on our cars and crossovers and trucks. We can't do that. If we do that, we give a reason for someone to go buy something else. It's that simple. "On a car like the Malibu we have a chance to really fix all of that, which we have, and then lead. Then you've got a real opportunity there. So that's what we've really been focused on here – to fix those things." He later added: "We need that car here to transform Chevrolet desperately because it's the heart of the market. And when you think of Chevrolet, people will come back and think about what we did with the [new] Malibu and the Cruze... It's hugely important to us." On Cadillac: "If we go out and try and out-German the Germans, it's probably not going to work. We've got an opportunity here generationally where there's a lot of people younger than me that have parents that drove BMWs and Mercedes, and I think there's an opportunity there for those people to drive something different than what their parents did, and I think that's always been an opportunity in the auto industry if you look at the history of it.

Buick reveals new Verano in Shanghai

The lion's share of the new vehicles being showcased at the Shanghai Motor Show this week may never make their way to US showrooms. But Americans will surely want to note the unveiling of the all-new Buick Verano. The current compact sedan in the Buick lineup arrived in 2011, and is now preparing to enter its second generation with the model you see here. Details are the only element more scarce than photos (GM has released one thus far), but we can see that the new Verano adopts more dynamic styling than the model it replaces. The design borrows elements from the Riviera and Avenir concepts, with a more steeply raked windshield and rear glass said to give the new Verano a more elongated look (and lower drag coefficient) than its compact footprint would dictate. Up front you'll see Buick's signature waterfall grille, flanked by HID xenon headlights with LED daytime running lights and taillamps. Motivation comes courtesy of a 1.5-liter turbocharged Ecotec four, driving 166 horsepower and 184 pound-feet of torque through a new seven-speed dual-clutch transmission. The 17-inch wheels are shod with Continental rubber. Just how many of these specifications will remain relevant when the new Verano reaches Buick dealers on this side of the Pacific remains to be seen, but for now you can delve into the full press release below. Related Video: Buick Verano Debuts at Shanghai GM Gala Night New-generation sports sedan offers stylish exterior, class-leading fuel efficiency and precise handling SHANGHAI – Buick's new-generation sports sedan, the Verano, made its debut this evening at Shanghai GM Gala Night. It will be appearing on Shanghai GM's stand at Auto Shanghai 2015, which starts tomorrow. The brand's latest entry in the mid-range passenger car segment has a stylish exterior, class-leading fuel efficiency and precise handling. The Verano is targeted at individuals who value a personal and dynamic driving experience. Design inspired by Buick Riviera and Avenir concept cars The Verano was inspired by the new Buick Riviera concept car, which premiered in 2013, and captures the design essence of the Buick Avenir concept car, which debuted at this year's North American International Auto Show in Detroit. It represents an innovative interpretation of Buick's classic styling while exemplifying the elegance and dynamism of Buick's new-generation products.