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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 1500 AT4X: Can you sleep in it?

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. The recently introduced GMC Sierra AT4X is an impressive combination of off-roading and luxury. But can you sleep in it? Pickups are great for towing campers or as a platform upon which to build out overlanding rigs, but from the factory they usually aren’t as useful as SUVs to sleep in, considering half of the length of the vehicle is taken up by the bed. Let's see how the AT4X fares. Space The biggest thing to consider when it comes to camping in your car is whether or not there is enough space in it for you and possibly a partner to lay down comfortably. This is tough when it comes to pickup trucks, which are hampered by the fact that half (or more) of the length of the vehicle is taken up by the bed of the truck. Some trucks have added features like lie-flat seats that make sleeping in them a bit easier, though itÂ’s still not a perfect solution. Unfortunately the AT4X is not one of those trucks. While the seats do lay back quite a good amount, I wasnÂ’t able to get comfortable enough to rely on them for a good nightÂ’s rest. To the rear we go. If youÂ’re vertically challenged, you may be in luck, especially if you donÂ’t sleep stretched out. The Sierra 1500 is a wide truck, almost 7 feet wide in fact. The rear bench measures 56 inches in width, which isnÂ’t a great option for most adults unless you really like sleeping in the fetal position. ItÂ’ll do in a pinch but I wouldnÂ’t expect to get a great night's sleep again and again.  Below the bench, which folds up and out of the way, is a relatively flat floor which can offer a bit more length. At 63” it still isnÂ’t enough for me to lie down with the doors closed, but it is much less cramped than spending the night on the bench. The subtle bump in the middle of the floor, which is much less severe than the ridges in the bed, can easily be remedied by an inflatable sleeping pad like the Sea to Summit Ether Light XT, or, even better, a cheap air mattress from Walmart. The Bed The bed of the AT4X seems like the most logical place to sleep. After all, it is named the bed for a reason right? If you have an inflatable mattress, then sure, but due to the ridges on the floor, a simple sleeping pad and sleeping bag will not be enough here. Additionally, the length of the bed leaves something to be desired.

New GM subcompact SUV spied, could be a Chevy or GMC

GM's pair of subcompact crossovers have been trundling along for a while now. The Buick Encore was the first for Americans in the 2013 model year, and the Chevy Trax that was based on the Encore (an encore of the Encore, if you will) arrived for the 2015 model year. Each has undergone a mild update, but these spy photos could indicate their replacements are in the works. Or not. For starters, we can't be sure which GM brand this new SUV is destined for. Though the timing and its flowing lines could indicate Buick, the thick horizontal bars visible in the grille would indicate otherwise. The next Encore being at least related to this is at least a possibility. Making the case for GMC are those thick grille bars, the fact that it extends far below the lights, and may even rise above them, similar to the Acadia. And that rising beltline isn't that different from that of the Acadia. Arguing against the GMC idea is the Encore, which is almost always sold in GMC-Buick combo dealers. Much as the Acadia was made smaller to eliminate confusion and in-house competition with the Enclave, it's hard to see GM opting to resurrect such an issue at the bottom end of the SUV market. That means we're leaning toward this little SUV wearing a Chevy bowtie. The split grille with a large lower section and small upper section is the brand's current design language, as seen on the new Malibus and Cruzes. The shape is vaguely Equinox-like. And like Buick, Chevy also has a subcompact crossover ready for replacement: the Trax. Now, our photographer reports he's seen another subcompact testing that has Blazer design cues, but in this crossover-hungry market, we wouldn't be surprised if two similarly sized but differently styled Chevy crossovers make the grade. It's a strategy that's working pretty well for Jeep. We'll no doubt be seeing more of these disguised test vehicles milling about the country in the coming months, so perhaps we'll eventually get a better idea of what this is before more official information starts trickling out within one or two years. Related Video: Featured Gallery GM Subcompact Crossover spy shots View 10 Photos Image Credit: SpiedBilde Spy Photos Buick Chevrolet GM GMC Crossover SUV buick encore chevy trax