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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.

New Chevy Small Block crate engine has 405 hp, endless possibilities

With decades of history, the Chevrolet Small Block V8 has definitely stood the test of time, and the company has kept finding ways to make it better. At this year's SEMA Show in November, Chevy Performance is unveiling the latest upgrade to that legacy with the new ZZ6 350-cubic-inch (5.7-liter) crate engine. Offering 405 horsepower and 405 pound-feet of torque, the mill should add a big dose of power to any project car. For the ZZ6, Chevy is working to improve the Small Block's high-rpm performance. To make that happen, the engine has Fast Burn aluminum cylinder heads and an updated valvetrain inspired by the LS family of powerplants. Large intake runners help with the airflow, and the valve springs use a tapered design that allows for less reciprocating mass. The mill also packs a forged steel crankshaft and high-silicon aluminum pistons inside of a cast iron block. Chevy is offering the engine in two versions depending on what the builder needs. The Base configuration comes with an intake, distributor, water pump, and a few other parts but lacks carburetor and accessories. Conversely, the Turn Key option has everything, including the carb, air cleaner, starter, alternator, and more. More details about their availability will be announced at SEMA. NEW ZZ6 CHEVY SMALL BLOCK ADVANCES CRATE ENGINE LEGACY Revised Fast Burn heads with LS-inspired valvetrain enhance high-rpm performance 2015-10-02 DETROIT – Developed with contemporary technologies, including a high-rpm valvetrain, Chevrolet Performance's new ZZ6 crate engine offers builders a modern twist on the classic Chevy Small Block 350. It uses updated Fast Burn cylinder heads with beehive-style valve springs inspired by the LS engine family – a feature that enhances high-rpm capability, enabling the new high-performance engine to achieve 405 horsepower and 405 lb-ft of torque. That's more power than any factory produced 350 engine ever installed in a Chevrolet production vehicle and it's one of the most powerful 350 Small Block-based crate engines in the nearly 27-year history of the "ZZ" lineup. "The new ZZ6 is the ultimate ZZ 350-based crate engine from Chevrolet Performance," said Jim Campbell, GM U.S. vice president of Performance Vehicles and Motorsports.

Nissan recalls 3.5 million vehicles over airbag sensor

Nissan is recalling 3.53 million vehicles globally – 3.2 million in the United States – because the front passenger airbag may or may not deploy properly in the event of a crash. In affected vehicles, the occupant sensing system may not properly register a person sitting in the passenger seat. Passenger-side airbags in roughly 622,000 Nissan Sentra models built between 2013 and 2016 may deploy in crashes when they shouldn't, such as when a child is in the seat. 2016-2017 Nissan Maxima, 2013-2016 Nissan Altima, NV200, and LEAF, 2013-2017 Nissan Pathfinder, 2014-2016 Nissan NV200 Taxi, Infiniti QX60 and Q50, 2014-2017 Nissan Rogue, 2015-2016 Nissan Murano, Chevrolet City Express and 2013 Infiniti JX35 vehicles suffer from the opposite problem. In those models, the airbag may not deploy when it is supposed to. Nissan is aware of at least three crashes where airbags in one of the above models did not function properly, resulting in "moderate injuries." There have already been four recalls since 2013 for similar issues in Nissan vehicles. If you own one of these cars, expect a letter from Nissan in short order (or from GM if you own a Chevy City Express). Related Video: RECALL Subject : Passenger Air Bag may not Deploy due to OCS Error , 1 INVESTIGATION(S) Report Receipt Date: APR 26, 2016 NHTSA Campaign Number: 16V244000 Component(s): AIR BAGS Manufacturer: Nissan North America, Inc. SUMMARY: Nissan North America, Inc. (Nissan) is recalling certain model year 2016-2017 Nissan Maxima, 2013-2016 Nissan Altima, NV200, LEAF and Sentra, 2013-2017 Nissan Pathfinder, 2014-2016 Nissan NV200 Taxi, Infiniti QX60 and Q50, 2014-2017 Nissan Rogue, 2015-2016 Nissan Murano, Chevrolet City Express and 2013 Infiniti JX35 vehicles. In these vehicles, the front seat passenger Occupant Classification System (OCS) may incorrectly classify an adult passenger as a child or classify the seat as empty despite it being occupied. As a result, the passenger frontal air bag may be turned off and not deploy in the event of a crash. CONSEQUENCE: If the passenger frontal air bag does not deploy as intended in the event of a crash, the passenger is at an increased risk of injury. REMEDY: Nissan will notify their owners. Chevrolet City Express owners will be notified by General Motors.