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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.

Indian tuner turns Chevy Optra into Mustang 'Eleanor' replica

If you are a big fan of automotive oddities, this may come as a little treat. If you are a Shelby or Mustang diehard, prepare to have your sensibilities violated.
The master fabricators at BigDaddyCustoms are the minds behind what you see above. At first, it appears to be a slightly misshapen custom Mustang, modeled after "Eleanor" from Gone In 60 Seconds, but upon further examination, something appears to be amiss. In fact, the custom shop, based in India, has created an Eleanor replica grafted upon a lowly Chevrolet Optra. While it may take a second for the Optra to ring a bell, you should recognize its badge-engineered sibling, the Daewoo Lacetti, used on Top Gear.
We don't know what star would opt for the Reasonably Priced Car in Shelby's clothing, but it's clearly someone more concerned with the aesthetic than the performance credentials of this automotive mash-up.

Recharge Wrap-up: Chevy Volt CarPlay video, Tesla Supercharger importance

A video demonstrates Apple CarPlay on the touch display in the next-generation Chevrolet Volt. The Volt's eight-inch (bigger than an iPad Mini) capacitive display is capable of putting Siri and your iPhone apps and right at your fingertips. It's "the best CarPlay display I've seen," says the user in the video. In case you're not in the market for a new Volt, 9to5Mac offers some of its favorite aftermarket CarPlay screens. See the video above, and read more at 9to5Mac. A single Supercharger can make a big difference in the life of a Tesla owner. Teslarati's Electric Jen talks about purchasing a Model S, being assured by both Tesla employees and the map of planned Supercharger sites that one would be built along an important route for her. With the construction being pushed back, it made visiting family tricky. "As if owning such a grand car isn't embarrassing enough, asking for a ride to drop off and pick up said car because you can't make it home without charging really made me feel awkward," she says. "You see, one single charging location can mean the world to some people," Jen adds. Read the whole article at Teslarati. Tesla once had considered creating mobile range extender trailers for the Model S. Elon Musk touched upon the abandoned idea during his visit to Paris. While Tesla ultimately dismissed the concept, Nomadic Power has taken the opportunity to hitch their product onto the Tesla brand. "We are delighted, that Tesla Motors' CEO Elon Musk is thinking about a concept like ours for even more extending the range of the Tesla models," says Nomadic Power's CEO Manfred Baumgaertner. He adds, "This confirms our approach to build a long distance mobility provider for all electric vehicles on the market." If you say so, Baumgaertner. Read more from International Business Times, and in the press release below. Renault is giving its EV batteries a second life through Connected Energy's E-STOR. When the batteries have degraded to the point that they're no longer suitable for use on the road, they still have a significant capacity that can be used for other purposes. Still useful for stationary storage, they can be used to support charging sites in order to allow for faster charging. The stationary batteries can charge slowly at the site, but then offer up the juice in a hurry when it's needed for a vehicle. Read more from Renault.