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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 Sierra EV Denali Edition 1 teased before tonight's debut

GMC says its Sierra EV Denali Edition 1 battery-electric pickup is "Built to tower above everything you thought an electric truck could be. That’s why itÂ’s the only EV that deserves the name Denali." We will know what the marketing speak means tomorrow (Thursday), when GM's third electric pickup in a year debuts at 5 p.m. Eastern. GMC teased the face of the Ultium-powered Sierra Denali nearly a year ago with an animated rendering. This second teaser on the eve of the debut gives us a better feel for what to expect. The front fascia advertises the product with illuminated GMC lettering at the center of a grille panel defined by an illuminated border. Upside down L-shaped LED lights frame three LED charging status bars. Below those at the bumper edges are what look like four fog lights, two round units above two squared oval units. In back, a glimpse of taillight reminds one of the Hummer EV's spendy rear lights, a Denali badge informing tailgaters what kind of truck they're following. A panoramic glass panel takes up just about the entire roof, save for some sheetmetal at the back where the shark fin antenna rests. Under that roof, one of the seating options will be a ventilated, quilted fabric with "Denali" embroidered in the headrest.  All the other intel must wait another 24 hours. This truck's Chevrolet Silverado EV sibling has been pitched as pricing between $40,000 and $105,000. We've been told the Sierra EV will only come in Denali trim, so expect the feature set and pricing to align more with the Hummer EV, from close to $100,000 once all trims are rolled out to sums well over $100,000. The furnishings could set a new benchmark in glitz for GMC, brand VP Duncan Aldred saying, "We now have an opportunity to evolve SierraÂ’s capabilities and technologies, as afforded by transitioning to an all-electric propulsion while also elevating the luxurious design and comfort associated with Denali." The playbook established so far leads us to believe the Ultium platform will provide a 200-kWh battery and an estimated range of 400 miles, and an output of something like the 664 horsepower and 780 pound-feet of torque in the top Silverado EV trim. Or this limited Edition 1 trim could split the power gap between the Silverado EV and the 1,000-hp Hummer EV.  Reservations open after the debut.

GM reworking mandatory OnStar plans for some 2024 models

For the 2023 model year, GM added its OnStar and Connected Services plan as standard equipment to a large number of Buick, GMC, and Chevrolet vehicles. Folding the $1,500 retail price into the MSRPs of models like the GMC Acadia and Buick Encore plumped up prices beyond the usual year-on-year bumps. Looks like there's a reversal in play for 2024, GM Authority reporting that many of the models fitted with OnStar and Connected Services — now called OnStar Premium — will step down to three years of OnStar Remote Access standard.   OnStar Remote Access comes with these features: Remote key fob, vehicle locate, and remote personalization through mobile and in-vehicle apps. Three additional features can be added to the plan: OnStar Guardian, in-vehicle hotspot, and Super Cruise. Owners can also upgrade to OnStar Premium if they choose.  Higher trims like Buick's Avenir and GMC's Denali, plus the GMC Hummer and the Cadillac Escalade will retain OnStar Premium as standard equipment. That suite starts with Remote Access and adds: Automatic crash response, stolen vehicle assistance and recovery, OnStar Guardian, in-vehicle app access, unlimited streaming, three years of Super Cruise on vehicles with the hardware, and six months of SiriusXM radio. The Escalade puts a cherry on top with three years Sirius XM instead of six months. The Remote Access plan normally charges $14.99 per month. We're not sure yet if GM will subtract the cost of OnStar Premium from the MSRP and add the $540 for OnStar Remote Access, or if the trial period comes free of charge. Even if that's what happens, the change could take nearly $1,000 off the MSRP of a car like the GMC Acadia before any 2024 increases. We'll know more as the 2024MY models roll out and prices are announced. Related Video 2022 Buick Enclave Avenir revealed