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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 recalls 55,000 trucks, SUVs for separating axles, fuel pump failures

General Motors issued four separate recalls covering eight of its truck and SUV models for issues related to fuel pump and half-shaft failure. In total, the four campaigns include more than 55,000 vehicles spread out over three brands and six model years, but they've sorted themselves neatly into two categories. Let's dive in.  Axle separation Four models are being recalled for potential axle separation: The 2023 Cadillac XT5, 2023 GMC Acadia, 2023 Chevy Blazer and 2023 Chevy Traverse. The number of units affected is incredibly small (10 units each times two recalls, for a total potential population of just 20 cars). In each case, a small number left the factory with half-shaft assemblies that may have been missing the retention rings that keep them in place, possibly allowing the axles to separate or eject from the transmission. In the case of the XT5 and Acadia, it's the right-side axle assembly; Chevy dealers, however, will have to check the left side.  Fuel pump failure Again, we have multiple vehicles being recalled for similar issues, but in this case they're a bit more distinct. The first of these recalls covers the 2021-2022 Chevy Equinox and 2022 GMC Terrain. GM says a supplier-initiated change may have led to fuel pumps shipping with inadequate clearances to allow for the prescribed flow of fuel, meaning the pump could starve the engine. Customers experiencing the issue may see a check engine light and experience engine hesitation. In some cases, the cars may not start at all. Chevy and GMC will replace the units in question with correctly specified pumps.  The second recall covers a fairly specific cross-section of GM's HD truck lines. 2017-2019 Silverado and Sierra HD trucks sold with the diesel engine and a dual-tank configuration may have shipped with a rear fuel pump that is susceptible to fouling by debris, preventing fuel from properly transferring to the front tank, or, in extreme cases, resulting in a collapse of the rear tank. This issue can lead to inaccurate/erratic fuel tank readings, engine hesitation, a check-engine light or failure to start.  In both cases, GM will inspect and replace faulty units free of charge for customers. Expect notifications to be delivered by March.  Related video: Recalls Cadillac Chevrolet GMC Ownership Safety Truck SUV

Jaguar I-Pace vs. Tesla Model 3 and other EVs: How they compare on paper

The 200-mile club of electric vehicles is really growing. The most recent member is the Jaguar I-Pace, the company's first pure EV. It promises luxury, performance, style, and most important, good range. Nearly as recent is the Hyundai Kona EV, and while it doesn't promise luxury or performance like the Jaguar (it's also smaller), it does pack impressive range. With the introduction of both of these electric cars, we thought we would see how they compare against each other, and the other two big names in high-capacity electric cars: the Chevy Bolt EV and the Tesla Model 3. This isn't intended to be a direct, apples-to-apples comparison, as the four are quite different. If anything, they break into two groups: bigger and more luxurious, and smaller and less expensive. Then again, the number of vehicles with this electric range is small and comparisons to EV's with less range wouldn't be too kind to the other guys. If you want to learn more about these EVs, and compare them with other cars, be sure to check out our Car Finder and comparison tools. Horsepower and torque There is one clear winner here, and that's the Jaguar I-Pace. It packs a whopping 394 horsepower and 512 pound-feet of torque. That comes through a pair of electric motors (one at the front, another at the rear) that provide the Jag with all-wheel drive, the only one of these vehicles to offer it (at the moment). Altogether, it allows the I-Pace to have the best 0-60 mph time of 4.5 seconds. At the other end of the spectrum is the Hyundai Kona EV. It's front-drive, like the Bolt EV, and has effectively the same amount of horsepower as the Chevy at 201 horsepower, but its 0-60-mph time is almost a second slower. And the low-range version of the Kona, excluded because it doesn't go more than 200 miles between charges, is slower still. The Tesla Model 3 is the only vehicle with rear-wheel drive, and with a 0-60 mph of 5.1 seconds for the Long Range model, it is still very quick. Range and energy use Frequently, the all-consuming question with electric cars is, "How far can I go on a charge?" And to go the farthest, you need the long-range Tesla Model 3. It can go 310 miles. It has the added advantage of being able to use the network of Tesla Supercharger stations, though they are pay-per-use with the Model 3. Even the lower capacity Model 3, with just 220 miles of range, can use these stations.