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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.

eBay Find Of The Day: 1946 Tucker Torpedo Prototype II hides a secret Riviera

The Tucker Torpedo is one of the great what-if stories of automotive history. Preston Tucker hoped to revolutionize the industry with a car unlike any other on the road at the time. However, due to a variety of problems, he only managed build 51 vehicles before closing shop. Over time, they have become highly sought-after; In 2012, one sold for $2.65 million at auction.
That brings us to this Tucker "replica" that you see above because it might be one of the ugliest monstrosities ever put together. However, we might extend some leniency to the creator, as the vehicle isn't actually trying to replicate the classic look of the 1948 Tucker Torpedo. Instead, it is attempting to reproduce an earlier prototype from 1946 that actually features that weird, trident nose. According to the seller, his uncle built the car as a labor of love and supposedly used actual plans from Tucker as inspiration.
Underneath all of the crazy changes is a 1971 Buick Riviera powered by a 455-cubic-inch (7.5-liter) Buick V8. Some of the replica's odder modifications include the front fenders that turn with the wheels and the fin running down the back. All three headlights work, but the one in the middle is only for the high beams. Oddly, the small hinged sections on the roof are meant to open to avoid hitting your head when getting in or out. Maybe the seller's uncle was a very tall guy?

How to hack a Buick Regal with CarKnow

If you own an Apple iPhone or Android device, perhaps you've been tempted to jailbreak or root it. This process gives you access to the the software's code, and can be used to make minor or drastic changes to its operating system. CarKnow, a company in Boston, is working applying a similar concept to the automobile.
Translogic recently took a look inside CarKnow to see just how it can tweak the computers inside a car and what sort of things can be done. As our transportation tech sister site explains, CarKnow basically created a digital duplicate of their Buick Regal in the cloud, while harvesting data generated to create custom apps and infiltrate the deepest function of their test car.
And before you freak out about people maliciously taking over your car, CarKnow's founder, Josh Siegel, stresses that it isn't quite so easy as driving up alongside someone. Take a look at the full video below to see just what it's like to jailbreak a car.