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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's Ultium EV platform finally shows up in Q3 sales numbers

General Motors has heralded its Ultium battery-electric platform as the future of its passenger car and truck lineup, but for the first two years of its existence, its impact on the marketplace has been virtually nonexistent. Well, that finally changed in the third quarter of 2023, and while the cars based on this architecture don't represent anywhere near the volume of GM's broader combustion portfolio, we're reaching a point where Ultium products are finally in view (and in the hands) of real-world shoppers. At this point, five U.S.-market Ultium models are in production: the GMC Hummer EV, Cadillac Lyriq, Chevrolet Blazer & Silverado EV, and BrightDrop Zevo 600. If you're not familiar with that last one, that's OK; it's a commercial product that you likely won't see on the road for some time. Together, these four combined for 4,257 sales in the third quarter alone — up from 2,663 for the entire first half of the year. While that may not seem like a significant uptick when viewed from altitude, the quarter-to-quarter numbers paint a clearer picture.  Let's toss out the stragglers first. The Chevy Blazer EV, and Silverado EV for example, are barely in production. GM delivered 19 Blazers and 18 Silverados in the third quarter and that's the entirety of their production runs so far. Likewise, GM's BrightDrop Zevo 600 delivery van effectively exists apart from the consumer marketplace, so its contribution of just 35 units can be set aside too. That leaves us the two you've heard of: the GMC Hummer EV and Cadillac Lyriq — models with high sticker prices and long reservation queues.  Through the second quarter (remember, we're talking six months here), GMC sold 49 Hummer EVs. No typo. In the three months that made up the third quarter, GM moved 1,167 of them. Not only is that a dramatic improvement over the first half, but it's more Hummers than GMC sold in the entirety of 2022 (854). Lyriq's improvement was less eye-popping on paper, but after moving just 122 total units in 2022 and 2,013 of them in the first half of 2023, Cadillac managed to up that figure to 3,018 units in the third quarter alone.  GM is betting its short-term EV future on the Ultium platform, so these trends need to continue if that's going to be a profitable wager.

Chevy murders out Trax crossover with new Midnight Edition

Leaning towards a new Chevy Trax, but think it needs a little bit more attitude? Chevy has you covered with the release of the new Midnight Edition. It's based on the Bowtie brand's smallest crossover, but injects some extra style with its murdered-out treatment. The new Chevy Trax Midnight Edition is based on the top LTZ trim, and upgrades with black wheels, bezels, molding, door handles, and more. Inside, the cabin is adorned with gray-accented seats and gray-piped floor mats. It isn't a huge transformation, but may be just the dose of attitude that Chevy's little crossover needs. Otherwise it's the same Trax introduced a year ago, and comes equipped with a 1.4-liter turbo four good for 138 horsepower and 148 pound-feet of torque. It's available in either front- or all-wheel drive, and will return a claimed 34 miles per gallon on the highway in the former setup. The Midnight package adds an extra $500 to the $26,125 base MSRP on a new Trax LTZ. Related Video: Chevrolet Trax Crosses to the Dark Side New Midnight Edition adds distinction to small SUV 2015-12-27 DETROIT – Chevrolet today announced the 2016 Trax Midnight Edition – a blacked-out styling statement for the small SUV, offering customers a bold choice and adding to the momentum of the brand's record 2015 crossover sales. Based on the LTZ trim, the Midnight Edition features black wheels, bezels, beltline molding and door handles, along with a black rear license plate applique. Inside, the seats are trimmed with gray accents and the floor mats feature gray piping. "Introduced just a year ago, the Trax has quickly become an important vehicle for Chevrolet, bringing in new, younger and more female buyers to the brand," said Betsy Flegg, senior marketing manager, Chevrolet Crossovers. "The small SUV segment is the fastest growing in the industry and models such as the new Trax Midnight Edition provides customers an expressive option." Trax sales were 57,707 for the first 11 months of 2015, placing it second in the segment, with almost 20-percent market share. Chevrolet crossover sales were up 35 percent for the same period. Fusing small-car agility and utility convenience of an SUV, Trax offers up to 48.4 cubic feet of cargo space. A 1.4L turbocharged engine offers the efficiency of a small displacement engine – an EPA-estimated 34 mpg highway (FWD models) – with the power of a larger engine on-demand. Connectivity features include an available 4G LTE Wi-Fi hotspot.