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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.

Buick working on Encore refresh

It's been three years now since the model we know as the Buick Encore (sold overseas as the Vauxhall/Opel Mokka) first hit the scene. That makes it about due for a bit of a facelift, and judging from these latest spy shots, that's precisely what General Motors seems to be up to. The nose of this prototype (intriguingly wearing Buick badges but German plates) is all covered up, so it's hard to tell what Buick and its European counterparts have in store for the front-end restyling, but the fact that they've covered it so extensively tells us that somethings afoot. The tail should also get new lights and bumper as well. You can fully expect GM to take the opportunity to refresh the cabin while it's at it with tweaked ergonomics and new equipment. Meanwhile our sources tell us the 1.0-liter inline-three from the new Corsa could find its way under the Opel/Vauxhall's hood to join the current lineup of four-pots, but it's too early to say whether that engine might find its way across the pond to the Buick version as well.

Next Buick Verano headed to Shanghai Motor Show

Buick is a big deal in China and ranks third in automotive brand popularity there, according to a recent poll. It should come as little surprise, then, that the company is using the upcoming Shanghai Motor Show to debut the next-gen version of the Verano. We are even getting a shadowy tease of the small sedan's look ahead of the April 19 unveiling. Actually called the Wei Lang in China, Buick says the redesigned Verano takes styling cues from the Riviera concept from 2013 Shanghai show and the recent Avenir, as well. Neither inspiration seems too obvious based on this teaser image, but the small sedan does gain two creases down its side: one arches through the front door handle and the other picks up over the rear fender. Buick isn't even hinting at what powers the Verano in China and simply asserts that the model sets class benchmarks for "performance, safety and comfort" there. Of course, as with many foreign market models, it's possible that the sedan could use different engines or wear different altered styling when it arrives in the US. Buick Verano Sports Sedan Named "Wei Lang" in Chinese, Will Make Debut in Shanghai on April 19 2015-04-14 SHANGHAI – Shanghai GM today announced that the Verano, Buick's new-generation sports sedan, has been given the name of "Wei Lang" in Chinese. It will make its debut in Shanghai on April 19, on the eve of Auto Shanghai 2015. As a new strategic model for the Buick brand, the Verano will offer a refreshing driving experience through its stylish and dynamic exterior, exquisite and comfortable interior, and precise and powerful performance. The Verano was inspired by the 2013 Buick Riviera concept car and captures the design essence of the Buick Avenir concept car, which debuted at this year's North American International Auto Show in Detroit. The Verano demonstrates Buick's insight into the aesthetic preferences of Chinese consumers. It embodies the innovative reimagining of Buick's classic design elements, exemplifying the elegance and dynamism of Buick's new-generation products. It is expected to set new benchmarks for performance, safety and comfort in its class. Like the all-new Excelle GT, which was launched earlier this year, the Verano will serve as a strategic model in Buick's bid for a stronger presence in China's mid-range vehicle segment. General Motors traces its roots back to 1908. GM has 11 joint ventures, two wholly owned foreign enterprises and more than 58,000 employees in China.