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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.

Buick asks design students 'What could a Buick sedan look like in 2030?'

When you think of daring concept cars or emotional design-student projects, Buick probably isn't the first brand that comes to mind. It's not for lack of concepts; when General Motors ran down 11 concept-car highlights from Buick's 110-year history, three of them are from the past 15 years, with other experiments in that same timeframe like the Black Hawk, Centieme and Cielo left unmentioned.
But the company still thinks about them even if we don't. It ran a contest for students at Detroit's College for Creative Studies to create a Buick for the year 2030 that would incorporate future materials and transportation needs, and nanotechnology.
Best exterior design went to Sam Kenny for his Neo Classical Buick, Justin Salmon took honors for innovative material use, like having exposed algae on the bodyshell to generate energy, and Namsuk Lee nabbed best overall concept and best interior for his Buick Vision Sedan. You can read more about the design challenge and winners in the press release, and hear students talk about what went into the work in the video below.

Junkyard Gem: 1983 Buick LeSabre Estate Station Wagon, Rocky Mountain High Edition

If you live in Colorado and want an affordable chariot to haul you and your snowboarding droogs to the slopes, you could get one of the obvious cheapskate choices, e.g., a Tercel 4WD, a Corolla All-Trac, or an 80s 4WD Subaru wagon. However, if you want to channel the spiritual forefathers of early-1980s punk rock (and you do), you'll need a big, battered, Detroit bomb. This '83 LeSabre, spotted in a Denver self-service wrecking yard, is such a car. As you can see in 1984's Suburbia, you're pretty much halfway to being a member of The Vandals when you drive a couple of tons of once-luxurious Detroit Iron. 1983 was the final year of the Malaise Era, and so you didn't get much power from the V8s back then. The standard engine for the LeSabre that year was an Olds 307 generating a mere 140 horsepower. The only way to get a burnout out of this setup was to pour a case of Lucky Lager over the right rear tire, then neutral-drop the transmission while floating the valves. Chrysler and Nissan dominated the Whorehouse Red car interiors during the 1980s, but GM made a respectable showing with this scratchy, velour-influenced stuff. When you know you're a car's last owner, nothing holds you back from decorating it to suit your tastes. Ron Paul, the Snowboarders + Skiers For Christ, and many other icons of Buick-driving snow enthusiasts are represented upon the ample flanks of this wagon. How many miles are on it? With a five-digit odometer, there's no telling. The Colorado sun is rough on interiors, but this car may have spent its first couple of decades parking in a garage, or maybe it came from cloudy Oregon. Advertising for this generation of LeSabre emphasized fuel economy, which may have been a less-than-convincing approach. Related Video: