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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.

2022 GMC Hummer EV dimensions, clearances and off-road features explained

There are two things that almost everyone immediately thinks of when they hear the word "Hummer." And they are size and off-road capability. Looking at the numbers on the 2022 GMC Hummer EV, it seems the electric pickup has literal truck loads of each. One of the most prodigious numbers is the truck's width. See those clearance marker lights on the roof? They aren't just there for style, they're required by law due its width. At 86.7 inches, it's just a bit wider than a Ford F-150 Raptor, which is itself 6.4 inches wider than a comparable F-150. The Hummer is also 5.5 inches wider than a GMC Sierra. Length is more reasonable at 216.8 inches, which is much less than a full-size crew cab pickup (a Sierra 1500 is 231.7 inches with its 5-foot-8-inch box or 241.2 with the 6-foot-6 one). It's even 3 inches less than the Raptor SuperCab and only 4.4 inches longer than a GMC Canyon with the standard 5-foot-2-inch box. In other words, the Hummer EV is roughly as long as a midsize pickup but is wider than a heavy-duty one.  What does that mean for the cabin? With 38.9 inches of rear legroom, it falls well short of a Sierra Crew Cab's 43.4, but it's important to remember that crew cab pickups have an overkill amount of limo-like legroom. The Hummer's amount is still 3.7 inches longer than a Sierra Double Cab and 3.1 inches longer than a Canyon Crew Cab. Headroom, which was rather pathetic in the old Hummer H2, is 38.6 inches in the back seat – less than both its GMC truck siblings, but not by much. In other words, there should be plenty of space back there. Note that GMC didn't indicate bed length, frunk volume, or importantly, curb weight. We will update this should we find out answers to any of those.  Although it's big, the Hummer has plenty of features to make it nimble off road, both traditional and high-tech. One of the primary features is the height-adjustable air suspension, which offers 13 inches of travel and automatically adjusts damping for driving conditions. It has three main levels, a lowered setting for Aero Mode that helps with improving highway energy use, a default height for the normal driving modes, and a higher setting for the off-road Terrain Mode.

Hummer EV to be sold at only about half of GMC dealerships

The new 1,000-horsepower Hummer EV will be sold under the GMC brand, but you won't find it in every GMC showroom. Currently, just about half of GMC's dealers have agreed to take on the electric truck, Buick GMC VP Duncan Aldred told investors on a conference call last week. According to Muscle Cars and Trucks, there are a number of reasons for the irregular availability. For one, there's the cost of upgrading dealerships to sell and service a fully electric vehicle. Stores would need to be upgraded with charging stations, and service centers would require new tools and training to work on an EV. Then there's the customer experience. At $112,595, the initial Hummer EV Edition 1 caters to a different clientele than the traditional GMC truck. The planned EV3X trim level that arrives in late 2022 and EV2X arriving in spring 2023 will start at just below $100,000 and $90,000, respectively. Some sellers believe that customers paying six figures for a vehicle will expect certain niceties that will necessitate showroom upgrades as well. Complimentary doughnuts, at least. Furthermore, not all GMC dealerships are located in areas with customers willing to shell out that much cabbage for a new vehicle, especially an EV. An $80,000 base trim will be available in 2024, so perhaps more dealers will be willing to take on the truck by then. Finally, there's the Hummer EV's no-haggle pricing. Aldred was adamant on the call that customers see the same price on the internet as they do on the paperwork. It's part of the premium dealership experience that GMC wants to provide for its well-heeled clientele. Still, GMC appears to have no problem moving all the Hummer EVs it can build. Even with its lofty price tag, all Edition 1 trucks were sold out 10 minutes after GMC's announcement. Related Video: