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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.

Turn Out the Lights: Final Hummer H3 rolls off the line... for Avis

2010 Hummer H3 - Click above for high-res image gallery
Would the last one out the door please switch off the lights? The long strange trip that has been the Hummer brand is just about over for General Motors. The final ever production H3 rolled out of GM's Shreveport, Louisiana factory on Monday May 24, 2010 on its way to an Avis rental car outlet. As you may recall, GM had actually stopped assembling H3s in mid-2009 as it went through bankruptcy, but it resumed production recently in order to fill an 849 unit special order.
GM tried to sell the Hummer brand to Sichuan Tengzhong Heavy Industrial Machines Co., Ltd but the deal ultimately fell apart last February. A subsequent offer from Raser Technologies also went nowhere. Now that production has ceased, 200 of the 900 remaining employees at Shreveport will be laid off by July and the rest of the Hummer staff back at headquarters in Detroit is either leaving or being reassigned.

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.