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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.

GMC unveiling 2021 Yukon, Yukon XL on January 14

UPDATE: We received a reply back from a representative at GMC confirming that the new Yukon will be revealed on January 14. The text has been updated to reflect this. General Motors is renewing its body-on-frame SUVs, and GMC's Yukon is next in line to receive a full makeover. It's scheduled to break cover on January 14 alongside the long-wheelbase Yukon XL. It's reasonable to assume we would have gotten our first glimpse at the next Yukon during the 2020 Detroit Auto Show had the event not moved to June. The new date is too close to the model's on-sale date, so GMC will unveil it during a standalone event held in Vail, Colorado, according to GM Authority. We reached out to GMC, and a representative confirmed that is indeed the reveal date for the full-size SUV. Spy shots suggest stylists took GMC's two biggest SUVs in a sharper, bolder direction. Both models share the same front end, which borrows styling cues like C-shaped headlights from the Sierra pickup. Brand-specific rear lights help the Yukon models stand out from their Chevrolet-badged siblings, the Tahoe and the Suburban, which hasn't always been the case. The standard Yukon and the Yukon XL will each grow in size, though there's no indication GMC's naming structure will change to reflect that; Yukon XXL admittedly doesn't have much of a ring to it. While we haven't seen the interior yet, we expect it's getting a generous serving of technology, including a new, touchscreen-based infotainment system. The larger exterior dimensions will clear up more space for people and gear, so average-sized adults will be able to fit in the third-row seats. The range-topping Denali variants of both models will return to satisfy those who crave sumptuousness. The sheet metal will hide much of the same hardware found under the Tahoe/Suburban duo, including an independent rear suspension added in the name of comfort and handling. Powertrain specifications should carry over, too, meaning the entry-level engine will be a 5.3-liter V8 rated at 355 horsepower and 383 pound-feet of torque. The list of options will include a 6.2-liter V8 with 420 horsepower on tap, and we're betting the straight-six turbodiesel available on the Bowtie-badged SUVs will also be offered at an extra cost. Rear-wheel drive and a 10-speed automatic transmission will come standard, and buyers will be able to pay extra for four-wheel drive. The next GMC Yukon and Yukon XL will go on sale halfway through 2020 as 2021 models.

Next-gen Chevy Silverado and GMC Sierra may use carbon fiber

It's been generally accepted that the next generation of full-size GM trucks will use some sort of strong, lightweight material for the beds while retaining steel for the cab. While aluminum seems like the most obvious choice, according to Automotive News, the Chevy Silverado and GMC Sierra will incorporate both aluminum and carbon fiber in their beds. The publication cites sources from within GM, though it seems the introduction of this comparatively exotic material mix is still a few years off. While carbon fiber is both stronger and lighter than steel and aluminum, it takes significantly more time and money to produce, essentially relegating the material to small-volume cars. The main benefit for trucks is the resulting reduction in weight to improve fuel economy without sacrificing the tough, rugged capabilities truck buyers expect. The Ford F-150 made the switch to aluminum for the 2015 model year and it's proved highly successful. It seemed like it was only a matter of time before the competition followed suit. Automotive News says that the next-gen trucks will launch with aluminum beds and that it will take a couple of years before we'll see any carbon fiber incorporated into the design. Even then, only look for the composite material on higher-trim models, with a trickle down to lower-spec trucks possible further in the future. In 2011, GM announced it was working with Japan-based Teijin Limited on a carbon fiber reinforced thermoplastic. There's a good chance that material's introduction will be on trucks. Related Video: News Source: Automotive News Plants/Manufacturing Rumormill Chevrolet GM GMC Truck