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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.

Cadillac Celestiq, Lyriq, Hummer, other future GM electric cars: Here's everything we saw at ‘EV Day’

WARREN, Mich. — Today, General Motors held an “EV Day” event at its Warren, Michigan, campus to present its new “Ultium” battery technology, modular electric vehicle architecture and soon-to-come electric vehicles. Unfortunately, we were forbidden from bringing cameras into the event, so while we canÂ’t show you what we saw, we can tell you more about it. While we saw the previously teased Cadillac EV (which we now know to be called the Lyriq) and the GMC Hummer pickup teased during the Super Bowl, there were a number of other future cars at the event, which GM President Mark Reuss assured us are all real vehicles in the works. The biggest surprise came at the end of the event, though, in the Cadillac Celestiq electric sedan, which Reuss described as a future flagship that would be hand-built “very locally.” It had been hiding under a dark sheet all morning, with the front and rear illuminated Cadillac emblems shining from underneath. When the wraps came off, we saw a long, white, four-seat fastback sedan. The 23-inch wheels were pushed out to the very corners of the car, giving it what appeared to be a very long wheelbase. The model on the stage had no side mirrors or visible door handles. The grille mirrored that of the Lyriq crossover next to it, with integrated lighting in lieu of the usual mesh or slats youÂ’d see in an internal combustion car. The entire roof, all the way until it tapered to the tail of the vehicle, was tinted glass. In back, vertical tail lighting ran down the C-pillar before turning rearward across the top of the trunk. Inside, everything below the beltline of the windows — essentially all but the headrests and top portion of the steering wheel, was hidden from view. Behind the Celestiq, a large digital display showed a rendering of its interior. The dash consists of a pillar-to-pillar curved LED display serving as both instrument panel and infotainment system. Protruding forward between the front seats was another touchscreen that appeared to house some more controls, with open area, probably for storage, below it. The rear seats had the same sort of touchscreen between them. Built into the back of the front seats were a pair of rear-seat entertainment screens, much like we saw in the Lyriq. The door panels blended wood, metal and animated lighting to give character and a sense of opulence. GM interior design manager Tristan Murphy was on hand to tell us a bit more about the Celestiq.

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.