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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.

Recharge Wrap-up: NEDC's NOx problems, autonomous Chevy Volts

The International Council on Clean Transportation (ICCT) found a significant difference in NOx emissions in Euro 6 diesel cars in NEDC and WLTC testing. While 88 percent of the cars tested met emissions standards for NEDC, NOx emissions averaged five times higher under WLTC, with only 27 percent of vehicles under the limit. WLTC is considered to be a more realistic driving cycle, using hot starts and factoring a higher top speed as well as harder and more frequent accelerations than the NEDC. Read more at Green Car Congress.GM Canada will build a fleet of autonomous 2017 Chevrolet Volts. The self-driving Volts will be deployed for testing at GM's Warren, Michigan Technical Center. Employees will be able to use a carsharing app to reserve a car, which will then drive itself to the set destination. The project will allow GM to collect important data and experience to help the company more quickly develop autonomous driving technology. Read in a press release more from GM Canada, or at Green Car Congress.Carwatt is showing an electric Renault Trafic powered by second-life batteries at the COP21 environmental summit in Paris. The lithium-ion batteries used to power the EV were recycled from other Renault EVs. With the electric Trafic, Carwatt – a company that converts vehicles to use electric power – aims to demonstrate the "circular economy" of batteries, which can provide more value through a longer lifecycle. Read more in the press release below. Carwatt presents a unique automotive application for second-life batteries from electric vehicles. On the sidelines of the COP21 summit, in the Solutions Gallery running from 2 to 9 December 2015 in Le Bourget near Paris, Carwatt and its partners —Renault, Paris City Council, BPI France, the Ales Ecole des Mines Engineering School, and the Bobigny Business Campus — are showing a very special electric Renault Trafic. This prototype vehicle, the only one of kind in the world, is powered by second-life lithium-ion batteries recycled from Renault electric cars. Circular economy at work with electric vehicles When, over time, the batteries of a Renault electric vehicle fall the performance threshold specified for their initial automotive power duty (around 75% of initial capacity), they can still provide valuable service in "second-life" applications before end-of-life disposal at a recycling centre. Experiments are already under way on power storage applications, for example.

GM recalling 316k vehicles due to headlamp faults

General Motors has announced a recall covering 316,357 vehicles globally, due to the possibility of sporadic or permanent failure of the low-beam headlamps. 273,182 of these vehicles are in the United States, while the remaining affected units are in Canada, Mexico, and elsewhere. This recall includes the 2006-09 Buick LaCrosse (pictured above), 2006-07 Chevy TrailBlazer and TrailBlazer EXT, 2006-07 GMC Envoy and 2006 GMC Envoy XL, 2006-07 Buick Rainier, 2006-08 Saab 9-7X, and 2006-08 Isuzu Ascender. In an email sent to Autoblog, General Motors explains that if the headlamp driver modules are not functioning correctly, "the low-beam headlamps and daytime running lamps could intermittently or permanently fail to illuminate." GM states that this problem does not affect things like high-beams, turn signals, marker lamps, or foglamps. As of this writing, GM states it "has not been able to confirm whether the HDMs in these vehicles caused any vehicle accidents." The National Highway Traffic Safety Administration has been notified, but the recall has not yet posted to the government agency's website. Scroll down to read the full details in GM's email. General Motors is recalling 273,182 Buick LaCrosse sedans and Chevrolet, GMC, Buick, Saab and Isuzu midsize SUVs in the U.S. for possible intermittent or permanent loss of low beam headlamps. Affected models are: 2006-2009 Buick LaCrosse sedans; 2006-2007 Chevrolet TrailBlazer and 2006 TrailBlazer EXT; 2006-2007 GMC Envoy and 2006 Envoy XL; 2006-2007 Buick Rainier; 2006-2008 Saab 9-7X and 2006-2008 Isuzu Ascender midsize SUVs. If the headlamp driver modules is not operating correctly, the low-beam headlamps and daytime running lamps could intermittently or permanently fail to illuminate. This condition does not affect the high-beam headlamps, marker lamps, turn signals, or fog lamps. GM has not been able to confirm whether the HDMs in these vehicles caused any vehicle accidents. The total population, including the U.S., Canada, Mexico and exports from North America is 316,357. The NHTSA was sent the Part 573 information for this recall on November 25. It has not yet posted to the NHTSA website. Featured Gallery 2008 Buick LaCrosse CXS News Source: General Motors Recalls Buick Chevrolet GM GMC Isuzu Saab SUV Sedan chevy trailblazer buick rainier isuzu ascender