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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.

Watch the 2022 GMC Hummer EV launch using its Watts to Freedom mode

It’s nearly the July Fourth weekend, and GM is celebrating Independence Day a little earlier than most. The celebration comes in the form of a GMC Hummer EV demonstrating Watts to Freedom, or WTF, mode for us on video. You can watch it at the top of this post, but the idea is rather simple. ItÂ’s just a video of a Hummer development vehicle accelerating as quickly as it can from 0-60 mph and beyond. GMC claims its 1,000-horsepower electric Hummer is capable of hitting the 0-60 mph mark in “approximately 3 seconds,” which is borderline terrifying for how large of a vehicle it is. The super-quick time is possible when using the Watts to Freedom launch control mode, which “channels the propulsion systemÂ’s tremendous power into acceleration bursts.” The truck will still be plenty fast when accelerating normally, but WTF mode is what you should use to unlock its full potential. GMCÂ’s video shows us the graphics it uses in the digital cluster to signal Watts to Freedom is activated, and the whole sequence looks like it leans on U.S. military themes for both design and phrasing. For example, GMC lets you know that Watts to Freedom is ready via an “Armed” message in the cluster.  The 2022 GMC HUMMER EV is a first-of-its kind supertruck develop View 40 Photos Instead of a rumbling exhaust and screeching tires, the Hummer appears to silently launch with all four tires grabbing on and catapulting the truck away. It looks quick as it throws all of the weight rearward into an accelerative squat. And in case you missed it, thatÂ’s a lot of weight — GMC says itÂ’ll tip the scale at 9,046 pounds. GMC has previously said that production will begin in late 2021, and this video continues to confirm that timeframe with a note saying “initial availability Fall 2021.” Do keep in mind that only the sold-out Launch Edition is coming at that time. Other cheaper variants will follow in the years to come. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. GMC Hummer EV reveal

Hummer will return as an EV nameplate in 2022

General Motors will bring the Hummer name back to market with an electric vehicle, ending a 10-year hiatus with the introduction of a low-volume 4x4 pickup to go on sale in 2022 as part of the GMC lineup. The Wall Street Journal reported Friday that GM is working on an offering similar to Jeep's Gladiator pickup, and at least initially, the paper says, the "Hummer" name revival will not extend beyond that model.   The choice to revive Hummer as GMC gives GM flexibility in selling what it projects to be a low-volume model without having to support an entire brand, which would require dealer and service network support, which could potentially prove to be both costly and even legally challenging, as holders of existing franchises would likely want a piece of the action.  GM's choice to shutter the brand in the wake of bankruptcy and restructuring back in 2010 was met with resistance from franchise holders. At the time, Hummer's image of gas-guzzling excess ran afoul of GM's goals to produce affordable hybrid and electric vehicles for the masses.  GM wanted the Chevrolet Volt to be the public face of its future, rather than a V8-powered SUV. Unconfirmed rumors of Hummer's return have been circulating for quite some time. In June of last year, rumblings of an all-electric revival made headlines when GM president Mark Reuss professed his love for the discontinued brand.  While this report is far from official, we won't have to wait long for hard confirmation, as Los Angeles Lakers superstar LeBron James has been lined up to front the nameplate's return in a Super Bowl commercial spot. We expect the re-launch will be teased ahead of the NFL championship game on Feb. 2.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.