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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 Silverado HD gets the Custom Sport treatment

Everyone remember the Silverado 1500 Custom Sport Chevrolet showed at the 2015 Detroit Auto Show? Good. Now, the company has applied the same styling treatment to its heavy-duty pickups, introducing the 2500 and 3500 Custom Sports. The two trucks appeared today at the 2015 Denver Auto Show. A monochromatic look is the order of the day, with the heavy-duty Silverados getting body colored bumpers both fore and aft as well as a body color grille. Chrome accents sit in said grille, while the shiny finish can also be found on the door handles and mirrors. Buyers of the 2500 Custom Sport will get five-spoke, 20-inch, polished wheels, while the brawnier 3500 gets 18-inch polished hoops as standard (dualies are downgraded to 17-inchers). Custom Sport models are only available in Summit White or Black. The trim package can be added to both LT and LTZ models, with a price premium ranging from $700 to $1,695, depending on the truck. Scroll down for the official press release from Chevrolet. Related Video: CHEVROLET INTRODUCES 2015 SILVERADO CUSTOM SPORT HDs Monochromatic appearance for 2500 and 3500 HD pickups DENVER – Chevrolet adds a sophisticated monochromatic look to the Silverado 2500 HD and 3500 HD with new Custom Sport editions, which debuted today at the Denver Auto Show. Silverado Custom Sport HDs feature body-colored front and rear bumpers, a body-colored grille with chrome-accent bars, chrome door handles and body-side moldings, and chrome-accented trailering mirrors. Silverado 2500 Custom Sports feature 20-inch polished aluminum wheels, while 3500 Custom Sports feature 18-inch polished aluminum wheels on single-rear-wheel models, and 17-inch polished aluminum wheels on duallys. Silverado Custom Sport HDs are available in LT or LTZ models in either Summit White or Black. Suggested retail package prices will vary from $700 to $1,695, depending on the model. Dealers can place orders now. Silverados targeted at unique customer needs The Silverado Custom Sport HDs join a family of Silverado 1500s targeted at the needs and tastes of specific groups of truck customers: The Silverado Black Out takes advantage of the black grille and bumpers of the Silverado 1500 WT to let customers to create a dramatic look at an affordable price. Available for regular and double cab WT models, the Black Out special edition includes 20" black painted aluminum wheels, P275/55R20 all-season blackwall tires, deep tinted glass and black bowties.

Celebrate the 4th of July with Autoblog's Car Club USA video series

If you've missed out on seeing and episode of Autoblog's newest series, Car Club USA, there's never been a better time to give it a shot than right now. CCUSA takes a deep look at various car cultures across the country: from Muddin' in the Deep South, to drifting on the East Coast, to Jeeping out west. No matter your automotive passion we have (or will have) an episode for you to jive with. Oh, and there are Corvettes. Who doesn't love a good Corvette? With the long holiday weekend in full swing, we couldn't think of a better time to help you get familiar with these great mini-films, or perhaps to watch one for the first time. If you like what you see, stay tuned – there's a lot more Car Club headed your way this year. Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Chevrolet Coupe Car Club USA Videos