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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.

Weekly Recap: Revisting the BBC report that ended Jeremy Clarkson's Top Gear run

Jeremy Clarkson's long run as a Top Gear host has come to an end, and the reason is clear: His physical assault on one of the show's producers crossed a line, and the government-owned BBC couldn't tolerate it. The incident between Clarkson and Top Gear producer Oisin Tymon was initially described as a "fracas," and Clarkson was suspended. But his popularity and widespread support – even British Prime Minister David Cameron weighed in – suggested that the controversial Clarkson might be given yet another chance. The BBC put this to rest Wednesday when it sacked Clarkson and revealed the findings of its investigation. The report spelled out how Clarkson struck Tymon on the patio of a North Yorkshire (UK) hotel, leaving him with a bloodied, swollen lip. It was severe enough that the producer sought medical treatment. During and after the attack, Clarkson shouted expletives at Tymon and threatened to fire him. The noise carried into the hotel's dining room and even to a bedroom. Local police investigated the incident, but Tymon isn't pressing charges. The huge audience numbers, Clarkson's popularity and the high-octane excitement of Top Gear all melted away in the eyes of BBC director-general Tony Hall, who saw an attacker and a victim. "For me a line has been crossed," he said in a statement. "There cannot be one rule for one and one rule for another dictated by either rank, or public relations and commercial considerations." In that moment, Clarkson was the bad guy, though he was actually the one who reported it to the network and made repeated attempts to apologize to Tymon. He's also urged the media to leave the producer alone. Hall voiced regret in the statement that announced Clarkson's contract would not be renewed, but the BBC decided to move on. Rumors are swirling about possible replacements for Clarkson. The network says it wants to continue Top Gear in 2016 and is looking to air the rest of this season's episodes. Despite the controversy, the show has a global audience of 350 million viewers and is one of the BBC's most valuable properties. It's unclear what Clarkson's co-hosts, James May and Richard Hammond, will do, as their contracts were also reportedly up to be renewed. Other News & Notes 2016 Chevrolet Malibu hybrid charges up with Volt technology Chevrolet is taking some of the learnings and technologies from the 2016 Volt and dropping them into the reborn Malibu hybrid.

GMC Hummer EV SUV first drive, RIP Camaro, Ferrari Roma Spider | Autoblog Podcast # 773

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start off with one of the week's biggest official news items — the impending death of the sixth-gen Chevrolet Camaro. On the subject of powerful American cars, they pivot to a teaser from Stellantis execs that there are big things ahead for its Dodge Charger SRT Daytona Banshee concept. From there, they look at Ferrari's new topless Roma and then get into Ford's multi-billion-dollar electric vehicle pivot. Speaking of expensive EVs, Joel just got back from driving the new GMC Hummer SUV. He also had the new F-150 Lightning Pro in his driveway, and that's followed by Greg's update on Autoblog's long-term Toyota Sienna.  Autoblog Podcast # 773 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 News Chevrolet Camaro production will officially end after 2024 model year Dodge CEO teases more to come from Charger SRT Daytona Banshee Ferrari Roma Spider returns a front-engined soft top to the lineup Ford Model e losing billions as it says EV unit should be seen as startup What we're driving Ford F-150 Lightning Pro 2024 GMC Hummer EV SUV 2023 Toyota Sienna Platinum AWD 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: How to activate Crab Walk on the GMC Hummer EV