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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.

REWIND: Watch the GMC Hummer EV live reveal right here

It has been a long wait to see the GMC Hummer electric pickup truck, which was teased way back at the Super Bowl in February of this year. And that wait ends tonight at 8 p.m. eastern time when GM pulls the covers off the truck. You can see the whole reveal right here, or during the World Series on Fox or "The Voice" on NBC. For everything we know about the truck, go to our reveal post here. The truck should be impressive. GMC has previously announced it will have up to 1,000 horsepower, and it will have a variety of fun features such as removable roof panels and four-wheel steering that can move the truck sort of sideways with "Crab Mode." The GMC Hummer will also be available in pickup and SUV forms. So be sure to tune in tonight for one of the biggest (figuratively and literally) vehicle reveals of the year. And keep an eye on Autoblog for all the latest on the Hummer and other vehicles.

BMW M850i Coupe, Jeep Wrangler Rubicon and a 1996 Toyota Land Cruiser | Autoblog Podcast #585

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor Alex Kierstein and Senior Editor, Green, John Snyder. This week, they talk about driving the BMW 8 Series Coupe, Jeep Wrangler Rubicon and Toyota Corolla Hatchback. Then they talk about the news, including electric Hummer rumors and Tesla pickup timing. Finally, they consider whether or not Greg should buy his neighbor's 1996 Toyota Land Cruiser. Autoblog Podcast #585 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: BMW M850i xDrive Coupe Jeep Wrangler Rubicon Toyota Corolla Hatchback In the news: Is an all-electric Hummer in the works? Tesla pickup truck is on its way Spend My Money: 1996 Toyota Land Cruiser Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: