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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.

2014 Chevy Malibu, Buick LaCrosse recalled over brake mix-up

The recall madness over at General Motors isn't letting up anytime soon, as evidenced by this latest call-back of 8,208 Chevrolet Malibu and Buick LaCrosse sedans. For those keeping track, this is the fifth recall that GM has announced in the past two weeks, not to mention the massive ignition-switch issue from earlier this year.
GM issued a statement saying these sedans are being recalled due to "possible reduced braking performance," according to Automotive News. The problem? Rear brake rotors may have accidentally been installed in the front brake assembly. And since both cars use more robust braking systems up front than out back, braking power could be reduced, increasing the risk of a crash.
Automotive News reports that, of the over 8,000 cars being recalled, about 1,700 are currently in the hands of customers, while the others are still in dealer inventory. GM is unaware of any crashes or injuries related to this problem. All of the affected vehicles are from the 2014 model year.

Sell-it-yourself: 1998 Buick Century Limited

Looking to sell your car? We make it safe, easy, and free. Quickly create listings with up to six photos and reach millions of buyers. Log in and create your free listings. Well before Buick was tight with the Chinese, it was working to reconnect with middle class America. Of course, there's the middle class, and then there's the aspirational middle class. For them, near the end of the 20th Century, Buick offered the Buick Century and its better-zip-code derivative, the Century Limited. Having attended the Buick press launch about this time, the Century was – and is – what we'd call tidy in proportion and clean in its detailing. Its interior design and execution might have leaned toward old school, but the exterior surfaces were responsibly devoid of affectation. In short, almost twenty years ago we would have judged this to be sheetmetal that, if not defying age, would have certainly resisted aging. And we'll stand by that today. Our for sale example, nineteen years old and showing just over 111,000 miles, looks to deliver ample bang for the buck, especially when talking only 2,500 of those bucks. From the photos, this Buick seems to have come from a good home, even if the passenger rear door reflects what we used to call a whiskey ding, and is now - probably - a mojito ding. While kicking tires in West Palm Beach, note the custom wheels; they, too, are limited. Shop for the listing here. Buick Car Buying Used Car Buying Ownership Sedan