1968 Chevrolet Chevelle Malibu Hardtop 2-door 5.4l on 2040-cars

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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.

Battery Show 2015: Genovation GXE Corvette EV designed for the 'Ring

The Genovation GXE all-electric Corvette has broken cover. At the Battery Show 2015 in Novi, MI, this week, the converted C6 Z06 Corvette that we first heard about back in August was tucked into a booth along the back wall. Don't let the demure location fool you. This is a muscle-y electric vehicle, ready to roar into the limited-run, expensive EV game. The Genovation GXE Corvette can go from 0-60 miles per hour in three seconds and has a top speed of 200 mph. The powertrain was designed and built in the US, and offers over 700 horsepower and over 600 pound-feet or torque. With a near 50/50 weight distribution, this is "a real driver's car," Genovation CEO Andrew Saul told AutoblogGreen. Saul said that the GXE was designed to do two hard laps at Nurburgring thanks to a 44-kWh battery pack uses the same sort of cylindrical 18650 cells that you can find in a Tesla. That translates to about 40-50 miles of fast, on-road driving, Saul said, or 150 miles on the New York City test cycle. That particular test, "simulates low speed urban driving with frequent stops," according to DieselNet. The car also has a 6-kW charger and a six-speed manual transmission and the adjustable regenerative braking levels can be controlled by paddles on the steering wheel. Of course, none of those performance figures have been proven yet because the GXE hasn't had a chance to hit the road. Saul said that it will take another three-to-four weeks to finish the build and then, finally, there will be a few weeks of road testing. This will include a quarter-mile run on a track as well as a trip to Nevada to do a several-mile top speed test. If all of that sounds like something you're interested in, then get ready to open your wallet wide and wait. Saul said that buying one will set you back $330,000 (just $290,000 if you bring your own C6 Z06). Genovation also won't be making all that many. Saul said he expects to put the GXE into limited production of under 200 units, starting off at maybe five or 10 a year. Featured Gallery Battery Show 2015: Genovation GXE All-Electric Corvette View 14 Photos Green Chevrolet AutoblogGreen Exclusive Electric exclusive corvette genovation

GM warning 800,000 owners that their cars may need oil changes more frequently than they say

The days of changing your engine oil every 3,000 miles are long gone thanks to most cars having automatic oil monitoring systems, but about 800,000 General Motors vehicles apparently have incorrect monitoring software that is leading to premature engine component wear. According to Autoweek, certain 2010-2012 Buick LaCrosse, Regal, Chevrolet Equinox and GMC Terrain models equipped with 2.4-liter four-cylinder engines could be going too long in between oil changes resulting in a higher-than-normal number of warranty claims for the engine's balance chain. The balance chain links the balance shaft to the crankshaft, and a worn one can produce higher noise levels.
As a fix, GM dealers will be reprogramming the software for the monitors in an effort to reduce the interval between oil changes, which varies based on driving habits and conditions. Through February 2015, the software update will be done at no cost to vehicle owners, but since this is not a recall, after that point, it will be up to the discretion of dealers as to whether or not they will charge for the service. What isn't immediately clear is whether GM plans on giving assistance to out-of-warranty customers who are experiencing engine issues from the worn chain.