1966 Chevrolet Caprice 2dr. Hard Top on 2040-cars

Auto blog

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.

Chevy donates first 2016 COPO Camaro to United Way

Want to get your hands on the first new COPO Camaro? Scottsdale will be the place to be this weekend. That's where Barrett-Jackson will auction off the drag-racing muscle car with the serial number 2016COPO001. The example on the docket is the very same show car that Chevy revealed at the SEMA show just a couple of months ago. Like every new COPO Camaro, it's based on the new sixth-generation coupe and packs an array of drag-racing upgrades. Those include a three-speed automatic transmission, solid rear axle, and adjustable suspension. While Chevy will offer the new COPO Camaro with a choice of three engines, this particular example packs the 5.7-liter supercharged V8, as well as a unique red and black livery designed by Chevy drag racing driver Courtney Force. 100 percent of the proceeds from the sale are destined to go to United Way, following previous examples that benefited wounded veterans. You can bet it will raise a pretty penny at auction, but if you miss this one, of course there will be more. Just don't wait around too long as the Bowtie brand will only make 69 of them this year. 2016 COPO Camaro No. 1 Sale to Benefit United Way Courtney Force designed show car to be auctioned for United Way 2016-01-26 DETROIT – Chevrolet will auction off the first, sixth generation 2016 COPO Camaro race car to raise money for United Way. The purpose-built COPO Camaro, serial number 2016COPO001, will be sold on Friday, Jan. 29, at the Barrett-Jackson Scottsdale auction. All proceeds of the winning bid will benefit United Way. "This is a special opportunity to purchase the first of the sixth generation, 2016 COPO Camaro while also helping such a great cause," said Jim Campbell, U.S. vice president of Performance Vehicles and Motorsports. The COPO is a powerful, purpose-built Camaro designed to race in NHRA Stock Eliminator class. The COPO Camaro legacy continues with an all-new sixth-generation version. This modern-looking machine infuses legendary COPO performance with the modern, lighter and stronger design of the 2016 Camaro. Chevrolet introduced the sixth generation COPO Camaro No. 001 last November at the SEMA Show and includes a personalized look created by Chevrolet and NHRA Funny Car driver Courtney Force. It features a Red Hot exterior color with Courtney Force-signature graphics and red-accented grille trim. "I was extremely honored to work with Chevrolet and help design the 2016 COPO Camaro," said Courtney Force.

Weekly Recap: Ford guns for 2016 Le Mans glory with new GT

On the eve of the 24 Hours of Le Mans, Ford confirmed it will return to the French endurance race in 2016 and campaign the new GT racecar 50 years after three GT40s swept the podium at the Circuit de la Sarthe. The factory will back a two-team, four-car effort that will compete in the World Endurance Championship and the Tudor United SportsCar Championship running cars operated by Chip Ganassi Racing with Felix Sabates. The GT racecar will make its track debut in January at the Rolex 24 at Daytona, and the driver lineup will be announced later. "But rest assured, there's quite a line forming out the door," Ganassi said at the announcement. The GT is the modern successor to the iconic GT40, which won Le Mans four straight years from 1966-1969. The racecar is a rolling testbed of Ford's latest technologies, including a powerful twin-turbo EcoBoost V6. The car also makes extensive use of carbon-fiber pieces and advanced aerodynamics. Ford tapped Multimatic Motorsports of Canada and Roush Yates Engines to aid in the development of the GT racer. The road-going version, which was revealed in January at the Detroit Auto Show, is also set to launch next year. It caps Ford's growing performance lineup, and the company has ambitious plans to launch more than 12 new sporty models by 2020, including hot metal like the Focus RS, F-150 Raptor, and Shelby GT350R. The GT embodies Ford's best tech, but news of its return to Le Mans immediately conjured images of the company's fierce rivalry in the 1960s with Ferrari and intense competition with Porsche. "When the GT40 competed at Le Mans in the 1960s, Henry Ford II sought to prove Ford could beat endurance racing's most legendary manufacturers," Ford executive chairman Bill Ford said in a statement. "We are still extremely proud of having won this iconic race four times in a row, and that same spirit that drove the innovation behind the first Ford GT still drives us today." Ford is going back to Le Mans. Somewhere, Hank the Deuce must be smiling. OTHER NEWS & NOTES 2016 BMW 7 Series arrives in the fall BMW revealed the sixth generation of its flagship 7 Series this week, which will start at $81,300 when it launches in the United States this fall. BMW is billing it as the roomiest 7 Series ever, and it measures 206.6 inches in length.