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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.

Car Club USA: Louisiana Mudfest

There's nothing quite like mudding. Big tires, huge power, and crazy-wild gearheads that like to throw down on a mud pit almost as much as a thirty rack of Coors. In the latest, and some might argue greatest yet episode of Car Club USA, we head to Louisiana to throw some dirt at Mudfest. As Louisiana's one and only Mouth of the South puts it, "If you don't mud ride... go to Texas I guess." Joining The Mouth and friendly rivals The Most Hated Mud Sluts, we dive in. Beyond the obvious V8 blasting and tractor-tire spinning, those who know best describe Mudfest as, "Good cooking, good friends, good fun, and a lot of partying." It's a motorsport spectacle unlike any you're likely to find up North or out West, though no less impressive to behold. Follow along with the fun, the impromptu drag racing, the trash talking, and the mechanical madness. And find out why, at Mudfest, "if we don't tear it up, we ain't done it right." Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Chevrolet Ford Jeep RAM Truck Off-Road Vehicles Car Club USA Videos autoblog black

Silverado HD, Touareg V10 TDI face off in diesel tug-of-war

A couple weeks ago, we watched a Chevrolet Silverado get dominated by a Dodge Ram Heavy Duty in a fullsize pickup tug-of-war, but in that truck's defense, Chevy's Vortec gas engine was no match for the torquey Cummins turbo diesel. For our next round of vehicular tug-of-war, a Duramax-powered Silverado HD takes on Volkswagen Touareg V10 TDI.
Now, on paper, putting the Duramax V8's 365 horsepower and 660 pound-feet of torque up against the V10's 310 hp and 553 lb-ft looks like an easy win for the Bowtie, but unfortunately, this battle has a similar result as the Dodge versus Chevy video, with the Silverado smoking its tires trying to move forward as it gets pulled backwards. Put another way: YouTube 2, Chevy Silverado 0.
It just goes to show, though, that big tires, bolt-on fender flares and goofy smoke stacks don't improve your towing abilities. Besides, what did the Silverado driver expect when the Touareg V10 TDI has towed a Boeing 747 in the past?