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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 recalls 638,000 U.S. SUVs, trucks for unintended braking

WASHINGTON — General Motors is recalling 638,000 U.S. sport utility vehicles and pickup trucks because a wheel-speed sensor could fail and cause unintended braking, it said Thursday. The recall covers 2015-2020 Chevrolet Suburban, Tahoe, and Yukon and 2014-2018 Chevrolet Silverado 1500 and GMC Sierra 1500 vehicles equipped with a 5.3-liter engine, a 3.08-ratio rear axle and four-wheel drive. The sensor failure could result in unintended activation of the driveline protection system, and cause unintended braking of the wheel on the opposite side of the failed sensor. That could cause the vehicle to pull to one side unexpectedly, increasing the risk of a crash, the Detroit automaker said. GM said it was not aware of any crashes relating to the issue but found 150 field claims alleging the condition caused unintended braking or lateral vehicle motion. A GM dealer in May submitted a warranty report relating to the issue in a 2018 GMC Yukon, and two days later, a GM brand quality manager submitted the report to GMÂ’s Speak Up For Safety program that tracks potential safety issues, which prompted a GM investigation and testing. Recalls Chevrolet GM GMC Truck SUV

Recon Power Bikes partners with GMC on AWD Hummer eBike

Want the ultimate two-wheeled companion to your new GMC Hummer EV, or maybe you just want something electric and all-wheel drive without the Hummer's price tag? Recon Power Bikes has you covered with its new Hummer EV e-bike. Not convinced? Well, hear the specs before you bail. You might be surprised.  Recon's new offering is marketed as "all-wheel drive," which our resident two-wheeled expert and consumer guru Jeremy Korzeniewski tells us is quickly becoming conventional nomenclature for dual-motor electric bicycles. Hey, if you've got two wheels and both have motors, it's technically correct, even if it sounds a bit silly to those of us who prefer the comforts of a cage and four wheels on pavement.  Each of the two motors produces 750 watts, which combines for just a little over 2 (two!) horsepower, but remember, this is a bicycle, not a sport bike. And flipping the coin, that lone pony is accompanied by more than 118 pound-feet (or roughly a 1.8-liter Miata's worth) of torque. Recon says its top speed is north of 28 mph, which is plenty quick for something that you might see strapped to the same hitching post as a 30-year-old Huffy. The base battery offers 17.5 aH of capacity; an upgrade bumps that to 21. Recon says the total range should fall between 40 and 50 miles. The package is rounded out by an adjustable front suspension, four-piston hydraulic brakes, puncture-resistant 4-inch all-terrain tires with molded-in liners and Shimano gearing.  Recon says the Hummer e-bike offers "on-demand" AWD (rear by default; both when called upon) and even offers three fixed drive modes — "Cruise" (rear wheel drive, for maximum range and efficiency), "Traction" (front wheel drive, for navigating with low grip) and "Adrenaline" (for "off road all wheel drive dominance of the toughest, steepest terrain"). "Adrenaline" mode even offers real-time torque vectoring, just like a real Hummer EV. The two vehicles are basically the same, only the bike weighs just 96 pounds, not more than 9,000.  Look for the Recon Power Bikes GMC Hummer e-bike to hit the market in early December with a starting price of $3,999. That may sound steep, but keep in mind that QuietKat's Jeep eBike costs nearly double that.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Recon Power Bikes GMC Hummer eBike Green GMC Green Culture Bikes Electric