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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.

2024 GMC Acadia gets bigger, goes entirely turbocharged

For an entire generation now, the GMC Acadia, the brand's largest unibody SUV, has sat in an unusual zone in between the typical midsize two-row and large three-row segments. But the completely redesigned 2024 Acadia is stepping confidently into the latter camp, growing to roughly match its cousin, the also fully redesigned 2024 Chevy Traverse. And adding to its greater size and performance, the Acadia brings unique exterior and interior design. The size increase is impressive. The wheelbase has grown 10.6 inches, overall length by 8.4, and overall height by 3.2. GMC claims this has increased cargo space by 80% and second-row seat room by 27%. These changes all make it about the same size as the Chevy, too, instead of a smaller option.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. That doesn't mean the two look the same, though. The front fascia clearly borrows heavily from the GMC Sierra 1500 with a tall grille and C-bracket headlights. The flanks really depart from the aggressive shape of the Traverse. It also skips the fat C-pillar. GMC designers noted they specifically worked to reduce the size of that pillar, in part to improve visibility for third-row passengers. Conversely, the D-pillar is relatively large and is finished in body color to reveal it. But to keep it from looking overly large, there's a black plastic panel that helps give the rear window a bit of a wraparound effect. The taillights also have a gloss black panel to blend them into the rear window area and reduce the visual mass of the hatchback. The interior is the biggest differentiator between the Traverse and Acadia, though. The entire dashboard is unique to the Acadia. The 11-inch instrument display sits under a cowl that extends horizontally to meet the unique vertical 15-inch infotainment screen. That screen overlaps a squared-off, horizontal dash design, and it's flanked by vertical air vents. The Acadia picks up a column-mounted shifter, too, freeing up space for storage in the center console. There are practically no parts directly pulled from other GM products. And unlike GM's upcoming EVs, the Acadia will have Apple CarPlay and Android Auto functionality. Individual Acadia models even have unique features. The luxury Denali trim and off-road focused AT4 trim both return. The AT4 stands out the most with an extra inch of ground clearance in part from the all-terrain tires on 18-inch wheels.

Here are 12 electric pickups in the works

With the unveiling of the GMC Hummer EV, the list of planned electric pickups is expanding. Legacy automakers like Ford and Chevy have theirs coming, as do startups like Tesla, Rivian and Bollinger, as well as some lesser known brands. Here are all the electric pickup trucks we know to be in the works, along with a few that are being discussed or mulled over. GMC Hummer EV The 2022 GMC HUMMER EV is a first-of-its kind supertruck develop View 40 Photos We’ve seen it now, and itÂ’s the business. The GMC Hummer EV comes out swinging with 1,000 horsepower from GMÂ’s new Ultium electric powertrain program, a wealth of off-road features, a removable roof, Super Cruise and the revival of the Hummer name. WeÂ’ll see the first ones on the road next fall. Tesla Cybertruck Tesla Cybertruck at the Petersen Museum View 14 Photos Tesla revealed the Cybertruck last year with, ahem, unique styling, a number of powertrain options and a claimed range of up to 500 miles. It has a compressed paper dash, a ramp for the bed, and “shatterproof” windows. It has already racked up hundreds of thousands of reservations. It will be built in Texas. Rivian R1T 2021 Rivian R1T View 15 Photos EV startup Rivian revealed its R1T electric pickup toward the end of 2018 with a claimed 0-60 time of 3 seconds and a towing capability of 11,000 pounds. Preproduction began in September 2020 at RivianÂ’s factory in Normal, Illinois. Bollinger Motors B2 Bollinger Motors B2 side outdoors View 31 Photos BollingerÂ’s B2 electric pickup is a Class 3 off-roader with retro styling, removable roof panels, and a unique “frunkgate” with a pass-through down the center of the vehicle. It was created with both enthusiasts and workers in mind, with features that can get it to remote places (portal axles, hydro-pneumatic suspension) and to get things done (room for 40 2x4s, equipped with eight 110-volt outlets and one 220-volt outlet). Bollinger also plans to make the B2 Chassis Cab available for fleet customization. Ford F-150 Electric Electric Ford F-150 Towing View 9 Photos WeÂ’ve known this to be in the works since early 2019. Since then, details have trickled out. Back in June, Ford announced its F-150 Electric would be coming within two years. WeÂ’ve seen it pull a million pounds worth of train and trucks, heard it will have more power than any other F-150, and seen its LED-laden front end.