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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 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.

GM CEO Barra says 'we are selling every truck we can build'

DETROIT — General Motors Chief Executive Mary Barra said on Monday the automaker is "selling every truck we can build" and expanding North American truck-building capacity, even as U.S. gasoline prices hit record highs. Barra made her comments during the automaker's annual shareholder meeting. GM is pursuing a two-track strategy: Investing heavily in electric vehicles for North America, China and other markets, and funding those investments by trying to maximize profits from its North American combustion pickup truck and large SUV lineups. Barra said GM is planning higher-priced versions of its Silverado large pickup and its large SUV models. GM and its Detroit rivals Ford Motor Co and Stellantis NV rely heavily on sales of large pickup trucks and SUVs for global profits. High U.S. gasoline prices in the past have undermined consumer demand for relatively inefficient models. Nominal pump prices hit an average of above $5 a gallon for the first time ever last week, the federal government said Friday. GM is ramping up production of EVs. Barra said the Cadillac Lyriq electric sport utility is sold out through 2023. In response to shareholder questions, Barra said the "clear priority" for using cash generated by its operations is to "accelerate our EV plans." She did not rule out share buybacks or other approaches to returning cash to shareholders. GM still expects to increase production this year by 25-30%, despite continuing pressure on semiconductor supplies globally. Barra said GM is working to redesign vehicles to reduce the number of processors required by 95%. Barra serves as GM's board chair and CEO. GM shareholders overwhelmingly rejected a proposal to separate those roles.