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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.

2019 GMC Sierra 1500 pickup teased on Twitter

GM's half-ton pickup line will be fully rounded up later this week when the new GMC Sierra 1500 is revealed. Though the unveiling is on March 1, GMC has provided a teaser of the new truck ahead of time on Twitter. It shows only the front fascia, but considering the Sierra's history of simply being a badge-engineered Silverado, it's arguably the most important angle of the truck. The teaser confirms a few things we were expecting based on past spy shots. The headlights look much more conventional than the Silverado's rather small units. The Sierra's grille, unlike the Silverado's, will also rise above the tops of the headlights, providing more of a big-rig appearance. We also finally get to see the GMC badge on the front of the Sierra, and it looks like it's an enormous rendition. As for the rest of the truck, previous spy shots have shown the Sierra will have other subtle styling changes from the Silverado. The wheel wells are shaped differently, and the taillights will be unique to the GMC. The interior of the new Sierra will look almost identical to that of the Silverado, with the exception of a few minor trim details. We also expect the Sierra to use the same engine lineup as the Chevy's, which at this point we know will consist of a 3.0-liter turbocharged diesel inline-six, and naturally aspirated 5.3- and 6.2-liter V8s. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Alaska 7.0 earthquake uproots road but leaves vehicle completely intact

A magnitude-7 earthquake hit the Anchorage, Alaska area hard Friday morning and actually caused the National Weather Service to issue a tsunami warning it later canceled. As the news came rolling in, we noticed these photos of a road affected by the quake. The pictures are jaw-dropping, and we still can't believe that GMC Terrain is sitting there entirely unscathed. It looks like a scene straight out of an action movie when Earth is unexplainably collapsing all around the main characters as they race for safety. It probably wouldn't have mattered if the driver had the four-cylinder or V6 to try and escape the massive sinkhole. However, maybe Alaskans could consider the Lamborghini Urus to outrun collapsing roads if they're in the market for an all-wheel-drive SUV. Thankfully, there are no deaths or even injuries being reported as of now, but damage to buildings and roads is severe in some spots. We still can't believe how lucky this person is. It looks like some industrious folks were even able to pull the GMC out of its sinkhole completely intact too. Impressive. We'll keep you updated if there are any developments to this disaster. Related video: Featured Gallery Alaska earthquake View 12 Photos Auto News GMC Crossover SUV earthquake