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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.

Buick to use Velite name for its Cascada?

Ever since Opel brought out the Cascada convertible last year, rumors have been flying that Buick would offer it Stateside – much like it does with the Insignia-based Regal and the Astra-based Verano. And now we might have our best clue yet as to what Buick might call it. According to GM Authority, General Motors has filed to use the name Velite on a new model. The name first appeared on a convertible concept unveiled over a decade ago at the 2004 New York Auto Show (pictured above), but GM reportedly opened an application to trademark the nameplate for production in 2011, seeking extensions on its application every six months since. Of course the fact that it's applied for its fifth extension (of a permissible six) doesn't necessarily mean that GM will ultimately bring the cabriolet to US showrooms, or that it will use the Velite name if it does, but the fact that GM is keeping the name alive could be a good sign. The market for relaxed four-seat convertibles has been shrinking, leaving it up to drop-top muscle cars like the Chevy Camaro and Ford Mustang. But with entries like the Toyota Camry Solara, Volkswagen Eos and Chrysler 200 Convertible having dropped off the market, the Buick Velite (or Cascada, or whatever it's ultimately called) could have the sedate cabriolet segment all to itself – even if (or especially if) Lexus dealers aren't interested in touching it.

Buick Velite Plug-In Hybrid Concept debuts to little fanfare

Buick pulled the covers off its latest Velite Concept at the Auto Guangzhou 2016 show in China. We say latest because this is actually the second time Buick has used the Velite name for a concept, the previous having been shown at the 2004 New York Auto Show. The first Velite concept was a two-door convertible; the second Velite is a four-door crossover. Enough about the name, what about the concept? Well, it's very highly stylized, and we don't really mean that in a good way. There's nothing about the Velite that screams Buick, except for its badges, of course. At the front is a compressed version of Buick's traditional waterfall-like fascia. It's flanked by slit-like LED lighting elements. The rest of the face looks to our eyes like it draws inspiration from the latest Toyota Prius. There isn't a single flat element to the Velite Concept's bodysides, in a way that resembles recent concepts from Infiniti. The last bit of styling flourish are deep recesses just ahead of the rear wheels, a look that is reminiscent of BMW's i-series of vehicles. There aren't any images showing the Velite's hind quarters, but from what we can see, that also has a QX-ish look about it. There are no shots yet of the Velite's interior, but Buick says it's "elegant" and "includes recycled materials." We wish we could see what it looks like, because the automaker says it "[points] to design trends for upcoming new energy vehicles." So, the Buick Velite Concept is a nondescript mashup of design elements that we've already seen. Under the skin, however, things are more interesting. It's a plug-in hybrid with a modular lithium ion battery. That doesn't tell us much – it could be a variant of the Chevy Volt, or it could be a different system altogether. We look forward to finding out. In the meantime, have a look at the high-res image gallery up above. Oh, and if you're wondering, the word velite traces its roots back to a lightly armored military division in ancient Rome. Related Video: