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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.

Avista concept shows Buick's performance potential [w/video]

With names like Wildcat and Riviera in its past, Buick knows how to make a good-looking performance machine. It's just been awhile. But the Avista concept revealed Sunday night ahead of the Detroit Auto Show suggests Buick's sporting heritage might be more than relegated to grainy photos. The Avista is a 2+2 sports coupe running a twin-turbocharged V6 cranking out 400 horsepower through the rear wheels. Look familiar? It should, as it reprises many of the design cues from Buick's last show-stealer, the Avenir, which debuted a year ago in Detroit. "The Avista embodies the dynamic soul of Buick," said Duncan Aldred, vice president of global Buick sales, service, and marketing. "It is a modern expression of the brand's heritage of sophisticated performance, communicated with beautiful elegance." The front end features a prominent grille with Buick's newly colored tr-shield as the centerpiece. It's flanked by wings that stretch out horizontally and edgy headlights that portend the appearance of future Buicks. There's an aggressive fascia, chrome-trimmed vents, and it all rolls on 20-inch wheels. The Avista has a 110.7-inch wheelbase (which is the same as the Chevy Camaro), and the tracks measure 63 inches in front and 62.9 inches in back, which Buick says makes for a sporty stance. The B-pillarless cabin conjures the open layout of great boulevard cruisers of days gone by. It's done up in gray leather punctuated with carbon-fiber and aluminum accents. Yep, Buick does know how to do performance. In case you forgot, the Avista is a strong reminder of the past, and it offers hope for the brand's future. Watch the live unveiling in the video below. Buick Introduces Avista Concept Design elegance, performance heritage conveyed in turbocharged 2+2 coupe DETROIT – Ahead of its public debut at the North American International Auto Show, Buick today revealed the Avista concept – a 2+2 coupe that pushes the brand's contemporary design ethos and rekindles its historic performance roots. A sleek, sweeping proportion is the foundation for this vision of a contemporary grand tourer, with a 400-horsepower twin-turbocharged V-6 driving the rear wheels and a driver-focused cockpit offering a comfortable, connected center of control. "The Avista embodies the dynamic soul of Buick," said Duncan Aldred, vice president of Global Buick Sales, Service and Marketing.

Buick celebrates 110 years by naming most significant model of each decade

In May of 1903, Buick began work on its first vehicle, the 1904 Model B, the first example of which was sold to a doctor in Flint, Michigan. That first sale was appropriate since later on, Buick became known as a "doctor's car." The Model B is the first of 11 cars chosen by Buick to highlight each decade of the company's 110-year history.
The 1916 D-45 Touring with a six-cylinder engine was Buick's highest seller that year, and helped push overall sales past six figures for the first time, making Buick the top-selling automotive brand. In 1931, Series 50 got an eight-cylinder engine, which helped the company survive the Great Depression. The 1936 Century was the first Buick that could hit 100 miles per hour, the 1949 Roadmaster had a supporting role in Rain Man, the 1953 Skylark had Italian wire wheels and the owner's name engraved on its steering wheel.
Then we have the iconic 1963 Riviera, the V6-powered 1975 Regal, and in 1987, the legendary GNX. With a turbocharged, intercooled V6 pumping out 276-horsepower it could hit 60 mph in just 4.6 seconds. In 1999 Buick built the first car in China, the Century, and that country remains the brand's largest market.