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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.

38k GM eAssist hybrids recalled for circuit board, fire risk

General Motors has issued a recall covering 38,197 2012 and 2013 model-year Chevy Malibu Eco, Buick LaCrosse and Regal sedans equipped with eAssist, and sold in the United States. The automaker will check the generator control module for proper operation. Only vehicles built before December 2012 are being recalled.
According to the automaker, a malfunctioning generator control module could slowly drain the battery, causing an indicator to light up in the dash. If that indicator is ignored, the driver may experience a stalling engine, and in some cases, "a burning or melting odor, smoke, and, in rare instances, a fire in the trunk."
GM says the issue is not with the eAssist battery pack; the smoke and fire comes from overheating of the control board. One trunk fire has been reported, but no injuries are known. Scroll down below for the official press release from GM.

2018 Buick Regal Sportback First Drive Review | Eyes wide shut

AUSTIN, Texas—Barreling along the tight backroads of Austin's Hill Country, my driving partner was coming in a little hot. Usually, beads of sweat would have appeared by now, hand crushing the grab handle. On roads such as this one, which are barely a car and a half wide, unusual confidence in the car is essential. But even with eyes closed (from the passenger's seat), it felt as if I was riding in an Audi, not in a product that shares its roots with the Chevrolet Malibu. This is a very good thing for Buick. It's unusually planted and stable, almost Germanic in nature. There's no traditional sedan available on these shores, which begs the question: Did the new Regal have to be a hatchback? Nope. Buick sells a traditional four-door Regal in China. The Regal Sportback, which is built in Russelsheim, Germany, is a European take on the sedan, in the vein of the recent proliferation of four-door "coupes" from all sorts of car manufacturers. It's far more versatile than most stylized sedans, however, with a wide opening that can swallow a full-size bicycle with both wheels on. Really—we tried it. There is an alternative to the hatchback, although it won't please sedan purists: the Regal TourX, a wagon in all but name. The 310-hp Regal GS isn't far away, either, and a luxe Regal Avenir is likely to appear. A hybridized Regal eAssist is also a possibility. Alas, the Regal nameplate is unlikely to reappear on a two-door coupe, according to a Buick spokesperson. The closest analogy for the Regal Sportback is the recently departed Volkswagen CC, in both form and function. From the quarter angles, the Regal Sportback has hints of the last-generation BMW 5 Series. Dead on from the front, or in your rearview mirror, there is more than a hint of the Audi shield grille. The LED headlight signature is distinctly European in style, but vaguely defined. Dynamically, the front-wheel-drive Regal Sportback is a match for the Audi A4/A5 Sportback duo. The smooth, turbocharged 2.0-liter inline four is a formidable powerplant, particularly when paired with the nine-speed automatic transmission. Its 250-horsepower output is a close match for Audi's engine of the same displacement. All-wheel drive is offered on the top two trim levels, Preferred II and Essence, as an option, paired with an eight-speed automatic. A trick differential that can direct torque to individual wheels, in addition to splitting it front and rear, is standard on the AWD models.