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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.

Roadkill pits every project car against each other

The guys behind Motor Trend's monthly Roadkill series have collected nine of their favorite project cars from their videos and pitted them against each other in a battle royale to determine a winner. It's 44 minutes long, but it's completely worth the investment of time.
The cars run the gamut from a 1973 Chevrolet Ramp Truck, a 1975 AMC Pacer and a legitimately impressive 1967 Chevy Camaro, and they are pitted against each other to see which is the fastest around an autocross course. The drivers include Roadkill's two hosts and Motor Trend's Johnny Lieberman and Carlos Lago. It's reminiscent of the best episodes of Top Gear and worth a watch.
So it's the weekend - the perfect time to relax. Grab your preferred beverage, get comfortable and enjoy 44 minutes of some seriously ratty but utterly cool project cars as they are throttled within an inch of their lives (or past it). Scroll down to check out the video.

GM appears to repurpose Saturn Outlook parts on new Acadia

General Motors unveiled the company's refreshed GMC Acadia at the 2012 Chicago Auto Show yesterday, and if you were paying attention, you may have noticed something curious about the vehicle. While the new Acadia looks considerably better than its predecessor, a few components of the design looked more than a little familiar. Upon closer observation, it appears that GM has simply repurposed elements of the now defunct Saturn Outlook crossover on the 2013 Acadia. Both vehicles seem to share the same wrap-around rear glass, back hatch, tail light openings and exaggerated, squared-off fender arches.
While the vehicles are differentiated by badging, tail lamps and a rear valance, there's no denying the similarities toward the vehicle's rear. Up front, both share similar fenders, though adjustments have been made for the varying headlight designs.
That's good news if you just can't imagine life without the Saturn Outlook.