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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.

GM sweetens military discount for Buick, Chevy and GMC

American servicemen and women interested in a new vehicle from Chevrolet, Buick or GMC now have a bit more incentive to head down to their local dealer, as General Motors has announced plans to improve its military discount program.
The new GM Military Discount Program offers eligible consumers a new Chevy, Buick or GMC at invoice pricing, which in some cases can take very large chunks out of a car's retail price. When factored in with other incentives, most of which are available with the Military Discount, the bargains are thick on the ground for members of the US armed forces.
GM's Retail Sales and Marketing Support general manager, Chuck Thomson, said, "GM has long supported the military and military families, and we hope this simplified and enhanced discount will show our appreciation for their service and help make it easier for them to own one of our great new vehicles." The program is open to all active duty and reserve members in the Army, Navy, Marines, Air Force, National Guard and Coast Guard, as well as veterans that have been out of the service for less than a year. Military retirees and their spouses are also eligible for the discount.

Buick Avenir concept struts into Motown

We love auto show surprises, and Buick has already gifted us a sparkly package on the eve of the 2015 Detroit Auto Show. Dubbed Avenir, this four-door concept is said to signal the future of the Trishield brand by previewing a possible flagship sedan. Incorporating time-honored Buick design hallmarks like the sweep-spear profile, Ventiports, and even a subtle boattail rear-end, the four-place sedan is powered by a surprisingly real-world powertrain – namely a next-generation V6 with cylinder deactivation and stop/start, with the most interesting part of the driveline arguably being a "twin-clutch all-wheel-drive system" and a nine-speed automatic gearbox with paddle shifters. Make no mistake, this is a big car. At 204.5 inches long, it's longer than a standard-wheelbase Cadillac Escalade – a span that's emphasized by the car's long hood and waterfall grille – though it's not quite as wide. While clearly a showcar, the beautifully crafted interior looks largely produceable, including attributes like a next-generation 12-inch touchscreen infotainment system and 4G LTE wifi, but we suspect a production car would pick up a third rear seatbelt and give away some of its flowing contours that are said to have been "inspired by nature and sea waves receding on a beach." No word yet on whether there's actually a showroom future for a car like this – it could simply be an exercise designed to test the waters for a next-generation LaCrosse. After all, sedans aren't exactly popular concept fodder these days, especially as crossovers continue to eat into traditional sedan sales in many of the world's markets. However, China still loves the coddling rear seats of a proper four-door sedan (which in this case include silk and bamboo elements), and with a majority of Buick sales happening in the People's Republic, the Asian nation controls the destiny of this General Motors brand. Said another way? Anything is possible, especially with General Motors known to be working on a large flagship sedan for Cadillac already – the Avenir is reportedly based on the same Omega architecture that will underpin the forthcoming CT6. What do you think? Is this a promising direction for the resurgent Buick? Scroll through our gallery, check out the video, and then have your say in Comments.