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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.

GMC Hummer EV SUV first drive, RIP Camaro, Ferrari Roma Spider | Autoblog Podcast # 773

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start off with one of the week's biggest official news items — the impending death of the sixth-gen Chevrolet Camaro. On the subject of powerful American cars, they pivot to a teaser from Stellantis execs that there are big things ahead for its Dodge Charger SRT Daytona Banshee concept. From there, they look at Ferrari's new topless Roma and then get into Ford's multi-billion-dollar electric vehicle pivot. Speaking of expensive EVs, Joel just got back from driving the new GMC Hummer SUV. He also had the new F-150 Lightning Pro in his driveway, and that's followed by Greg's update on Autoblog's long-term Toyota Sienna.  Autoblog Podcast # 773 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Chevrolet Camaro production will officially end after 2024 model year Dodge CEO teases more to come from Charger SRT Daytona Banshee Ferrari Roma Spider returns a front-engined soft top to the lineup Ford Model e losing billions as it says EV unit should be seen as startup What we're driving Ford F-150 Lightning Pro 2024 GMC Hummer EV SUV 2023 Toyota Sienna Platinum AWD Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: How to activate Crab Walk on the GMC Hummer EV

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.