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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.

We hear Buick is testing a Regal wagon with focus groups

Rumors about a possible Buick Regal wagon have come and gone for the past few years, and today we have another one. A friend of Autoblog recently let slip that Buick is talking with customers and running focus groups of a new car against the Acura TSX wagon and an unnamed Volvo wagon. Of course the Buick model being used in the focus groups wasn't mentioned, but the Regal is the only Buick in the lineup of comparable size and with a wagon version overseas. Plus, we've heard that Buick told dealers a wagon is in the works at a meeting a few months ago. We reached out to Buick for comment, however no details were given. A Buick spokesperson told us, "By the end of 2017, we'll be revealing three more new models for a total of seven new Buicks in just 24 months." Of the seven new models, four have been launched: the Cascada, Encore, Envision and LaCrosse. Looking at Buick's current line-up, that leaves three models that haven't been updated yet: the Enclave, Regal and Verano. This is where a Buick Regal wagon could come in. We know the Enclave is definitely getting a replacement. The large crossover market is huge and GM has a platform for it. We're also expecting a new Regal sedan to come out next year. The Verano, however, is unlikely to see another generation. If the Verano goes away, that leaves an opening for a new Buick model. Rather than another sedan, Buick probably wants more crossovers, as the company said it expects its current line-up to bring in 70 percent of its sales. It could very easily add another CUV to the line-up by giving the Regal wagon the Volvo Cross Country treatment. Raise the ride height, gird it with plastic fenders and bumpers, and give the wagon a trendy name like "Tourx" or "Regal Tourx," which the company has already trademarked, and Buick's newest crossover is ready to go. In fact, GM has effectively already done this to the Regal's German sibling, the Insignia, in the form of the Insignia Country Tourer, pictured above. In summary, a CUV-like wagon could give Buick a trendy car in a hot class for a minimal investment. It would even provide Buick with a model that has no equivalents elsewhere in the GM stable, giving the company a bit more distinction. If the company does bring us a wagon version of the Regal, we would expect to see something next year, possibly with the reveal of the normal Regal variants.

2019 Buick Envision First Drive Review | Still not a standout

ATLANTA – "We're in the fashion business," executive chief engineer Rick Spina told us as he introduced the 2019 Buick Envision. "Except with a lot of technology." Spina was referring to the changing whims of new-car buyers, which have prompted Buick to give the compact Envision crossover its mid-generational update early — just 18 months into its lifecycle — and drop its prices across all trim levels. As with much of our consumer goods, the Envision is made in China. That doesn't seem to have hurt it in the market, even though it wears the badge of one of the most quintessentially American brands out there. It even aced the IIHS crash tests, putting it in league with Volvo, Mercedes-Benz and Lexus. There's good news and bad news about how the Envision is doing. It's now the third-best-selling model in the Buick portfolio, behind the three-row Enclave in second place and the surprise hit Encore subcompact crossover in first. Sam Russell, Buick's director of marketing, reported 73 percent growth in the past nine months versus the first half of its market life. A full 60 percent of Envision buyers are new to the GM family, too, and Russell says that nearly half of those are likely to buy another Buick SUV when the time comes to trade in the Envision. And yet, the Envision trails in luxury compact-crossover sales, behind mainstays such as the Audi Q5 and Acura RDX, even amid crossover demand in the U.S. that has companies like Nissan posting record sales numbers and Ford canceling a redesign of the Fusion. Our test of the 2017 Envision found it competent, but lacking that "X factor" that would send buyers of German and Japanese marques flocking. Instead, we compared it to the Jeep Grand Cherokee and Hyundai Santa Fe Sport, and deemed those both better values. Perhaps Buick feels the same, because the base 2019 Envision now starts at $32,990, a $2,000 cut from last year. The Preferred trim level sees a greater drop of $2,400, to $34,495. Rounding out the naturally aspirated 2.5-liter grades, the Essence's price falls $1,900 to $36,795. The turbocharged 2.0-liter Premium and Premium II trims get a discount of $1,600 and $1,400, respectively. With those prices come changes that Buick hopes will make the Envision a more compelling prospect. Outwardly, the Envision sports a new grille, a winged affair to replace the 2018's waterfall and bring it in line with the rest of Buick's lineup.