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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.

General Motors could turn Hamtramck into its electric pickup, SUV hub

Electric off-roaders could revitalize the Detroit-Hamtramck factory that General Motors previously announced it will close. While official details remain shrouded in secrecy, analysts believe the plant will be re-tooled to manufacture at least three electric models due out during the early 2020s. The plant's scheduled closure was one of the grievances the United Auto Workers (UAW) union cited when it embarked on a 40-day strike in September 2019. General Motors agreed to keep it open without shedding much light on what it planned to build there. Analyst at LMC Automotive told the The Detroit News they believe an often-rumored electric SUV that will resurrect Hummer's name, image, or both will be one of the models assigned to the Hamtramck plant. Battery-powered variants of the GMC Sierra and the Cadillac Escalade will be made there, too, as will an enigmatic van. LMC Automotive's Jeff Schuster believes the van will come first; it could enter production as early as 2021. The Hummer — which might also be offered as a pickup — will follow before the end of 2022, while the Sierra and the Escalade will both arrive in 2023. We're taking this report with a grain of salt, though, because only one of the aforementioned models has been announced by General Motors. Rumors of a Hummer resurrection emerged in the summer of 2019, just a few weeks before we heard unverified reports of a battery-powered variant of the next-generation Escalade. General Motors confirmed plans to enter the burgeoning electric pickup truck segment, which Ford, Rivian, and Tesla also have their sights on, but it hasn't detailed how or when. The van is a mystery. General Motors refused to comment on the report. It previously announced it will keep Hamtramck open, and invest $3 billion to build electric vehicles there. The investment will create 2,225 jobs. Inaugurated in February 1985, the Hamtramck factory has churned out a diverse selection of models over the past 34 years, including Cadillac's Eldorado, Seville, and Allante, the Oldsmobile Toronado, the Buick Riviera, and more recently, gasoline-electric Chevrolet Volt. General Motors announced plans to close Hamtramck in 2018, but it quickly backpedaled and extended its lease on life until 2020 by keeping the Chevrolet Impala and the Cadillac CT6 around for a few additional months.

The GMC Hummer EV is big and fast; it's also a social conundrum

Pedestrian fatalities, unresolved safety issues, overachieving and overweight trucks — overweight electric trucks — and divisive attitudes about vehicles equipped as is the new Hummer EV, are very much on the mind of Robinson Meyer. Mr. Meyer, who suggests that the 1,000-horsepower pickup is a cross "between an ambulance and a race car," is a staff writer for The Atlantic, a well-respected, long-lived journal founded in 1857. His recent essay in the monthly's flagship magazine starts off describing a scary video clip posted online by Edward Barseghian that features the 9,000-pound Hummer hurtling full tilt towards three lanes of cars idling at a light (the driver stops it in time). Then he goes on to pretty much berate the machine. "The Hummer EV haters and lovers had discovered one of the most important facts about electric 'super trucks': They are very heavy, and they go very fast," he writes. "If you imagine an ambulance that can accelerate as fast as a Formula 1 car, youÂ’re imagining a vehicle only slightly more unwieldy than the new Hummer." Meyer goes on to discuss the issue of allowing battery powered vehicles that weigh as much as the Hummer does onto public roads. "The weight of EVs is a safety issue that drivers — and cyclists and pedestrians — will only have to keep worrying about as these cars go mainstream," he explains. "Suffice it to say that cars as huge as the Hummer EV need to face some kind of regulation, especially in cities and towns, where they pose a distinct threat to the public." To Hummer devotees, them's fightin' words. But Meyer takes pains to present a sort of response from Anthony Schiavo, a research director at Lux Research, a global advisory firm: Why is the Hummer so heavy if its batteries weigh only about 3,000 pounds? “ItÂ’s absolutely a design choice and a marketing choice,” Schiavo answers. “People like larger vehicles, and the reason why those larger vehicles are getting made is because they sell.” The author concludes by bringing into his thesis the issues of climate change, liberal and conservative politics. In some places, his arguments wander; they become muddled. But for those enthused about electrics and big trucks, "Frankenstein's Hummer" is worth a read. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.