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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 unveils new Verano hatchback in Guangzhou

This is a Buick Verano. We know, it doesn't look like a Verano – or at least not the version we get here. In fact it looks more like the new Opel Astra with a Buick grille. Which makes sense, because that's pretty much what it is. The vehicle you're looking at is the new Buick Verano Hatchback, unveiled just days ago at the Guangzhou Motor Show in China – arguably the only market that matters as much to the brand as the United States. Like the sedan revealed this past April in Shanghai, the hatchback is a newer model than the US-market version, based on the new Opel Astra, but with that signature waterfall grille. Otherwise, it looks virtually identical to the version sold as an Opel in Europe and a Vauxhall in the UK. Buick will be offering two versions of the Verano hatch in China. The base model pairs a 1.5-liter inline four good for 117 horsepower and 108 pound-feet of torque to a six-speed dual-clutch transmission. The sportier Verano GS packs a more potent version of the same engine, rated at 166 hp and 184 pound-feet and paired to a seven-speed DSG. That's enough to propel it to 62 in 8.8 seconds, but displacing less than 1.6 liters, both versions come in under the Chinese tax threshold so they're taxed 50-percent less. Between the Verano and Astra, we've now seen this new model in three different body-styles being sold in markets around the world. The sedans, hatchbacks, and wagons seem to be proliferating like so many jackrabbits, but keep hopping away just out of reach. So here's hoping that the next leap it takes will be to US showrooms. Related Video: Buick Launches Verano Hatchback and Verano GS Priced from RMB 145,900 to RMB 205,900 2015-11-18 Guangzhou – Buick launched the new Verano Hatchback and Verano GS this evening in Guangzhou, China. The five variants of the two newest members of the Verano family are priced from RMB 145,900 to RMB 205,900. Buick's 740 dealerships across China have begun accepting pre-orders. The new Verano models have trendy, sporty styling along with European car-like handling, premium interiors and advanced technology. They are targeted at younger trend-setting consumers who are looking for a driving experience that is "born with sportiness." Stylish and sporty exterior The Verano Hatchback and Verano GS have adopted Buick's latest design language for sport sedans. The brand's signature waterfall grille has taken on a creative frameless design, with a newly added piano black finish.

GM trademarks 'Sport Touring' for Buick Regal, LaCrosse

Discovering trademarking or patents from automakers always fascinates us since the filings hint at the possible future of motoring. Based on two recent applications, Buick has something possibly brewing for two of its sedans, because the company now has the trademark for Sport Touring on the Regal (pictured above in GS trim) and LaCrosse. According to GM Inside News, both trademarks are dated April 27 and are simply described to the US Patent and Trademark Office as being for "motor land vehicles, namely, automobiles." That doesn't narrow things down at all. However, since the moniker is specifically for both sedans, Sport Touring might be a new trim or special edition for them. Buick had no comment when reached by Autoblog. Of course, there are a whole host of automotive trademarks that are claimed that end up with no actual vehicle in showrooms. Unfortunately, we just have to wait to find out if this is another case like the Buick Enclave Tuscan where the filing offers a preview of the future or a situation like the still long-awaited return of the Supra.