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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 Volt replacement battery cost varies wildly, up to $34,000

There's a growing hubbub in the plug-in vehicle community over what looks like some ridiculously cheap replacement batteries for the Chevrolet Volt going up for sale. GM Parts Online, for example, is selling a replacement Volt battery with an MSRP of $2,994.64 but, with an online discount, the price comes down to $2,305.88. For the 16-kWh pack in the 2012 Volt, that comes to a very low $144.11 per kilowatt hour (kWH). But is it a real deal? How can it be, when a Chevy dealer may quote you a price of up to $34,000 to replace the pack? For a 16-kWh Volt pack, $2,305.88 comes to a very low $144.11 per kWh. But is it a real deal? Battery packs in alternative propulsion vehicles are usually priced by the kWh and, historically, they've been thought to be in the range of $500-per-kWh for OEM offerings. Since automakers are understandably secretive about their costs, we still don't know what the real number is today, but we do know it varies by automaker. Tesla, for example, has said it pays less than $200-per-kWH at the cell level but, of course, a constructed pack would be more. Whatever is going on, li-ion battery prices are trending downward. So, $144.11 certainly sounds great, but what's the story here? Kevin Kelly, manager of electrification technology communications for General Motors, reminded AutoblogGreen that GM Parts Online is not the official GM parts website and that, "the costs indicated on the site are not what we would charge our dealers or owners for a replacement battery. There would be no cost to the Volt owner if their battery needs replacement or repair while the battery is under the eight year/100,000 mile limited warranty coverage provided by Chevrolet." A single price tag also can't be accurate for everyone, Kelly said. "If the customer needs to have their battery repaired beyond the warranty, the cost to them would vary depending on what needs to be replaced or repaired (i.e. number of modules, which specific internal components need replacement, etc.)." he said. "So, it's hard for us to tell you exactly what the cost would be to the customer because it varies depending on what might need to be repaired/replaced. As a result, the core charge would vary." But, is the $2,300 price even accurate for anyone? Thanks to a reader comment, we see that this similar item on New GM Parts makes it look like the lithium-ion modules that Kelly mentioned – where a lot of the expensive bits are – are not included.

GM faces possible class action lawsuit over 8-speed transmission

General Motors has been hit with a class-action lawsuit from owners who allege the eight-speed automatic transmission found in several rear-wheel-drive Chevrolet, Cadillac and GMC models between the 2015 and 2019 model years has a defect that causes the vehicles to hesitate and jerk when accelerating or slowing down. The lawsuit was posted to ClassAction.org and spotted by GM Authority. Problems with GM's Hydra-Matic 8L90 and 8L45 transmissions have been well-documented on Internet forums and via complaints filed with the National Highway Traffic Safety Administration, with many reporting damage to their vehicles. The lawsuit was first filed in December in U.S. District Court for the Southern District of Florida but appears to have been transferred recently to New York. Autoblog sought comment from Theodore Leopold, the lead attorney for the plaintiffs. "These transmissions have a common defect," the complaint reads. "Drivers attempting to accelerate or decelerate their cars feel a hesitation, followed by a significant shake, shudder, jerk, clunk, or 'hard shift' when the vehicle's automatic transmission changes gears." The problem also occurs when the vehicles accelerate in a single gear, without shifting, the plaintiffs allege. "Drivers have reported that the shift is sometimes so violent, they feel as though they have been hit by another vehicle." The problem is believed to center on the transmission, torque converter or both. The complaint says it causes undue friction, causing hydraulic systems and gears to function improperly and sometimes leaves metal shavings throughout the transmission, leading to costly repairs and replacement of parts or the entire transmission. It says GM has known about the problems since shortly after it introduced the transmissions, and has issued 13 technical service bulletins, none of which have resolved the problem. GM declined to comment on the lawsuit. The plaintiffs say GM should have warned consumers about the issues and covered repairs under each vehicle's three-year/36,000-mile bumper-to-bumper warranty. They're seeking statewide classes in at least six states: California, Florida, Illinois, New York, Oklahoma and Texas.