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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.

Nissan Leaf keeps plug-in vehicle sales crown for 6th straight month

And Nissan makes it 14 in a row. For the 14th straight month, the all-electric Leaf has had "record sales," according to Nissan's marketing team. What that means is that for that particular month (in this case, April) no matter what year you look at, the car sold more than it ever did before. For April 2014, the 2,088 Leafs sold represents a 7.8-percent increase from 2013. Nissan's director of EV sales and marketing, Toby Perry, said in a statement that the "new market" of Cincinnati made the top 25 list for Leaf sales areas in April, so the car's popularity continues to ebb and flow across the US. Over at Chevy, the Volt sold 1,548 units in April, reaching a year-to-date total of 5,154. The Leaf is outpacing that with 7,272 YTD sales. In 2013, the Volt outsold the Leaf by about 500 vehicles, but Leaf sales are up 33 percent year-over-year while Volt is down 7.1 percent. The Leaf has also outsold the Volt for six straight months. But we're excited for every eco-car sale, and that's why we'll have our monthly detailed write-up of the rest of the plug-ins, hybrids and diesel vehicles available soon. Until then, discuss. Green Chevrolet Nissan Electric Hybrid PHEV ev sales

UAW rejects GM contract proposal but makes a counter offer

The United Auto Workers union said a new comprehensive offer made by General Motors Co late Monday to end a two-week-old strike was not acceptable and said it had made a new counterproposal. UAW vice president Terry Dittes said in a letter to members "there are many important issues that remain unresolved." The union is awaiting GM's next proposal. He said GM's offer came up short on many issues.  Dittes said GM made a "comprehensive proposal" at 9:40 p.m. Monday. "This proposal that the company provided to us on day 15 of the strike did not satisfy your contract demands or needs. There were many areas that came up short like health care, wages, temporary employees, skilled trades and job security to name a few." Dittes is the union's vice president for GM relations and the UAW's lead negotiator in these contract talks. "We have responded today with a counterproposal and are awaiting GM's next proposal to the union," he wrote. "Regardless of what is publicized in print or social media, etc., there are still many important issues that remain unresolved." The strike, in its third week, has cost GM more than $1 billion, according to J.P. Morgan analyst Ryan Brickman. He said the cost per day in potential profit is $82 million. However, another analysis, by East Lansing-based consultant Anderson Economic Group, put the losses at $25 million a day. And the effects of the strike are expanding. GM said Tuesday the strike has created a parts shortage that forced the automaker to halt production at its pickup and transmission plants in Silao, Mexico, temporarily laying off 6,000 workers. Silao is where GM builds its highly profitable four-door crew cab Chevy Silverado and GMC Sierra pickups. The strike has also forced GM to idle some Canadian workers, and many suppliers have been forced to halt operations. About 48,000 UAW members went on strike on Sept. 16 seeking higher pay, greater job security, a bigger share of the leading U.S. automaker’s profit and protection of their healthcare.