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GM may have teased a whole group of electric vehicles
Tue, Jan 12 2021During GM's big CES press conference, the automaker highlighted a number of its upcoming electric car-related projects from delivery vans to the upcoming flagship Cadillac Celestiq. In the middle of it all, a collection of mystery cars sat in the background behind speakers. They were in the dark, lit only with their running lights, and while it's possible they're just generic filler cars or concepts, we think they could be future products. Our best shot of the cars together is shown above, and we can pretty easily identify three of the vehicles. In the center is obviously the GMC Hummer EV. On either side of it are Cadillacs. To the left seems to be the Lyriq crossover, and to the right is the Celestiq sedan. Two of these cars have production dates, and the third has been confirmed for eventual production, just without timing. This is why we think the rest of the cars are upcoming models. The next most easily identified car is on the near right behind the Cadillac Celestiq. It very clearly has a Chevy bowtie illuminated in the running lights. And looking closely, it appears to be a pickup truck. It's difficult to make out anything more than that. The nose does look a bit more rounded and swept back than the brick-like designs of the Silverado truck line. That also squares with what seemed to be the upcoming truck that appeared in the background of yet another GM presentation. GM previously said this electric Chevy truck will be a full-size model with up to 400 miles of range. That leaves us with three more mysterious models. Over to the left behind the Cadillac Lyriq are what appear to be a pair of crossovers. The one on the far left looks low, curvy, and possibly with a fastback roof. The one on the right is taller, boxier, and probably more of a full-size people hauler. It's hard to say much more beyond that. They could be new electric Buicks, which would fit in nicely with that brand's crossover portfolio, and would likely be highly successful in China, where Buicks, crossovers and electric cars are all rather hot commodities. As for the mystery car on the far right, it's quite a puzzle. We can at least rule out Buick and Cadillac, and GMC since it's definitely a car, and a rather small one compared with the other cars on display. That leaves Chevy, and possibly the autonomous division Cruise. We're leaning toward it being a Chevy, since the first Cruise vehicle is going to be a boxy pod of sorts.
GM Recalling Another 2.7 Million Vehicles In Five Separate Campaigns
Thu, May 15 2014The recalls keep rolling in from General Motors, evidently keen to avoid repeating the mistakes of the ignition-switch debacle and clean house. This time they're all coming at once, with five separate recalls announced together covering approximately 2.7 million vehicles. The largest of the five actions involves over 2.4 million units of the previous-generation Chevrolet Malibu and Malibu Maxx, Pontiac G6 and Saturn Aura in order to fix brake light wiring harness, which have been found to be susceptible to corrosion. The recall is separate from the 56k Aura sedans which GM recently recalled over faulty shift cables, not to mention the previous massive recall of 1.3 million vehicles – some of them the same models – but appears to have resulted from the National Highway Traffic Safety Administration investigation that started with the G6 almost a year ago. The second-largest campaign involves the 2014 Chevy Malibu, specifically those fitted with GM's 2.5-liter engine and stop/start system, approximately 140,000 examples of which has been found to have problematic brakes. The issue does not appear to be connected to the recall of 8k Malibu and Buick LaCrosse sedans (also involving brake woes) which we reported upon last week. Four crashes have been reported in such models, but GM admits it's not yet clear if the problem was a contributing factor in the accidents. A further 112k Corvette models from the 2005-2007 model years are being called in for problems with their low-beam headlamps resulting from a flexing relay control circuit wire that's not meant to bend. GM says it is "aware of several hundred complaints" about this issue, but notes that there have been no reports of related accidents. In addition, over 19k examples of Cadillac CTS from the 2013 and 2014 model years are being recalled over windshield wipers that might not work after a jump start. Finally, GM is also bringing in 477 examples of its 2014 Chevy Silverado, Tahoe and GMC Sierra (though not the Yukon) to fix a problem with a tie rod in its steering rack. As ever, all recall repairs will be performed free of charge, and GM is now estimating that recall-related actions this quarter will result in an estimated $200-million charge against its second-quarter earnings. Read the full announcement from GM below for further details.
GM raises 2023 guidance on strong sales, higher profits
Tue, Apr 25 2023General 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.