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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.

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.

Canadian man saves four kids with Hummer [w/video]

A quick-thinking driver in Canada put his own life on the line last month when he drove his Hummer H3 in front of a distracted driver to save four children. Darrell Krushelnicki, 46, of Taber, Alberta, saw a car about to speed through an intersection. Four kids, whose ages ranged from three to 16 years old, were in the in the crosswalk, so Krushelnicki pulled his truck in front of a silver Pontiac Pursuit (known as the Pontiac G5 in the U.S.) to prevent them from being hit.
The identity of the other driver is unknown, but the news report says the 23-year-old male was talking on his cell phone while traveling around 80 kilometers per hour (close to 50 miles per hour) in a 30 kph speed zone (less than 20 mph). Thankfully, nobody was hurt, and while there's no word as to whether the distracted driver was ticketed, police say that they're recommending Krushelnicki for an award.
For additional details, check out the news video, which we've posted below.