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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.

IIHS gives good ratings to 4 of 8 midsize pickups in crash test

Versions of the Toyota Tacoma, Chevrolet Colorado and GMC Canyon Crew Cab earned top ratings in a new crash test of midsize pickup trucks from the Insurance Institute for Highway Safety, while two versions of the Nissan Frontier earned marginal ratings. But the organization gave poor marks to all eight pickups tested for their dim headlights. Overall, four of the eight pickups evaluated earned good ratings for protecting occupants in all five crash test categories — the Tacoma double cab along with crew cab versions of the Colorado, Canyon and Tacoma. But the poor headlights and lack of an automatic emergency braking system blocked any of the pickups from qualifying for the IIHS's Top Safety Pick awards. The study looked at two pickup body styles using 2017 models: crew cabs, which have four full doors and two full rows of seating, and extended cabs, which have two full front doors, two smaller rear doors and compact second-row seats. It subjected each to five tests, and it evaluated the performance of front crash prevention systems and headlights. The Toyota Tacoma crew cab was the only pickup in that class that earned a good rating for structure in the small overlap test, which replicates what happens when a vehicle clips a tree, pole or another vehicle that has crossed the center line. The model's Access Cab extended-cab version was rated similarly, though its structure was rated acceptable. "This group of small pickups performed better in the small overlap front test than many of their larger pickup cousins," says David Zuby, the Institute's executive vice president and chief research officer. "The exception was the Nissan Frontier, which hasn't had a structural redesign since the 2005 model year." The extended-cab versions of the Chevy Colorado and GMC Canyon earned acceptable ratings, while both the Nissan Frontier king-cab and crew-cab models were rated marginal. Toyota says its 2018 Tacoma will feature upgraded headlights and a standard autobraking system that can detect pedestrians. "Headlights are basic but vital safety equipment. Drivers shouldn't have to give up the ability to see the road at night when they choose a small pickup," Zuby said. Related Video: Auto News Chevrolet GMC Nissan Toyota Safety Truck Videos gmc canyon nissan frontier chevrolet colorado

Hummer EV range listed at 334 miles in MyChevrolet app

Forums of late have been cracking for interesting news, the Hummer Chat forum next in line to keep us intrigued. When member BahamaTodd updated his MyChevrolet app to version 5.7.0, he clicked through to the Energy Assist page and found three GM electric vehicles listed, plus their estimated range figures on a 100% charge. One was the 2022 Chevrolet Bolt, rated for 259 miles, the second was the 2022 Chevy Bolt EUV, rated for 247 miles. The third was an unexpected entry, being the 2022 GMC Hummer EV pickup, listed as able to go 334 miles on a full charge. When BahamaTodd clicked on the Hummer, a map appeared with a dotted line outlining the entire geographical area available to him based on his current location. The figures for both Bolts are the official EPA estimates. The mileage figure for the Hummer is a mystery, as is why it's popped up here in the MyChevrolet app instead of the MyGMC app. The EPA hasn't certified the 2022 Hummer yet, so that's not the source. On the other hand, a little more than a week ago, GM said the Hummer EV could go 350 miles or more based on the automaker's estimates. We assumed GM was referring to the Hummer Edition 1, the sold-out launch model which will be the only trim produced for the 2022 model year, fitted with three electric motors making a combined 1,000 horsepower. The first and safest assumption is that the app data is placeholder information, not intended to be spread on the Internet and dissected. If it does apply to a Hummer EV, it could denote a specific trim or options. The Edition 1 will be available with street tires. It's perfectly reasonable to believe the chunky, 35-inch knobblies that shown in all the press materials could eat up 16 miles or so of range, about a 4.8% loss. Or GM's range estimate could have been meant for one of the future Hummer EV variants, like the slightly less-powerful tri-motor EV3X with 800 hp, the 625-hp dual-motor EV2X, and the base, 625-hp dual-motor EV2. With pre-production of the Edition 1 slated to begin at GM's Factory Zero any day now, answers shouldn't be long in coming.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.