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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.

Chauffeur attacks motorist in road rage incident

A California man was the victim of an intense and violent road rage attack on the 405 freeway on Tuesday, but when the police were called they told the driver to shake it off. Shahnam Asbaghi told KTLA that the altercation began when a GMC Yukon private car began tailgating him. "This limousine Yukon driver was just tailgating me the whole time since when I got onto the 405 North," Asbaghi told reporters. "It was so bad I actually got scared and nervous so I exited early." When Asbaghi exited the freeway, the Yukon followed and rear ended him at the bottom of the ramp. "He just rammed me with his car at probably 25, 30 miles per hour," said Asbaghi. "When he hit me he got out of his car, came around to the driver's side and punched my window four or five times. Then he ran back to his car, got in his car, and drove away." Startled, Asbaghi followed his assailant in an attempt to get the Yukon's license plate number. After a quick chase, the Yukon stopped near Sepulveda Boulevard and Sherman Way where the driver got out of the truck, retrieved a long, unidentified item from the rear cargo area, and attacked Asbaghi's car again. Video shot by Asbaghi shows the chauffeur striking the driver's side window with the object, tossing it back in the Yukon, then leaving the scene. Asbaghi called 911, but the police weren't impressed. "Because my head wasn't smashed, because the window wasn't smashed, no harm no foul is what they told me," Asbaghi told KTLA. The cops did make the drivers exchange information, but no arrests were made. The Los Angeles Police Department is now looking into the incident to make sure they handled the situation correctly. The day after the attack, L.A. Private Car announced via Twitter that they fired the angry Chauffeur after reviewing the footage. News Source: KTLA Government/Legal Weird Car News GMC Driving Safety Crossover SUV Commercial Vehicles road rage 405 freeway chauffeur

2018 GMC Sierra Denali 1500 Drivers' Notes | Chrome cowboy

No matter how much automakers want to charge for trucks, it seems there will be a market. Ford, Ram and GM all have trucks that can push well over $60,000, something that would sound unbelievable even 10 years ago. That brings us to the 2018 GMC Sierra Denali, GM's top dog in the pseudo-lux truck segment. It's packed with tons of goodies and features, but it's starting to feel a little long in the tooth. Still, GM trucks are some of the best selling vehicles in America, so it seems customers don't mind the age. Associate Editor Reese Counts: I've said it before, but I'm not a big truck guy. Give me a Colorado or Tacoma over any of the full-sized behemoths rolling off assembly lines today. Still, I do enjoy taking one home on occasion, especially one as comfortable and well appointed as this Sierra Denali. There's leather and wood and contrasted stitching throughout. The problem is that it's all a veneer over what's becoming an extremely dated truck, though a new one is on the horizon. There's one big thing that truly bothers me about this truck: no keyless entry or ignition. Don't get me wrong, I have no problem doing things the old-fashioned way, but when literally every other competitor at this price has keyless as standard equipment, the fact that GMC (and Chevy for that matter) still require you to pull out a fob and stick a key into an ignition is really glaring. It has to have something to do with the platform, as GM makes plenty of vehicles that don't require a key. One thing that doesn't feel dated is the ride and performance. This truck is equipped with GM's Magnetic Ride Control, and it works wonders for the Sierra's comfort. It would be even better if it wasn't wearing some gaudy 22-inch wheels, but it's still better than a lot of trucks out there. The powertrain, too, is a nice bright spot. The eight-speed automatic is smooth and never feels lost in the hunt for better fuel economy. The 6.2-liter V8 feels strong, and power comes on smooth and easy. Ford's EcoBoosts may win on fuel economy, but there's nothing like a big, burly V8. Senior Editor, Green, John Beltz Snyder: Despite the massive amounts of guilt I feel every time I put my foot to the accelerator, big trucks — something of which I used to steer well clear — are beginning to warm up on me. That being said, others have made more of an impression on me than this Sierra.