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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.

Lego's 18.5-inch Ghostbusters Ecto-1 will make you feel like bustin'

If there's something strange in your neighborhood, Lego has something to help you take care of those non-terminal repeating phantasms or class-five full-roaming vapors. This week, it announced a supremely detailed version of the Ecto-1, the iconic 1959 Cadillac Miller-Meteor ambulance from the 1984 film classic, Ghostbusters. The set is comprised of a whopping 2,352 Lego pieces and when completed, will measure 18.5 inches long. It's one of the more accurate Lego vehicles the company has created, and features a steering box connecting the steering wheel to the front wheels, hinged doors and an opening hood with replica V8 engine inside. Like the movie car, it's packed with ghost-fighting gadgetry. There's a rotating ghost-sniffer activated by the wheels, a gunner seat that deploys from one of the rear doors, and a roof rack stacked with loads of spirit-trapping gear. Lego says it's even got some easter eggs that will be discovered as the kit is assembled. Lego says that two automotive pieces were developed specifically for the Ecto-1: a 6x14 curved windscreen and a five-module steering wheel. These should translate well to other vehicles in the future or for custom builds. Notably, this kit was designed by the Michael Psiaki, who created Lego's James Bond Aston Martin DB5 kit. The set is released as a tie-in with the upcoming Ghostbusters: Afterlife movie. It was supposed to be released this summer but was delayed until (as of now) June 2021 as a result of the COVID-19 pandemic. As for the Ecto-1 kit, it will hit shelves Nov. 15 just in time for holiday shopping.

GM lays off 450 at Lansing Grand River Assembly

General Motors will lay off 450 employees at its Lansing Grand River factory, The Detroit News reports, which is 100 more than the company said it'd be letting go last month. Lansing Grand River Assembly currently builds the Cadillac ATS and CTS, both of which have suffered sluggish sales, with the smaller sedan down 20 percent through last month and the larger model down 2.3 percent, The Detroit News reports. "We are adjusting plant production capacity to better align with market demand. Beginning in January 2015, the plant will operate on a single shift," a GM statement read, before explaining that not all the laid off Grand River employees will be jobless. Of the employees that have been laid off to make room for the single work shift, around 200 will transfer to the Lansing Delta Township factory, home of the Lambda-platform crossovers, GM's statement confirmed. The News expects this one-shift arrangement to continue until at least late next year, when the Alpha-platform Chevy Camaro transitions from General Motors' Oshawa, Ontario factory to Lansing. Cadillac President Johan de Nysschen said at last month's LA Auto Show, "It may not necessarily be permanent, a time may come when we've gained momentum and we can reinstate it. But for now, the adjustment to production capacity is in alignment with our plans for 2015."