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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.

GM recalling 250,000 SUVs over door electronics

After a door-fire investigation that dates back to February, the National Highway Traffic Safety Administration has officially announced a recall today that affects around 250,000 General Motors SUVs for a faulty driver's door module. The recall applies to the Buick Rainier, Chevrolet Trailblazer, GMC Envoy, Isuzu Ascender and Saab 9-7X from the 2006 and 2007 model years, as well as the 2006 Chevrolet Trailblazer EXT and GMC Envoy XL for vehicles sold and/or registered in the Snow Belt.
Road salt use in these midwestern and northern states can lead to corrosion of the driver's door module on these GMT360 and GMT370 vehicles, which allows water to come in contact with the circuit board. If shorted out, the vehicle's power door locks and power windows will not work, and could possibly lead to overheating and, in some circumstances, a fire. No official word on how many total vehicles caught on fire, but back in June, 28 fires had been reported to the government agency. A fix for the problem is still being worked out, but all affected vehicle owners will be notified by GM.
Scroll down for the official NHTSA statement.

Nissan Leaf hits 3,000 sales in July, Chevy Volt climbs over 2,000

It was a good sales month for both the Nissan Leaf and the Chevy Volt, with the two 'elder statesman' plug-in vehicles reaching numerical milestones in July. The Leaf sold 3,019 units and the Volt crossed the 2,000 sales level for the first time in 2014, hitting 2,020 sales. With Tesla also announcing it is delivering around 2,500 Model S EVs a month (but that's globally, compared to the US-only numbers for the Volt and Leaf we're talking about here) and Ford's plug-in vehicles selling well, we are certainly in a golden moment for EV sales. The Volt was a bright spot for the Bowtie brand last month. For the Volt, the 2,020 units sold represents a 13 percent increase from July of 2013 even thought year-to-date sales are down 8.7 percent this year compared to last year. Overall, total Chevrolet deliveries for July 2014 were up eight percent compared to 2013, so the Volt was a bright spot for the Bowtie brand last month. On the Leaf front, this is only the second time that the EV has sold more than 3,000 units in a month (the other being in May of this year). The year-over-year increase for the Leaf was 62 percent in July and represents the 17th straight month of record sales, as Nissan is more than happy to report each month. Overall, Leaf sales are up 34.6 percent, year-to-date, and Nissan's director of Leaf sales and infrastructure, Brendan Jones, said in a statement that a free public charging incentive was responsible. "Since we launched the No Charge to Charge promotion in the first 10 markets, we've seen a surge in Leaf sales in those areas. Leaf sales in the northeastern US are also picking up with new tax incentives for Massachusetts and Maryland residents." With No Charge To Charge set to expand to 25 markets over the next year, we expect Leaf sales to continue to grow. We will have our monthly look at all green car sales available soon, so stay tuned. Green Chevrolet Nissan Electric PHEV ev sales