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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.

News anchor swaps his Roadmaster for a custom Buick Enclave Woody

Dennis House, self-proclaimed car buff and Connecticut news anchor, thinks that with the impending launch of the Jeep Grand Wagoneer, woodies will make their grand return to the car scene in modern fashion. House wanted to get ahead of the potential trend and decided to create a one-of-one woody wrap for his Buick Enclave. On the rear quarter panel of the custom SUV, an aftermarket badge reads "Enclave Estate Wagon." It's a direct call back to one of the vehicles that has inspired House's love of wood-paneled family haulers, the Buick Roadmaster Estate Wagon. House owns two Roadmasters, a black 1996 model and a 1995 woody. In making room for the Enclave, House has decided to sell the '96, which looks spotless and only has a bit more than 71,000 miles on the clock. According to GM Authority, who spotted House's Enclave, the look was achieved with a vinyl wrap. After exploring the idea of a first-gen Enclave woody or a Regal TourX woody, House decided the application worked best on a current Enclave. The mock-ups were done on the computer, and Scranton Cadillac Buick GMC completed the work. The wrap starts just beneath the headlights and wraps around the entire vehicle. Furthering the theme, House took a photo of the woody with a surfboard. For now, the woody look is not a factory option, but House hopes General Motors takes notice and considers offering the choice on future models. If not, just take your ride to Scranton Motors, and they could probably help you out.            View this post on Instagram                   What a cool new 2019 Buick Enclave for CT’s own Dennis House! We couldnÂ’t be happier to have you as a part of the Scranton Motors family!! #scranton_cadillacbuickgmc #scrantonmotors #dennishousetv #carbuyingshouldbeeasy #buick #buickenclave #2019buickenclave #woodpanelingforthewin A post shared by Scranton Cadillac/Buick/GMC (@scranton_cadillacbuickgmc) on Apr 19, 2019 at 10:18am PDT

GM trademarks 'Sport Touring' for Buick Regal, LaCrosse

Discovering trademarking or patents from automakers always fascinates us since the filings hint at the possible future of motoring. Based on two recent applications, Buick has something possibly brewing for two of its sedans, because the company now has the trademark for Sport Touring on the Regal (pictured above in GS trim) and LaCrosse. According to GM Inside News, both trademarks are dated April 27 and are simply described to the US Patent and Trademark Office as being for "motor land vehicles, namely, automobiles." That doesn't narrow things down at all. However, since the moniker is specifically for both sedans, Sport Touring might be a new trim or special edition for them. Buick had no comment when reached by Autoblog. Of course, there are a whole host of automotive trademarks that are claimed that end up with no actual vehicle in showrooms. Unfortunately, we just have to wait to find out if this is another case like the Buick Enclave Tuscan where the filing offers a preview of the future or a situation like the still long-awaited return of the Supra.