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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.

Hummer H2 burns to a crisp; now the owner won't need the hoarded gas

Here's your daily Autoblog public service announcement: Don't hoard gasoline, but if you do, absolutely do not let 20 gallons of it catch fire inside your 2004 Hummer H2. You might end up, as a Florida owner learned the hard way, with a very crispy Hummer. According to CBS affiliate WABI, in Citrus County Fire Rescue was called out to the scene at a Homosassa, Florida, Texaco station yesterday morning. The Hummer owner had just filled four five-gallon jerry cans' worth of fuel and placed them in the back of the vehicle. It's not clear what started the fire, but when emergency crews arrived the SUV was already, as the kids say, fire. The vehicle was a total loss. Photos show it completely singed and missing the hood and windows. One fender sat forlornly on the ground nearby. One injury was reported, but the individual refused to be taken to the hospital. The Florida Department of Environmental Protection was called in to handle the fuel cleanup. There's been a run on gasoline across the eastern seaboard due to a shortage caused by Colonial Pipeline, one of the major refined petroleum pipelines on the East Coast. Due to lax cybersecurity measures, the company fell victim to a ransomware attack, which shut down its operations over the weekend. Hackers based in Russia demanded a payout of $5 million to release control of Colonial Pipeline's computer systems, and Colonial paid up and has since resumed operations. Between fires, fights and admonitions by politicians not to hoard — probably one of the few things Florida Gov. Ron DeSantis and President Joe Biden agree on — that's probably good advice to follow. Gas stations should be resupplied in many affected areas within days. In Tampa, Florida, a third of the city's gas stations were out of fuel on Thursday. In Miami, outages stood at nearly 40% and growing as residents rapidly filled up their tanks. The outages would make sense if the largest U.S. gasoline pipeline served those cities. But it does not. South Florida is seeing the worst outages among areas not directly impacted by the line closure. "If you want a perfect case for where hoarding has made the situation what it is, that's southern Florida," said Patrick De Haan, head of petroleum analysis at GasBuddy. "They should not be having any issues at all - they get gasoline from a barge." Statewide, about a third of gas stations are out of product, according to GasBuddy.