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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.

2018 GMC Canyon Denali isn't worth the money

In the GMC lineup, Denali is the top dog. It's the trim with all the bells and whistles, and often provides an experience comparable to Cadillac. Unfortunately that's not the case in the GMC Canyon Denali we drove recently. In the Canyon's case, the Denali trim isn't worth the price premium because it isn't luxurious enough and doesn't distinguish itself from the midlevel SLT trim. While the outside maintains the Denali look with a unique chrome grille, chrome door handles, 20-inch wheels, and big Denali badges (which a guy at a car wash immediately noticed when this editor drove past), the interior and feature set don't rise to meet the borderline Cadillac image of Denali. All GMC did to spruce up the already drab, gray, plasticky interior of the Canyon was give it black leather, some real aluminum trim, some fake wood trim, and stitched soft-touch surfaces. The aluminum and leather are nice touches, but they don't look much different from the black and aluminum-look plastic in lower trim models. The fake wood also looks really fake. They're also exactly the same upgrades as what you'll find in an SLT. But the SLT offers a dark brown color scheme as an option, which would help alleviate the dinginess, and the SLT, equipped exactly like a base Denali, costs $2,690 less at $41,575. The same issue comes up with equipment. The Denali has heated seats and steering wheel, navigation, automatic climate and navigation, but so does the SLT. The big problem here is that Denali is supposed to indicate the best, most luxurious vehicle GMC has to offer, but there's not enough differentiation — or specialness, even — to separate it from a well-optioned SLT. GMC needs to give the Denali something more. It needs some real wood trim, or perhaps some interior schemes with contrasting materials you can't find in other Canyons. It should have some other special luxury features included that can't be added to lower trim GMCs such as a heads-up display, automatic windshield wipers, push-button keyless entry and starting, things like that. The real reason to buy the Canyon Denali is really to get the prestige that the Denali badge brings, rather than the specific equipment it has — the Denali name has some value, after all. But if you can look past the badge and focus on practicality, the SLT is the runaway winner, offering the exact same experience for a notably lower price.

Say hello to the 2021 GMC Yukon Denali and Yukon AT4 | Behind the Wheel S02 // E04

Behind the Wheel is a video series that shows you a bit of what it’s like to work at Autoblog. The editors and video producers will show you the cars in our fleet, and youÂ’ll get a behind-the-scenes look at some of the personalities who help make the site run.  In this special New Year's edition of Behind the Wheel, Senior Producer Christopher McGraw travels to Vail, Colorado, where GMC unveiled the 2021 GMC Yukon Denali, Yukon XL Denali, and Yukon AT4. What new vehicles are you anticipating the most in 2020? WeÂ’d love to hear from you, so please comment below! Gear the video team used to make this:  Panasonic GH5s: https://amzn.to/2QsJdHE Panasonic Lumix 12-35mm F2.8: https://amzn.to/34bl3W4 Rode VidMic Pro: https://amzn.to/2qrDHKN Tiffen 58mm Variable ND Filter: https://amzn.to/2XpizRw GoPro Hero 7 Black: https://amzn.to/2Qr3Bcm Adobe Premiere: https://amzn.to/32ZTA8B Autoblog is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. These deals are available through our affiliate partnership with Amazon.com. Deals are subject to Amazon's schedule and availability. Related Video: