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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's new logo ditches the ring, levels the shields

Buick's logo is about to receive a relatively major update. The new-look emblem appeared in a trademark filing in March 2022, and a leaked image posted on social media has given us a better look at the design that should appear on production cars in the not-too-distant future. Published on Instagram by an account called Buick_Saudi_Arabia, the photo shows what seems to be Buick's new logo on the middle of a steering wheel. The changes made aren't groundbreaking, but they're certainly noticeable. The ring is gone, and the red, white, and blue shields are separated from each other and positioned on the same level. As of writing, the shields are staggered and surrounded by a ring.           View this post on Instagram                       A post shared by Buick Saudi Arabia (@buick_saudi_arabia) One question that comes to mind is: why now? Buick has used its current logo for decades without significantly updating it, so what prompted the company to give the design a makeover? Several factors undoubtedly influenced this decision, but one that's worth shining light on is that the brand is no longer twinned with Germany-based Opel. For many years, some Opel-designed models made their way to the United States with Buick emblems on both ends. No one in Europe has heard of a Buick Regal; folks there know the sedan as the Opel Insignia. And, since the visual differences between these cars were often minor, using a Buick logo whose basic silhouette was similar to Opel's logo simplified the design process. Neatly integrating, say, Chevrolet's bowtie-shaped emblem into the Insignia's grille would have been harder, though more improbable acts of badge-engineering have been committed (the Ford Maverick was once a Nissan). General Motors sold Opel to PSA Peugeot-Citroen in 2017, and both carmakers are now part of Stellantis, so Buick's trans-Atlantic design ties have been cut. Losing the Opel connection gives Buick's design team more leeway to experiment with new ideas, like a revamped logo. Keep in mind that nothing is official yet. Full details and an explanation of what the new logo means should emerge soon. Why the shields? Buick isn't rooted in sword-fighting, so why have shields appeared on its cars for over 60 years? The answer, according to Buick, is relatively vague. What's certain is that the tri-shield logo didn't appear on Buick's early cars.

Buick Encore blitzes first-year sales predictions

With its first full year of sales in the bag, it's safe to say that Buick has a hit on its hands with the Encore. US buyers have snatched up 31,046 of the small, premium crossovers since the Encore went on sale in January of 2013, while 97,311 were sold globally (not counting its counterparts from Opel and Vauxhall).
While we liked the Encore when we first drove it, we'll admit, we weren't sure how the tiny CUV would do. In fact, the first thing Executive Editor Chris Paukert wrote about the Encore was, "We admit it. We have no earthly idea how this whole thing is going to shake out." But it's done well, and has been subject to heavy demand over the past year, blowing away the estimates of analysts, who, according to an August story from Automotive News, projected no more than 18,500 units would be sold in 2013.
"Right out of the gate, demand for the Encore was high," Tony DiSalle, vice president of Buick marketing said in a statement. "It accounted for most of the segment's growth last year and that's because it offers the right safety, technology and features in the right-sized vehicle for many customers."