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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.

Chevy Crossvolt name kept alive in new trademark application

In April 2011 General Motors submitted a trademark application with the US Patent and Trademark Office for the word "Crossvolt." In November of this year, the application expired for lack of a statement of use. But in August of this year, GM applied again for the same trademark, leading some to believe that it intends to apply the name to a vehicle. That vehicle could explain the mule in sliced-and-diced Chevrolet Orlando bodywork caught in several spy shots this year, theorized to be some kind of Toyota Prius V or Ford C-Max Hybrid competitor; or it could be a production version of the Chevrolet Volt MP5 concept showed off at the Beijing Motor Show in 2010, which was about the same size as the Chevy Orlando. Or it could be none of those things – but the fact that Chevrolet is keeping it current makes us believe it will be... something. Featured Gallery Beijing 2010: Chevrolet Volt MPV5 concept View 13 Photos News Source: Fox News, Trademarkia Green Chevrolet GM Crossover Hybrid trademark uspto

Chevy Volt has worst sales month since August 2011, Nissan Leaf also down

January is traditionally a time when new car shoppers take a break. For the last few years, if we isolate our focus to just the first two major plug-in cars in the US market, we see that the first month of the year was lower – often dramatically lower – than the 11 that followed. So, when you see the Chevy Volt dropped and Nissan Leaf sales figures for January 2015, don't be too surprised. The Volt sold only 542 units last month, that model's lowest since August 2011. That also represents a 41 percent drop from January 2014, and it reinforces the thought that if anyone out there is interested in a new Volt, they're going to be waiting for the new model to drop later this year. While we do expect sales to climb in February and into spring, we won't be surprised if the general Volt trend remains quiet until the second-generation arrives. On the Leaf side of the ledger, January's low sales numbers were still about twice as high as the Volt's – the Leaf sold 1,070 units last month, the lowest since February 2013 – but it did break a streak for the Japanese automaker. Usually, each month represents at least an increase over the same month a year ago, but that wasn't the case this time. In January 2014, Nissan sold 1,252 Leafs. Still, Brendan Jones, Nissan's director of electric vehicle sales and infrastructure, issued an upbeat statement: "We saw a significant increase in demand in December from Nissan Leaf customers looking to take advantage of federal and state incentives at the end of the tax year, which pulled some sales ahead. We're confident that EV sales will continue to rise over time due to increasing emission regulations and other reasons for purchase of EVs such as lower operating costs, reducing dependence on foreign energy sources, environmental concerns and a great driving experience." The numbers will tell us soon enough. News Source: General Motors, Nissan Green Chevrolet Nissan Electric Hybrid ev sales brendan jones