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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: Panasonic, Tesla on Gigafactory deal?

Bentley has been awarded the Carbon Trust Standard for reductions of carbon, water use and waste production in manufacturing. The Carbon Trust is an organization that helps groups such as businesses and governments reduce carbon emissions, use of energy and resources, and waste output. From 2011 to 2013, Bentley reduced CO2 emissions by 16 percent per car manufactured, curtailed water use by 35.7 percent, and saw significant waste reductions. Darran Messem of Carbon trust says, "Bentley is clearly passionate about continuing to improve its environmental performance, which is reflected by the fact the company has consistently invested in new technology." Read more in the press release below. Chevrolet is giving 12 Volts to MBAs Across America. The organization will use the range-extended electric cars in its efforts to help MBA students learn from and work with small business owners. As part of the MBAs Across America program's first year, four students drove 8,000 miles to provide entrepreneurs with free business counseling. The program has expanded, and this year, teams of MBAs will use the Volts to travel to 25 cities to offer their services. Learn more about the partnership between Chevrolet and MBAs Across America in the press release below. A professor from the University of Michigan has found fuel cycle analysis to be too flawed to be relied upon for measuring CO2 impacts of transportation fuels. Professor John DeCicco of the university's Energy Institute feels that the flaws in calculating the carbon footprint of liquid fuel production and combustion make such lifecycle analysis impractical. He suggests, instead, to focus to carbon capture. Since capturing CO2 directly from a vehicle is probably never going to happen, DiCicco believes the solution is to capture carbon from the atmosphere in sectors outside of transportation. Says DiCicco, "Research should be ramped up on options for increasing the rate at which CO2 is removed from the atmosphere and on programs to manage and utilize carbon fixed in the biosphere, which offers the best CO2 removal mechanism now at hand. Such strategies can complement measures that control the demand for liquid fuels by reducing travel activity, improving vehicle efficiency and shifting to non-carbon fuels." Read more at Green Car Congress. Global transportation energy consumption is expected to increase by 25.4 percent by 2035, according to a report by Navigant Research.

This 450-hp electric Lotus Evora is powered by Tesla and Chevrolet

When someone mentions an electric Lotus, the first thing that comes to mind is the Tesla Roadster, the California-based automaker's first vehicle. That car started life as an Elise before being heavily massaged and adapted by Tesla's engineers. In a similar spirit, the people at Onpoint Dyno are close to finishing Blue Lightning, a track-ready all-electric Lotus Evora. Blue Lightning uses a Tesla drive unit and a Chevrolet Volt battery pack, both mounted in the middle in place of the Evora's 3.5-liter Toyota V6. It's putting down about 450 horsepower at the wheels. The car was built for time attack sessions, so power is fed through custom forged wheels and super sticky Pirelli PZero Trofeo R tires, the same ones found on the last Chevrolet Camaro Z/28. There is a custom digital instrument cluster in place of the Lotus gauges. There's also a regen paddle on the left side of the steering wheel. With a full charge, Blue Lighting should go about 120 miles. While the car runs under its own power, it's only about 90 percent complete. It has no power steering, no firewall in between the seats and the motor and battery pack, no A/C, and a large hole where the shift lever used to be. Other final touches include fine-tuning the brakes and suspension. There is also a custom rear bumper coming that should make it look more like the new Lotus Evora 400. Onpoint Dyno expects the car to hit the track in the next month or so. Related Video: