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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.

GM dealers unhappy about pickup prices

The backlash is beginning. Following General Motors' price hike of the Chevrolet Silverado and GMC Sierra last week, dealers across the country are expressing their ire over increasing prices in the face of rebates and discounts on trucks from Ford and Ram.
Speaking to Automotive News, Sam Pilato, the general manager at Dimmitt Chevrolet in Clearwater, FL, Silverados are "selling very poorly." W. Carrol Smith, the president of Monument Chevrolet in the heart of truck country, Texas, said, "[GM's] position is that the vehicle stands on its own and it doesn't need a bigger rebate. That's not what the market is telling us."
According to AN, that's the general attitude amongst Chevy and GMC dealers across the country, where the twin pickups are getting butchered in sales by competitors offering up to $9,000 off their sticker prices. Part of the problem for GM is that its trucks are arriving on the market near the end of the current F-150's lifecycle, a fact that Ford has taken advantage of.

2019 GMC Sierra 1500 All Terrain spied with raised suspension, off-road tires

The 2019 GMC Sierra is here, though we've only seen the two top-tier trims, SLT and Denali. As past spy shots show, the Chevy Silverado's corporate sibling has more on the way. We now have a new batch of images showing what looks like the new All Terrain package, sort of a GMC equivalent to the Silverado's Trail Boss guise. The current All Terrain package is available in three different tiers on the Sierra SLT: All Terrain, All Terrain SLT Premium and All Terrain X. In addition to equipment from the Z71 package (skid plates, suspension upgrades), the All Terrain package adds Rancho shocks, an Eaton locking rear differential and more aggressive tires. There are some additional features and appearance changes, too. The more aggressive All Terrain X adds things like a cat-back exhaust and Goodyear Wrangler DuraTrac tires. The truck in these spy shots is definitely wearing different wheels and tires than the Sierras we've previously seen. It also looks like it's sitting a little higher, just like the Silverado Trail Boss. This also looks to be an SLT model as it doesn't have the MultiPro tailgate. Expect the 5.3-liter and 6.2-liter V8s to return, but don't rule out a diesel-powered Sierra All Terrain sometime down the line. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2019 GMC Sierra All Terrain spy shots View 9 Photos Image Credit: Brian Williams Design/Style Spy Photos GMC Truck Off-Road Vehicles gmc sierra 1500