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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.

Autoblog's Editors' Picks: Our complete list of the best new vehicles

It's not easy to earn an “EditorsÂ’ Picks” at Autoblog as part of the rating and review process that every new vehicle goes through. Our editors have been at it a long time, which means weÂ’ve driven and reviewed virtually every new car you can go buy on the dealer lot. There are disagreements, of course, and all vehicles have their strengths and weaknesses, but this list features what we think are the best new vehicles chosen by Autoblog editors. We started this formal review process back in 2018, so there's quite of few of them now. So what does it mean to be an EditorsÂ’ Pick? In short, it means itÂ’s a car that we can highly recommend purchasing. There may be one, multiple, or even zero vehicles in any given segment that we give the green light to. What really matters is that itÂ’s a vehicle that weÂ’d tell a friend or family member to go buy if theyÂ’re considering it, because itÂ’s a very good car. The best way to use this list is is with the navigation links below. Click on a segment, and you'll quickly arrive at the top rated pickup truck or SUV, for example. Use the back button to return to these links and search in another segment, like sedans. If youÂ’ve been keeping up with our monthly series of the latest vehicles to earn EditorsÂ’ Pick status, youÂ’re likely going to be familiar with this list already. If not, welcome to the complete list that weÂ’ll be keeping updated as vehicles enter (and others perhaps exit) the good graces of our editorial team. We rate a new car — giving it a numerical score out of 10 — every time thereÂ’s a significant refresh or if it happens to be an all-new model. Any given vehicle may be impressive on a first drive, but we wait until itÂ’s in the hands of our editors to put it through the same type of testing as every other vehicle that rolls through our test fleet before giving it the EditorsÂ’ Pick badge. This ensures consistency and allows more voices to be heard on each individual model. And just so you donÂ’t think weÂ’ve skipped trims or variants of a model, we hand out the EditorsÂ’ Pick based on the overarching model to keep things consistent. So, when you read that the 3 Series is an EditorsÂ’ Pick, yes, that includes the 330i to the M3 and all the variants in between. If thereÂ’s a particular version of that car we vehemently disagree with, we make sure to call that out.

General Motors has tried to cast Hummer in a greener light before

Rumors claim General Motors will resurrect the Hummer name on an electric pickup truck by 2022, and GM allegedly will preview the model with an ad starring basketball star LeBron James during the 2020 Super Bowl. If accurate, the move would represent a stunning 180-degree turn for a nameplate long associated with war-like gas-guzzlers. It wouldn't be the first time the automaker has tried to cast Hummer in a greener light, however. In 2004, when mass electrification looked as realistic as George Jetson's flying car, Hummer collaborated with Quantum Technologies to build a one-off H2 SUT named H2H powered by hydrogen. Engineers modified the stock H2's 6.0-liter V8 to run on compressed hydrogen stored in three carbon fiber tanks, and added a supercharger to offset the loss of power. The eight-cylinder made 180 horsepower, compared to 325 horsepower in the gasoline-powered model, and the truck's 12-pound hydrogen storage capacity gave it a 60-mile range. "The H2H was created for two purposes. It brings focus and attention to the journey to a hydrogen economy, and it will provide GM with key learnings on hydrogen storage, hydrogen delivery systems, and hydrogen refueling infrastructure development," explained Elizabeth Lowery, the company's then-vice president of environment and energy. She emphasized the H2H's experimental vocation and said there were no plans to bring it to production. Actor, then-California governor, and devout Hummer fan Arnold Schwarzenegger celebrated the H2H as a vision of the future after taking it for a spin. It didn't have much of a future, as it turns out, and it remained a prototype. Fast-forward to 2009, less than a year before Hummer shut down after the Chinese government vetoed a proposed sale to Sichuan Tengzhong Heavy Industrial Machinery Company. General Motors teetered on the brink of bankruptcy, it had much bigger worries than Hummer's fuel economy, so the task of making a greener truck fell into the lap of suppliers. FEV and Raser joined forces to build a plug-in hybrid prototype based on the H3. Its powertrain was built around a turbocharged, 2.0-liter EcoTec engine related to the unit found in the Chevrolet HHR SS and the Pontiac Solstice GXP, among other cars. In this application, it powered a 100-kilowatt generator that zapped a 268-horsepower electric motor into motion. Output traveled through the H3's stock four-speed automatic transmission and four-wheel-drive system, including the transfer case.