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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.

Next Chevy Silverado could get this built-in tailgate step

General Motors just received patent approval for a tailgate step in a pickup bed. And given the timing, don't be surprised if you see this on the upcoming 2019 Silverado pickup (not the mention its GMC Sierra twin), expected to arrive in late 2018. According to the patent, granted in December of last year, the whole mechanism is housed in the tailgate assemble. The magic happens when a portion of the top half of the tailgate swings down and a step folds out. There's also a handle that locks into position to help climb up into the bed. As trucks get bigger and taller over the years, it gets harder and harder to access the cargo bed. Ford's solution with the 2009 F-150 was a step that slides out from the end of the tailgate. Back then, Chevy made an ill-advised ad highlighting the feature for Ford. And while Howie Long mocked the F-150's "man step" Ford saw almost a third of its trucks with the option in the first year. The GM design seems to improve on Ford's idea as it appears to be wider and has a back to the lower step. That is, you don't have to worry about stepping through the ladder-rung design as on the F-150. Ford's tailgate step later spread to the F Super Duty, and other cargo access assists have proliferated through the truck world. On the most recent redesign, the Chevrolet Silverado took a trick from the Avalanche and added cutouts to the corners of the rear bumper that act as a foothold. Ford also offers a deployable side step, Chevrolet has running boards that scoot rearward with a kick of the boot, and Ram offers fixed wheel-to-wheel side rails. Nissan is in on the game too, with an optional folding step that tucks under the rear bumper. We don't expect Chevrolet to comment on when or if we'll see this feature in the showrooms. But given that engineers are already hard at work on the next Silverado and the timing of this patent lines right up with the new truck's development cycle, we'll be disappointed if this patent stays in the file cabinet. Related Video:

GM recalling 250,000 SUVs over door electronics

After a door-fire investigation that dates back to February, the National Highway Traffic Safety Administration has officially announced a recall today that affects around 250,000 General Motors SUVs for a faulty driver's door module. The recall applies to the Buick Rainier, Chevrolet Trailblazer, GMC Envoy, Isuzu Ascender and Saab 9-7X from the 2006 and 2007 model years, as well as the 2006 Chevrolet Trailblazer EXT and GMC Envoy XL for vehicles sold and/or registered in the Snow Belt.
Road salt use in these midwestern and northern states can lead to corrosion of the driver's door module on these GMT360 and GMT370 vehicles, which allows water to come in contact with the circuit board. If shorted out, the vehicle's power door locks and power windows will not work, and could possibly lead to overheating and, in some circumstances, a fire. No official word on how many total vehicles caught on fire, but back in June, 28 fires had been reported to the government agency. A fix for the problem is still being worked out, but all affected vehicle owners will be notified by GM.
Scroll down for the official NHTSA statement.