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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.

2023 J.D. Power Initial Quality Study shows there's less quality than last year

Vehicle inventory, vehicle pricing, and the supply chain are finally showing improvement. Vehicle quality, on the other hand, is still going the wrong way. That's the takeaway from the 2023 J.D. Power Initial Quality Study that found overall problems exceeded last year's record high. The study surveyed owners of 2022-model-year vehicles to assess the average rate of problems per 100 vehicles (PP100) during the first 90 days of ownership. The average figure for the 32 ranked manufacturers in 2020 was about 166 problems per 100 vehicles. In the 2021 IQS, that dropped to an average of 162. For 2022, the average jumped to 180 problems. For 2023, the PP100 is up to an industry average of 192 — an increase of 30 problems per 100 vehicles in just two years. Let's get to the good news first: Dodge reclaimed the crown of having the lowest number of problems per 100 vehicles at 140. Buick won last year with 139 PP100, falling to third this year. Dodge was the first American automaker to top the IQS in 2021. Its return as the least problematic gives parent company Stellantis three wins in four years after Ram was crowned in 2021. It also gives U.S. brands a four-peat after Buick topped the chart in 2022 by having owners report the fewest problems. This year's top 10 is Dodge, Ram, Alfa Romeo, Buick, Chevrolet, GMC, Porsche, Cadillac, Kia, and Lexus. Stellantis gathered a few feathers for its cap, in fact. Maserati showed the largest improvement year-on-year, followed by Alfa Romeo, and Alfa Romeo posted the lowest PP100 among the premium class, beating Porsche and Cadillac. Alfa Romeo has been vocal about working to improve quality, mentioning Lexus as a target. Last year the Japanese brand finished sixth, the Italians finished near the bottom, between Jaguar and Mitsubishi. This year Alfa jumped to third, Lexus dropped to tenth. Ram was the third-best on the list of improvers from 2022 to 2023.   The individual model with the lowest PP100 is the Nissan Maxima. Now for the troublesome bits. In the words of Frank Hanley, senior director of auto benchmarking at J.D. Power, "The industry is at a major crossroad and the path each manufacturer chooses is paramount for its future.

2021 Buick Envision First Drive | A successful sequel

The 2021 Buick Envision inaugurates the second generation of what GM's premium division hopes will become the staple of its all-crossover lineup. The original Envision, while reasonably competent, suffered from ungainly styling and struggled to separate itself from its reputation as the built-in-China Buick. Bundle that with a brand that has (at best) an on-again, off-again relationship with being interesting and you have a recipe for “Who cares?” No longer, says Buick. While itÂ’s still assembled in China, the 2021 Envision gets a new platform, a new powertrain, and a complete styling overhaul. Feeling a little deja vu? ThatÂ’s reasonable. Buick gave us a promising first look at the new Envision last summer, but thanks to, well, you know, 2020, weÂ’re only now getting our hands on the final product, and if we were intrigued in June, weÂ’re impressed in February. BuickÂ’s first attempt at a compact CUV was not particularly impressive, especially when it came to design. The Equinox-in-a-dinner-jacket thing never really worked and weÂ’re happy to say that the second effort is a huge improvement. The new look is genuinely attractive. Like the Enclave, the Envision borrows cues from the Avenir concept whose name BuickÂ’s product planners appropriated to denote the brandÂ’s top-trim variants. It works. Power comes from a 2.0-liter, turbocharged inline-four producing 228 horsepower and 258 pound-feet of torque as its only available engine. Front-wheel drive is standard; a twin-clutch all-wheel-drive system is optional. Both setups utilize a nine-speed automatic transmission. Your author managed an average of 23 mpg over the course of a 60-mile test loop against EPA estimates of 22 mpg city, 29 mpg highway and 25 mpg combined. FWD models are rated at 24/31/26, respectively.  Size-wise, the Envision is a bit of an odd duck. One could teach an undergrad course on GMÂ’s two-row crossover ecosystem, but suffice it to say that itÂ’s a bit more closely related to the Chevrolet Blazer than it is to the Equinox this time around, despite being closer in size to the latter. Within the luxury realm, its length and wheelbase are a few inches shorter than those of larger compact models like the Volvo XC60, Acura RDX and BMW X3, but its rear legroom is greater than them all. It's actually closer in that measurement to the midsize Lincoln Nautilus.