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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.

GM is quietly slashing prices on base models

While General Motors' fourth quarter financial figures haven't yet been released, the automaker seems to be weathering a potentially rocky time well, even beating third-quarter projections last year. To keep the climb going, the company is launching new base trims for several popular models that make them cheaper than ever but with tight dealer margins. The new entry-level trims are the Chevrolet Cruze L, Equinox L, GMC Terrain SL and Buick LaCrosse 1SV. Buyers lose some content by picking them, but the prices are slashed. According to Cars Direct, the biggest savings are on the LaCrosse, where customers pay $31,065, plus $925 destination, $2,570 less than the previous base 1SB trim but must accept things like 17-inch wheels and no cargo net in the back. If you're wondering how Buick can remove only a little equipment but cut the price so much, it's because the company also slashed dealer margins. According to Cars Direct, the difference between the invoice and MSRP for the LaCrosse 1SV is only around $150, compared to around $1,350 before. The disparity is even greater for the Cruze with an $81 difference in the prices, compared to about $600 for the LS version. Showrooms are expected to keep very low stocks of these trims, though. "Dealers use such vehicles to get people in the door, but they do not generally want to do high volumes of these strippers. The margins are next to nothing; they don't make much money off these cars," said Ed Kim, Vice President of Industry Analysis for AutoPacific to Autoblog. Dealers are also expected to advertise that these new base trims undercut major competitors. For example, the Cruze L rings up for about $2,320 less than a Honda Civic LX, according to Cars Direct. One potential drawback for buyers is that these models might not be eligible for incentives. While the attractive prices might get customers into dealers, folks may not actually end up driving home with these entry-level models. Kim indicated base trims also make up a small portion of the sales mix. "Consumers aren't asking for stripped out vehicles, even at the low end of the marketplace," he said. Featured Gallery 2015 Chevrolet Cruze View 9 Photos News Source: Cars DirectImage Credit: Chevrolet Buick Chevrolet GM GMC Car Buying Car Dealers Crossover Sedan gmc terrain cheap cars

2020 Harley-Davidson GMC Sierra brings the iconic brand to a new truck

The Harley-Davidson Ford F-150 rides alone no longer. Thanks to the Tuscany Motor Company, it now has a fellow truck associate to cruise with side-by-side on the open roads. Introducing the 2020 Harley-Davidson GMC Sierra, which will make its official debut at the 2020 Barrett-Jackson Scottsdale auction. For years, a Harley-Davidson special edition package has been associated with the Ford F-150 nameplate. Although Ford does not offer a direct option from the factory, Tuscany Motor Company answered the demand and now builds truck packages that carry the famous American motorcycle name. With the direction of Harley-Davidson, Tuscany creates interior and exterior customizations that reflect notable and iconic features of the bikes. This year is the first time Tuscany has ever offered a Harley-Davidson package on a GMC Sierra, and as expected, it's pretty similar to the one offered on the F-150. The package includes at least 60 exclusive parts, and the Sierra is available in Onxy Black, Summit White, or Satin Steel Metallic.  Setting the tone are Fatboy-inspired 22-inch milled aluminum wheels wrapped in chunky 35-inch all-terrain tires. As Tuscany is a division of Fox performance parts, the truck rides on a specially designed BDS suspension with tuned Fox shocks and lateral stability bars. The truck also has a redesigned front bumper and grille with an integrated LED light bar for off-roading, power running boards with rock guard trim and entry lights, color-matched Harley-Davidson-designed fender flares, custom front fender vents with the Harley logo, an induction-style hood, a redesigned rear bumper, and a tuned exhaust with billet tips. More badging, tailgate cladding, a windshield header, orange tow hooks, and a bed rug add extra pizzazz. Finally, for all the planes, drones, and aliens who are eyeing pickups from the sky, the tonneau cover is debossed with the Harley-Davidson logo.  Inside, the fan pack includes leather seating with orange diamond stitching, and piano black door panels, console, and trim. Harley-Davidson badging and branding is on the seats, on the center console, on the floor mats, the door sill inserts, the instrument gauges, and even the pedals.  If this is up your alley, and you're interested in buying, the Sierras, no matter the color, start at $94,995 before taxes and fees. For more information, visit Tuscany. Related Video: