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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.

Mil-Spec 003 First Drive Review | The ultimate Hummer H1

We're in something of a golden age for automotive restomodding, and into a heady mix that includes Singer's reimagined 911s, Icon's fancy off-roaders, and lots of updated Land Rovers. The latest company with ambitions to become a top-tier custom car brand is Mil-Spec, which aims to do what the aforementioned companies do, but with the big, brash, blunt Hummer H1. And in particular, the company is aiming to make its Hummers a compelling alternative to a used Hummer H1 Alpha. The Alpha is generally considered to be the best of the breed with the most powerful diesel engine offered, larger brakes, and a nicer interior compared with its predecessors. To find out whether the company's early efforts live up to that ambition, Mil-Spec invited us to drive their third completed vehicle, Mil-Spec 003. It started life as a 1995 Hummer H1, and as with all of Mil-Spec's vehicles, it was completely disassembled, and the body and frame media-blasted down to metal. The frame and related components are then powder-coated with a black gloss finish. The truck's aluminum body, in this case a four-door hardtop pickup variant, but is coated in a resilient bedliner-like material designed for easy care. Bits of Kevlar are mixed in with the material for strength, and it can be tinted different colors and have rougher or finer textures. Underneath the body, one of the five different engines that were available on the H1, usually a diesel V8, is replaced with a 6.6-liter Duramax LBZ turbodiesel V8. This engine was available on heavy duty Chevy and GMC pickup trucks, and a related engine was used in the Hummer H1 Alpha. Whereas the engine in the H1 Alpha made 300 horsepower and 520 pound-feet of torque mated to a 5-speed automatic, the Mil-Spec's LBZ has had turbo upgrades and a different ECU tune allowing it to produce 500 horsepower and 1,000 pound-feet of torque. It's also coupled to an Allison 1000 6-speed automatic transmission. The mechanical upgrades don't stop with the engine and transmission. The inboard brakes are given drilled and vented discs, and an ARB Air Locker locking rear differential fitted. Dual auxiliary transmission coolers also make an appearance and can be switched on as needed. The 003 received 20-inch wheels with 38-inch mud terrain tires, but larger tires can be added if desired.

GMC Hummer EV could have had the Chevrolet Avalanche's Midgate

One of the many rumors swirling around the GMC Hummer EV claimed the truck would resurrect the Midgate inaugurated by the original Chevrolet Avalanche. Although we now know there's no way to fully knock down the partition between the cab and the cargo box, the firm revealed the rumor wasn't entirely false. "There was [a Midgate] early on. We opted for the functionality of the drop glass in the back. With the package layout and things like that, it was not advantageous to pursue that one. And, the five-foot bed was kind of the industry standard in regards to price of entry in that segment," explained John Mack, the Hummer's exterior design management, during an interview with Muscle Car & Trucks. The Hummer will go on sale with a five-foot box, and it doesn't sound like a longer bed will be available, so a modern version of the Midgate would have made the model more versatile by giving users the ability to fold down the partition behind the rear seats to carry bulky items, like plywood and ATVs. It's a feature that would have inevitably made the truck more complicated to build, however, because it adds moving parts that need to be sealed. Hinges, seals, and latches in turn add weight, and complexity almost always invites high manufacturing costs. As an electric pickup built with newly-developed components, the Hummer already has enough of each. Motorists who need to carry something that's significantly longer than the cargo box aren't entirely out of luck. As Mack pointed out, the rear window drops into the partition, so owners will have the ability to haul surfboards, lumber, or anything else that's relatively long and reasonably thin by simply pushing a switch. Alternatively, the only thing limiting cargo space when the roof comes off is the sky — or, depending on where you live, bridges. Mack didn't reveal when the Midgate was dropped. GMC launched the Hummer project in April 2019, and it previously released early design sketches that show how the truck transitioned from a sketch to a prototype. As of writing, nothing suggests the Midgate will make a comeback in the near future on any member of the General Motors portfolio. It was introduced in 2001 on the first-generation Chevrolet Avalanche, which went on sale in the United States for the 2002 model year. It later spread to Cadillac's luxed-up variant of the truck, the Escalade EXT, and to the short-lived GMC Envoy XUV.