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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.

For EV drivers, realities may dampen the electric elation

The Atlantic, a decades-old monthly journal well-regarded for its intelligent essays on international news, American politics and cultural happenings, recently turned its attention to the car world. A piece that ran in The Atlantic in October examined the excesses of the GMC Hummer EV for compromising safety. And now in its latest edition, the magazine ran a compelling story about the challenges of driving an electric vehicle and how those experiences “mythologize the car as the great equalizer.” Titled “The Inconvenient Truth About Electric Vehicles,” the story addresses the economics of EVs, the stresses related to range anxiety, the social effects of owning an electric car — as in, affording one — and the overarching need for places to recharge that car. Basically, author Andrew Moseman says that EV life isn't so rosy: “On the eve of the long-promised electric-vehicle revolution, the myth is due for an update. Americans who take the plunge and buy their first EV will find a lot to love Â… they may also find that electric-vehicle ownership upends notions about driving, cost, and freedom, including how much car your money can buy. "No one spends an extra $5,000 to get a bigger gas tank in a Honda Civic, but with an EV, economic status is suddenly more connected to how much of the world you get to see — and how stressed out or annoyed youÂ’ll feel along the way.” Moseman charts how a basic Ford F-150 Lightning electric truck might start at $55,000, but an extended-range battery, which stretches the distance on a charge from 230 miles to 320, “raises the cost to at least $80,000. The trend holds true with all-electric brands such as Tesla, Rivian, and Lucid, and for many electric offerings from legacy automakers. The bigger battery option can add a four- or five-figure bump to an already accelerating sticker price.” As for the charging issue, the author details his anxiety driving a Telsa in Death Valley, with no charging stations in sight. “For those who never leave the comfort of the city, these concerns sound negligible," he says. "But so many of us want our cars to do everything, go everywhere, ferry us to the boundless life we imagine (or the one weÂ’re promised in car commercials),” he writes. His conclusions may raise some hackles among those of us who value automotive independence — not to mention fun — over practicalities.

Mil-Spec 006 Hummer H1 born into the darkness

Mil-Spec Automotive is up to build number six of its Hummer H1s, this one a customer commission for someone with the last name "Bane." This marks the halfway point in the Launch Edition series of 12 models that will run through to next year. Per customer request, the template started with Build 002, also a four-door slantback, but deviates in a few functional ways. That starts with the four-door slantback variant, but this one gets a much larger rear window. The Bold Body and Tire Package stretches horizontal footprint by eight inches, the bodywork by seven inches. Fender flares hulk over 20-inch gun-black rims wearing 38-inch Nitto Grappler tires. Build 006 shuns the executive interior package on Build 002, putting its cushiness on the outside with the Air-Ride Package. That installs eight-way adjustable shocks all around and automatic ride height adjustment. Sounds like the buyer could need it, since the newest unit also gets the 12K Package that ups GVWR to 12,000 pounds, with beefier axles, springs and braking. A 6.6-liter Duramax diesel sits beneath the $1,299 functional hood scoop, the oil-burner's output rated at 500 horsepower and 1,000 pound-feet of torque. And no road trip to Sonora or Medellin would be complete without a 12,000-pound Warn winch, lavish front brush guard and heavy duty rear step bumper, aluminum snorkel, 60-inch overhead light bar, and Paracord interior door handles. We'd think a locking front axle would be a given on this kind of rig, but apparently this H1 makes do with an ARB air locker on the rear. The brief for the design was "simple yet dramatic." Job done, we'd say, with Build 006 terrorizing the ground like black thunder. The price gets attention just as well: $295,039. This kind of drama doesn't come cheap. Featured Gallery Mil-Spec 006 Hummer H1 View 13 Photos News Source: Mil-Spec Automotive Hummer Truck Luxury Off-Road Vehicles Special and Limited Editions hummer h1