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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.

Driving the GMC Canyon, and pour one out for the Camaro | Autoblog Podcast #812

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They start by discussing the the cars they've been driving, including the 2023 GMC Canyon AT4, ECD Jaguar E-Type EV, ECD Land Rover Defender 110 and the Genesis GV60. Next, they hit the news starting with the Chevrolet Camaro production ending. Rumors about the Hyundai N Vision 74 are bandied about, and then the two discuss the latest McLaren iteration named the GTS, which is a refresh of the GT. Lastly, the pair discuss who they think were the most influential leaders in the automotive industry throughout 2023.  Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #812 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 GMC Canyon AT4 ECD Jaguar E-Type EV ECD Land Rover Defender 110 2024 Genesis GV60 Performance AWD News Chevrolet Camaro productions ends The Hyundai N Vision 74 might reach production McLaren GTS revealed These were the most influential leaders in the automotive world in 2023 Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Aftermarket Green Plants/Manufacturing Podcasts Chevrolet Ford Genesis GM GMC Hyundai Jaguar Land Rover McLaren Technology Truck Convertible Coupe Crossover SUV Electric Luxury Off-Road Vehicles Performance Supercars

Callaway debuts its new C7 Stingray at National Corvette Museum

Callaway showed off its first tuned version of the 2014 Corvette Stingray at the National Corvette Museum last week, giving the rampant enthusiasts of America's sports car a look at the roughly 620-horsepower, supercharged rocket.
Unlike the Corvette SC610 we showed you back in January, this Stingray packs a fair bit more oomph. Horsepower is only up ten ponies, but torque has jumped from 556 pound-feet to "at least" 600 pound-feet. Neither horsepower nor torque is official quite yet, although Callaway is expecting to know just what its creation can do once testing and validation is completed later this month.
The 6.2-liter, supercharged V8 now boasts a new, three-element intercooler, which Callaway claims only allowed the inlet air temperature to increase by ten degrees Fahrenheit during dyno runs. Previous designs saw a 35-degree-Fahrenheit jump. The exhaust system has also been fettled with, and now is even less restrictive.