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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 applies to trademark Buick Envision GX

GM Authority found a GM application with the U.S. Patent and Trademark Office to reserve the name Buick Envision GX. We can't be certain, but it seems this all but confirms that the three-row Buick Envision, which debuted a year ago in China as the Envision Plus (pictured), will sell here as the Envision GX. Doing so would reinforce the naming convention established in the U.S. with the Encore and slightly larger Encore GX. Adding a third row to the compact two-row Envision extends three of of four dimensions. According to specs the Chinese transport ministry put online last year, the three-row Envision will be 190.7 inches long on a 111.5-inch wheelbase, increases of 8.2 and 2.1 inches, respectively. Height grows by 2.7 inches as well, only the 74.1-inch width holding steady.   That length has been utilized to make life easier for second- and third-row passengers. The Envision Plus in China comes with 2+3+2 seating, the second-row bench able to slide 9.8 inches. Behind that, cargo volume with the second and third rows stowed climbs from 52.7 cubic feet to 58 cubic feet. The sole engine will be the current Envision's 2.0-liter four-cylinder, making 228 horsepower and 258 pound-feet of torque, sent to the wheels through a nine-speed automatic. Power gets sent to the front wheels as standard, and all-wheel drive will be an option.  On top of the extended rear overhang on the seven-seater, GM designers slipped in a few cosmetic changes to set it apart from the five-seater. A new horizontal trim piece connects the headlights, the lower bumper getting a pair of larger, reshaped intakes. A complementary horizontal slash connects slimmer taillights, the license plate surround squared off instead of trapezoid-shaped.  Related video:

Buick Electra-X EV caught testing on U.S. roads in new spy photos

Spies captured what they say are the first shots of the production-bound Buick Electra-X electric crossover. Bound exclusively for China (last we heard, anyway), the Electra-X is underpinned by GM's new Ultium EV platform, meaning it's fundamentally related to all of the American automaker's next-gen electric models even if we won't get one exactly like this.  If you're a fan of GM's swoopy utility concept, we've got great news for you: it appears as though Buick's designers are bringing its design to production pretty much as we saw it originally. Our spies weren't able to get close enough to snag any shots of the interior, where we expect things to be a bit more toned down relative to the futuristic renderings offered of the concept, but we're prepared to be pleasantly surprised.  We've already seen some evidence of Buick layering elements of this new look (as inspired by the Wildcat EV concept) onto its existing models. Earlier in December, the Encore GX was spotted in the wild wearing the new front-end look. Both the Wildcat and the original Electra concept were stunners, so we're excited to see what Buick's designers can do with this language going forward. Sadly, we've yet to see anything as low-slung and sexy as those original concepts, but we can always hope.  Related Video