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Junkyard Gem: 2005 Chevrolet Aveo LS Sedan

The story of Daewoo in North America took some interesting plot turns over the decades. First we had the 1988-1993 Pontiac LeMans, a rebadged Daewoo LeMans. A bit later, Daewoo began selling cars under its own nameplate here, with the Lanos, Nubira, and Leganza available for the 1999-2002 model years. Then Daewoo fled the continent and left warranty service of those cars in the hands of Manny, Moe, and Jack. With GM taking over Daewoo Motors after Daewoo's bankruptcy, we got some Daewoos with Suzuki badges here— the Verona and the Reno— while Chevrolet began selling the South Korean-built Daewoo Kalos as the Aveo for the 2004 model year. This car may not be a gem in the sense that you would want to own one, but it's a gem of automotive history and thus deserves its place in this series (especially because it's one of the rare 5-speed cars sold here). Many (maybe even most) of these cars ended up in the hands of rental-car companies and other fleet users, but we can tell from the three-pedal setup that this car went to a non-fleet buyer. We've had a couple of these cars compete in the 24 Hours of Lemons, where I work as a dignified and respected race official, and they've been amazingly quick on a road course in the hands of good drivers. Power came from this 103-horsepower Opel-designed four displacing 1.6 liters. The Nubira and Lanos got versions of this engine on these shores, too. The LS was the top trim level for the Aveo in 2004, so this car got air conditioning and a halfway decent audio system (by 2004 standards). The seat fabric is industrial-grade stuff, which would have held up well under the steady drip and/or torrents of bodily fluids coating the interiors of rental cars. The 2004 Aveo LS started at $12,045, which comes to about $16,675 in 2020 dollars, so it was a lot of commuter-appliance for the price. The following generation of this car became the Chevrolet Sonic, beginning with the 2012 model year. You can still buy a new Sonic, and the inflation-adjusted price is nearly identical to that of the original AveoÂ… though you might want to move fast if you really want one, because Daewoo stopped selling the Kalos in South Korea not long ago. If you want the rarest member of the Aveo family available in North America, find yourself a hen's-teeth Pontiac G3, the short-lived Pontiac-badged version. Speaking of the G3, here's the way it broke the hearts of gas pumps around the world.

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.

Race Recap: Rolex 24 at Daytona was fast and feisty

Let the record show that victory at the 2015 Rolex 24 at Daytona went to the No. 02 Chip Ganassi Racing with Felix Sabates Target/Ford EcoBoost Riley DP driven by Verizon IndyCar drivers Scott Dixon and Tony Kanaan and NASCAR drivers Jamie McMurray and Kyle Larson. The winner did 740 laps to cover 2,634.3 miles in 24 hours and 57.667 seconds. That's a statement to this year's pace in spite of 18 cautions, two more than last year: the Michael Shank Racing Ligier got pole with a time of 1:39.194, slower than last year's pole time of 1:38.270; however, the winning car last year only did 695 laps. The fight for top honors was shaved to a four-car battle over the first third of the event. The No. 02 Ganassi car took the lead on the first lap, swapping it well into the night with the No. 01 Ganassi car, the No. 10 Wayne Taylor Racing Corvette DP, and the defending champion No. 5 Action Express Corvette DP, all of them staying within about 20 seconds of one another. The Action Express car had a fuel connector come loose and lost three laps getting towed back to the pits to have it reattached, but was back in the lead 18 hours in. The No. 01 Ganassi car dropped out with recurring clutch problems 22 hours in, retiring not long after. A race-within-the-race is where the concluding action happened, a seven minute, 30-second dash from the end of the last caution to the checkered flag. During the penultimate pit stops with an hour to go, Dixon was in second place followed Jordan Taylor in the Wayne Taylor Racing DP into the pits but beat him out, taking the lead. The Action Express car was in third. In the last pit stops of the race, Dixon gained even more time, getting a four-second advantage over Taylor. Then a full-course caution came out twenty minutes before the finish when a Prototype Challenge car hit the wall and caught fire, bunching up the field. That closed the pits, but the Wayne Taylor Racing car had to pit during that yellow because of a miscalculation of driver time. No driver can be behind the wheel for more than four hours in a six-hour period but Jordan Taylor was going to go over, so he came in to swap out for brother Ricky. That cost the team any chance of second place, since they took an additional drive-through penalty for entering closed pits. When the track went green again, Sebastien Bourdais in the Action Express car stayed all over Dixon for the final five laps but couldn't get around him.