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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.

Watch GM's new pickup crash its way to five-star NHTSA ratings

General Motors has just scored a big win with its Chevrolet Silverado and GMC Sierra pickup trucks, acing the National Highway Traffic Safety Administration New Car Assessment Program. The two full-size trucks had already netted a five-star Overall Vehicle Score in their crew-cab variants, but the new testing certifies them as five-star trucks in both regular and double-cab bodystyles, so GM's trucks offer top ratings across the board.
"Our incredibly capable trucks have been engineered to be some of the safest," Gay Kent, GM's general director of Vehicle Safety and Crashworthiness said. "We've designed the vehicle structure, strategically placed high-strength steel and developed the occupant restraint system to achieve high levels of safety performance."
The scores mark the Silverado and Sierra as the first pickups to net five-star scores since NHTSA beefed up their testing regime in 2011, a nice feather in GM's cap as it continues to slug out the pickup truck wars with crosstown rivals Ford and Ram.

Cadillac XT5, XT6, GMC Acadia recalled for two issues

General Motors is recalling three model years of the Cadillac XT5 and XT6, and the Cadillac's GMC sibling, the Acadia. The first recall has to do with the rearview camera. On 2020- and 2021-model-year XT5s, XT6s, and Acadias optioned with Surround Vision, insufficient crimping for the coaxial cables could cause a degraded signal from the rear camera, or cause the signal to fail. With all passenger vehicles required to have a working rearview camera, that's not an ideal situation. Only crossovers with Surround Vision are affected. The population at issue counts 95,231 vehicles, build dates being: XT5s produced from May 1, 2019 to June 23, 2021 XT6s built from February 25, 2019 to June 24, 2021 Acadias built from May 6, 2019 to June 24, 2021  The automaker hasn't been informed of any crashes or injuries related to the problem, and will begin mailing letters notifying owners of the issue on November 7. The fix is a trip to the dealer to have the cables inspected and replaced if necessary. Concerned customers can contact Cadillac customer service at 800-458-8006 or GMC customer service at 1-800-462-8782, then refer to GM's recall number, N222378380. Alternatively, they can get in touch with the National Highway Traffic Safety Administration (NHTSA) Safety Hotline at 888-327-4236 (TTY 800-424-9153), or go to www.nhtsa.gov, and refer to campaign number 22V709000. Another recall concerns just the 2023 Cadillac XT5 and XT6 and 2023 GMC Acadia units that were built on August 9, 2022. That day, a printer in the Spring Hill, Tennessee, Assembly Plant malfunctioned, producing vehicle labels for the driver's side B-pillar with illegible tire size information. That's a violation of a subsection of Federal Motor Vehicle Safety Standard No. 110. Only 24 units are affected, the fix being a jaunt to the dealer for a label with readable information. Owners who don't want to wait until November for letters from GM can contact Cadillac customer service at 800-458-8006 or GMC customer service at 800-462-8782, and mention recall number N222381690. Or they can head to the NHTSA Safety Hotline at 888-327-4236 (TTY 800-424-9153), or www.nhtsa.gov, and refer to campaign number 22V708000.