2006 Hummer H1 on 2040-cars

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GM to accelerate its EV strategy — Cadillac could be all-electric by 2025

General Motors will roll out details of an expanded and accelerated electric vehicle strategy on Thursday in an effort to convince investors it can be a serious competitor to Tesla, people familiar with the plans said. GM Chief Executive Mary Barra, who is scheduled to speak at a conference hosted by Barclays, is expected to say the automaker is ready to spend more on electric models by 2025 than the $20 billion previously outlined, the sources said. Supplier sources said previous plans to make the Cadillac brand all-electric by 2030 are being sped up, possibly to 2025, and other sources said that acceleration will be repeated in other brands and in segments such as commercial vans. Asked about the Thursday appearance, a GM spokeswoman called talk of increased spending speculative and declined to give details. The Detroit automaker is also expected to discuss a new timeline for many of the EVs to follow those already identified, such as the GMC Hummer EV pickup and Cadillac Lyriq crossover, people familiar with the plans said. Lyriq (shown above) is slated to go into production in late 2022, but GM officials have been stung by criticism the automaker was bringing the vehicle to market too late, one source said. "The pull-ahead in programs is real and the organization is really doubling down on speeding up product development," the source said. Barra and other GM executives have been signaling the automaker's EV acceleration plans. She said earlier this month GM would boost capital spending over the next three years to speed EV development and was talking with other automakers about partnerships to develop more vehicles using GM's battery technology. Last week, a GM executive said the company had pulled forward the rollout of two "major" EV programs, and GM officials have touted the faster 18-month development time for the Hummer truck. Tesla's soaring market capitalization, and growing pressure from regulators to phase out carbon-emitting engines, has put pressure on established automakers to respond to investors who view their internal combustion lineups as outmoded and doomed in the long run. A critical part of GM's pitch to investors has been its new Ultium batteries, which it estimates will offer an electric driving range of 400 miles or more on a single charge. It is building a battery plant with Korean battery maker LG Chem in northeast Ohio.

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.

Junkyard Gem: 2006 Hummer H3 SUV

After General Motors bought the rights to the Hummer brand from AM General in 1999, it continued to sell the civilianized versions of the military HMMWV that was made famous after appearing in the heavily televised Operation Desert Storm. The Hummer H1 (as it became known) never sold in large numbers, but The General decided to make everyman Hummers based on existing GM truck platforms. The Silverado-based H2 came first, debuting as a 2003 model, followed by the Colorado-based H3 as a 2006 model. Here's one of those first-year H3s, found in a Denver self-service car graveyard recently. Now it's time for some Hummer brand history. After the American Motors Corporation bought Kaiser Jeep in 1970, it spun off the fleet and military parts of that operation into a new company called AM General. The best-known AM General products for many years were the Jeep DJ Dispatchers, generally called "Mail Jeeps," and they were sold all the way through 1984. 1984 was also the year that the United States Army put the first AM General-built High Mobility Multipurpose Wheeled Vehicles (HMMWV, which soldiers pronounced "Humvee" at first but eventually adopted the "Hummer" nickname). Around the same time, militarized VW-powered sand rails were being purchased from Chenowth by Uncle Sam. After Arnold Schwarzenegger convinced AM General to build civilianized Hummers, sales of the not-so-civilized brute that became the H1 began in 1992. The H2 and H3 had the misfortune to be launched just before the Great Recession hit and fuel prices went crazy, while a couple of overseas conflicts that were much less popular than Gulf War I made grim headlines and reduced the street appeal of combat-inspired civilian wheels. The H1 got the axe in 2006; GM tried and failed to sell the Hummer brand to a Chinese manufacturer in 2010, as it struggled through Chapter 11 bankruptcy, finally giving up and killing the brand alongside Pontiac, Saturn and Saab. Then the Hummer name was revived in 2022 as an electron-fueled GMC model, and you can buy a 2024 GMC Hummer EV SUV right now (though GMC's website warns of "LIMITED AVAILABILITY" in big red letters, so you might have a hard time actually taking delivery of one). The final 2010 H3s were built for Avis at Shreveport Operations, which itself shut down two years later.