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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 Edition 1 Prototype Drive Review | Let the supertruck wars begin

MILFORD, Mich. — Hummer is high on the list of vehicles we never thought would return. The gas-guzzling brutes met their demise more than a decade ago as the industry pivoted briefly to smaller cars and General Motors shed brands during its historic restructuring. Fast-forward to 2022, and HummerÂ’s revival is at hand thanks to yet another industry shift, this time to electric propulsion. ItÂ’s expensive, itÂ’s still huge and the numbers are eye-popping to the tune of 1,000 horsepower. America loves a comeback — but it loves trucks more. We briefly tested the 2022 GMC Hummer EV Edition 1 truck at the GM Proving Grounds 40 miles northwest of Detroit. Weeks from now, Hummers will start rolling off the line at GMÂ’s EV site, dubbed Factory Zero, in the Motor City. While the Hummer SUV will undoubtedly prove its worth, GM is leading with the pickup, ambitiously calling it a supertruck and eagerly touting its metrics and mojo-generating features, like CrabWalk, against the Rivian R1T, Ford F-150 Lightning, Tesla Cybertruck, as well as gas-powered off-roaders like the Ford F-150 Raptor and Ram 1500 TRX, plus various Jeep and Land Rover SUVs. (Here's our latest supertruck spec comparo). All of them have impressed us (save the Cybertruck, which only Jay Leno and a few others have driven), but the Hummer is formidable in its own right. For one thing, itÂ’s a Hummer. The negative connotations of the old Hummers melt away when thereÂ’s a 24-module Ultium battery pack powering three motors for a range of 350-plus miles on a single charge. The old model was divisive, but a lot of people paid a lot of money for them simply because they looked very cool. HummerÂ’s familiar grille makes it bold return on our tester that looms high on its 35-inch Goodyear Wrangler Territory MT tires. It certainly looks the part of a supertruck. The cabin is roomy and airy, with the removable sky panels letting in the bright fall morning. Hummer EV chief engineer Al Oppenheiser is our co-pilot for our test, and after a quick walk-through, weÂ’re off.  The first order of business is simply mashing the throttle. The Edition 1 serves up about 1,200 pound-feet of torque, and you can make use of all of that and the four-figure horsepower to hit 60 mph in about 3 seconds. We accelerate hard, blasting over some soft ground before things get a little squirrelly and can confirm the claimed time feels legit.

For EV drivers, realities may dampen the electric elation

The Atlantic, a decades-old monthly journal well-regarded for its intelligent essays on international news, American politics and cultural happenings, recently turned its attention to the car world. A piece that ran in The Atlantic in October examined the excesses of the GMC Hummer EV for compromising safety. And now in its latest edition, the magazine ran a compelling story about the challenges of driving an electric vehicle and how those experiences “mythologize the car as the great equalizer.” Titled “The Inconvenient Truth About Electric Vehicles,” the story addresses the economics of EVs, the stresses related to range anxiety, the social effects of owning an electric car — as in, affording one — and the overarching need for places to recharge that car. Basically, author Andrew Moseman says that EV life isn't so rosy: “On the eve of the long-promised electric-vehicle revolution, the myth is due for an update. Americans who take the plunge and buy their first EV will find a lot to love Â… they may also find that electric-vehicle ownership upends notions about driving, cost, and freedom, including how much car your money can buy. "No one spends an extra $5,000 to get a bigger gas tank in a Honda Civic, but with an EV, economic status is suddenly more connected to how much of the world you get to see — and how stressed out or annoyed youÂ’ll feel along the way.” Moseman charts how a basic Ford F-150 Lightning electric truck might start at $55,000, but an extended-range battery, which stretches the distance on a charge from 230 miles to 320, “raises the cost to at least $80,000. The trend holds true with all-electric brands such as Tesla, Rivian, and Lucid, and for many electric offerings from legacy automakers. The bigger battery option can add a four- or five-figure bump to an already accelerating sticker price.” As for the charging issue, the author details his anxiety driving a Telsa in Death Valley, with no charging stations in sight. “For those who never leave the comfort of the city, these concerns sound negligible," he says. "But so many of us want our cars to do everything, go everywhere, ferry us to the boundless life we imagine (or the one weÂ’re promised in car commercials),” he writes. His conclusions may raise some hackles among those of us who value automotive independence — not to mention fun — over practicalities.