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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.

C7 Corvette makes inaugural ad appearance in Chevy's first spot with new slogan

Chevrolet's "Runs Deep" tagline has finally been run into the ground, replaced with the Bowtie brand's "Find New Roads" slogan that's part of parent General Motors' plan to unify its everyday brand's marketing efforts worldwide. The new Chevrolet campaign was ushered in on prime time last night during the Grammy Awards on CBS, and the first spot, a 90-second full-line ad, also marks the first appearance of the 2014 Corvette Stingray in a commercial.
Being a full-line ad, the commercial is composed of vignettes centered on different vehicles in the brand's lineup. The all-new 2014 Impala also makes its first commercial appearance in dapper fashion, and time is spent on a skateboarding Sonic and a bouquet of brightly colored Spark hatchbacks driven by fashionable women. The ad starts and ends with Chevy's green halo car, the Volt, along with a young girl with her robotic dog (yes, really).
Chevrolet's "Runs Deep" campaign got off to a rocky start in the fall of 2010, but it did last for a couple of years with some tweaks. This new one, "Find New Roads" seems more intent on drawing new customers into the fold than the outgoing tagline, which seemed to play more toward the brand faithful. It admittedly reminds us more than a little the short-lived "Find Your Own Road" Saab motto (which, we note, was conceived while the Swedish brand was under GM's control), but no matter, we still think it's got more long-term potential than "Runs Deep."

Opel CEO talks new EV, will likely be fresh face for Chevy, too

The rumored demise of the Opel Ampera has been confirmed, but there's good news, too. Opel CEO Karl-Thomas Neumann has been busy Tweeting information about the brand's next plug-in vehicle, admitting that the Ampera is on the way out but that plug-in vehicles are here to stay. His Tweets, in full, read: After the eventual run-out of the current generation Ampera, we'll introduce a successor product in the electric vehicle segment. Our next electric vehicle will be part of our massive product offensive – with 27 new vehicles in the 2014-2018 time frame. We see eMobility as important part of the mobility of tomorrow and we will continue to drive down costs & deliver affordability. As we learned earlier this week, the Ampera will not be refreshed when the current Chevy Volt is updated, most likely because of slow sales. Opel sold just 332 Amperas in the first five months of 2014. For now, General Motors is still building Amperas in Michigan for export to Europe. So, what might this new EV mean for the General Motors plug-in fleet? Official spokespeople are being quiet, but we think it's safe to say the new EV Neumann is talking about is not simply a rebadged Chevy Spark EV. This is the first official word about an entirely new EV, and we expect it will come to both the Chevrolet and Opel brands.