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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.

My year in EVs: 8 electrics that are changing the car industry

The year 2021 will go down as an inflection point in the auto industry’s transition to electric vehicles. It's when many much-anticipated models became reality. No longer sketches or sketchy prototypes, electric vehicles appeared from all corners with everything from the Lucid Air to Ford Mustang Mach-E changing how we think about transportation. I managed to drive a lot of them, and as I went through my notes, I realized IÂ’ve got a mini memoir of the seminal EVs of 2021. HereÂ’s my take on eight of them. Hummer EV Easily the most over-the-top EV I tested this year. The 1,000-hp super truck lived up to the hype with its domineering presence, stupendous power and simply being a reincarnated Hummer. I took it for a short spin on- and off-road at the General Motors Proving Grounds in Milford, Mich., and was impressed with the airy cabin, removable sky panels and expansive touchscreens. Yes, I crab walked, which felt like steering a pontoon boat, though I can see why it would be useful. Lucid Air Dream Performance The most beautiful sedan I tested all year, EV or otherwise. Unlike the futuristic Mercedes EQS — which is quite attractive — LucidÂ’s car is a blend of mid-century modern interior aesthetics and classic European exterior styling. When I walked up for my test drive, someone who IÂ’m pretty sure was comedian Jon Lovitz was sitting inside and taking it all in. As it sat in the valet of a hotel in a wealthy suburban enclave north of Detroit, the Lucid drew more attention than any of the Mercedes, Cadillacs or Lexus models passing by. The driving experience was enveloping. Starting at $169,000 for the Performance model (reservations are closed), the Lucid I sampled packed 1,111 hp and 471 miles of range. From the precise steering to the comfortable suspension, the dynamics were spot-on. It's a formidable product, and all the more impressive given itÂ’s LucidÂ’s first. Chevy Bolt EV The Bolt was the most pleasant surprise for me. It handled well, offered low-to-the-ground hot hatch dynamics and the steering was dialed-in. Adding a crossover variant for the new generation was a smart play. On a summer morning where I went to a first drive of the Ford Bronco at an off-road course, my hour-long commute in the Bolt was an enjoyable appetizer.  The Bolt was also my biggest disappointment due to its extensive recalls for fire risk. Ironically, I had the Bolt in my driveway when the initial recall went out for the previous generation (2017-19).

Cadillac Celestiq, Lyriq, Hummer, other future GM electric cars: Here's everything we saw at ‘EV Day’

WARREN, Mich. — Today, General Motors held an “EV Day” event at its Warren, Michigan, campus to present its new “Ultium” battery technology, modular electric vehicle architecture and soon-to-come electric vehicles. Unfortunately, we were forbidden from bringing cameras into the event, so while we canÂ’t show you what we saw, we can tell you more about it. While we saw the previously teased Cadillac EV (which we now know to be called the Lyriq) and the GMC Hummer pickup teased during the Super Bowl, there were a number of other future cars at the event, which GM President Mark Reuss assured us are all real vehicles in the works. The biggest surprise came at the end of the event, though, in the Cadillac Celestiq electric sedan, which Reuss described as a future flagship that would be hand-built “very locally.” It had been hiding under a dark sheet all morning, with the front and rear illuminated Cadillac emblems shining from underneath. When the wraps came off, we saw a long, white, four-seat fastback sedan. The 23-inch wheels were pushed out to the very corners of the car, giving it what appeared to be a very long wheelbase. The model on the stage had no side mirrors or visible door handles. The grille mirrored that of the Lyriq crossover next to it, with integrated lighting in lieu of the usual mesh or slats youÂ’d see in an internal combustion car. The entire roof, all the way until it tapered to the tail of the vehicle, was tinted glass. In back, vertical tail lighting ran down the C-pillar before turning rearward across the top of the trunk. Inside, everything below the beltline of the windows — essentially all but the headrests and top portion of the steering wheel, was hidden from view. Behind the Celestiq, a large digital display showed a rendering of its interior. The dash consists of a pillar-to-pillar curved LED display serving as both instrument panel and infotainment system. Protruding forward between the front seats was another touchscreen that appeared to house some more controls, with open area, probably for storage, below it. The rear seats had the same sort of touchscreen between them. Built into the back of the front seats were a pair of rear-seat entertainment screens, much like we saw in the Lyriq. The door panels blended wood, metal and animated lighting to give character and a sense of opulence. GM interior design manager Tristan Murphy was on hand to tell us a bit more about the Celestiq.