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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 recalls nearly 1 million vehicles for airbag defect

WASHINGTON — General Motors said on Friday it will recall nearly 1 million sport utility vehicles in the United States because the driver's airbag inflator may explode during deployment. The recall covers 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with modules produced by ARC Automotive Inc. Dealers will replace the driver's airbag module. The National Highway Traffic Safety Administration said a driver in Michigan of a 2017 Chevrolet Traverse was in a crash in which the front-driver airbag inflator ruptured during deployment causing facial injuries. An April 25 inspection confirmed that the front driver airbag inflator ruptured in the vehicle. The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator's request, documents released on Friday show. The auto safety agency said the inflators pose an unreasonable risk of death or injury. Even as ruptures mount, "ARC has not made a defect determination that would require a recall of this population," NHTSA said in its demand letter to the Tennessee-based company. "Air bag inflators that project metal fragments into vehicle occupants, rather than properly inflating the attached air bag, create an unreasonable risk of death and injury." GM said it was still investigating the issue with the assistance of a third-party engineering firm. "GM is taking this expanded field action out of an abundance of caution and with the safety of our customers as our highest priority," the Detroit automaker said. GM said it was aware of two prior ruptures of ARC-manufactured airbag inflators in 2015 Chevrolet Traverse vehicles, and GM conducted two earlier small recalls of about 3,000 ARC inflators. All three rupture events in Chevrolet Traverse vehicles involved the same inflator variant. ARC noted in a letter made public Friday that no root cause for those ruptures has been identified by ARC or GM. ARC said it was assessing the scope of GMÂ’s recall.  Government/Legal Recalls Buick Chevrolet GMC Safety Crossover SUV

2024 Buick Encore GX First Drive: Fresh from cosmetic surgery

About a year ago, Buick showed us its stunning Wildcat EV concept. While that sporty coupe might never see the end of a production line, it signaled a new direction for the brand’s design. For 2024, Buick gave its most popular model in North America, the Encore GX small SUV, a fairly substantial visual refresh. While it doesnÂ’t get the WildcatÂ’s electric powertrain, the refreshed ute is the first in the lineup to borrow its design cues. It also finally gets the Avenir trim, the epitome of style and luxury previously applied to other Buick models, along with some tech upgrades. So while weÂ’re still not able to get behind the wheel of an electric Buick, the Â’24 Encore GX Avenir AWD landing in our driveway gave us the chance to see what a nip and a tuck can do to elevate this baby Buick crossover. This new face is easy on the eyes, looking more modern and athletic than the previous version. Gone is the somewhat frumpy and bulbous old fascia. Now, we get a sharp nose emblazoned with an all-new logo — the encore GX is the first production car to sport this fresh take on the Buick shields. Below that is the new grille in all its unbroken mesh glory, surrounded by shiny chrome in this Avenir trim. A pair of swoopy winged LED headlights reside just below the elegantly creased hood. From the side, the Avenir gets big, 19-inch aluminum wheels in a Pearl Nickel finish, with that new logo in the center. It also gets body-color fenders as opposed to the black on some of the other trims. In back, we see the new logo repeated prominently again, with the LED taillights looking almost as if theyÂ’re pointing it out. Below that is the brand name spelled out large. At the bottom is what looks like a black diffuser, but we canÂ’t imagine it does much but make the car look sporty. Inside, the big news is the new dual-display “virtual cockpit”, with two screens under a single sheet of glass. On the right side is the 11-inch infotainment touchscreen, on the left is an 8-inch digital instrument cluster. We like the layout of the infotainment home screen, which is easy to use and configurable. Certain information in the infotainment can be sent to the driverÂ’s display — if you want to keep close tabs on your battery voltage, for instance. Prefer the familiarity of your phone? Wireless Apple CarPlay and Android Auto are standard across trim levels. Praise be.