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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.

2016 Chevrolet Equinox gets styling tweaks, not much else

The current Chevy Equinox debuted over five years ago, in late 2009. Since then, the midsize crossover segment has become increasingly important, with brand-new entries meeting substantially overhauled versions of existing nameplates. But the Equinox carried on, largely unchanged. And while Chevy is using its Chicago Auto Show stage to debut the freshened, 2016 Equinox, it appears there isn't a whole lot to talk about. Take a look at the updated Equinox's exterior and you're pretty much going to see all that's new for 2016. Sure, the Chevy still boasts a handsome, inoffensive design, and it's now upgraded with things like LED running lamps on top-level trims, as well as new 17- and 18-inch wheel designs, projector beam headlamps, and revised taillamp styling. Moving inside, Chevy has added a standard seven-inch color touchscreen to all models, which includes a backup camera. New-to-Equinox safety features like side cross traffic alert and side blind zone alert are also available for 2016. And really, that's about it. Powertrain options carry over from last year. On the base end, there's a 2.4-liter inline-four that's good for up to 32 miles per gallon on the highway (with front-wheel drive). Buyers can also opt for a 301-horsepower, 3.6-liter V6 that allows the Equinox to tow up to 3,500 pounds. Will this be enough to keep the Equinox fresh in its highly competitive class? In 2014, the Equinox did outsell lower-volume competitors like the Mazda CX-5 and Subaru Forester, but was bested by fresher offerings like the Ford Escape, Honda CR-V, and Toyota RAV4. Have a look at all there is to know about the 2016 Equinox in the press blast below. We'll have live images and more impressions direct from the Chicago show floor, soon. Fresh Face: Chevrolet Introduces Restyled 2016 Equinox Premium cues, new safety features enhance Chevy's record-selling compact SUV CHICAGO – Chevrolet today introduced the 2016 Equinox – a contemporized version of the popular compact SUV. Updates include new styling with premium accents, new wheel designs and new available safety features, as well as a larger color touchscreen radio and a standard rear-vision camera for entry-level models.

Recharge Wrap-up: Lexus CT 200h is NWAPA's favorite hybrid, 'No Charge to Charge' in LA

The Northwest Automotive Press Association (NWAPA) has given the Lexus CT 200h its Favorite Hybrid title. It named the compact luxury hybrid its favorite of 2014 at its Drive Revolution in Portland (where it also named the new Volkswagen Golf TDI the Northwest Green Car of the Year). According to NWAPA president Nik Miles, the CT 200h earned the honor for "impressive combination of state-of-the-art small car luxury and hybrid technology." For 2014, the Lexus CT200h got an updated front end, including the spindle grille we've been seeing on new Lexus vehicles, plus a redesigned steering wheel and sliding sun visors. Read more in the press release below. Chevrolet credits the Malibu for helping make stop-start mainstream. Chevrolet started including stop-start technology standard in Malibus equipped with the four-cylinder engine. Chevy has sold about 83,000 of that model, so 97 percent of 2014 and 2015 Malibu sales include stop-start. Now, that technology has made its way into the 2015 Impala. With drivers idling an average of 16 minutes a day, stop-start can significantly reduce harmful emissions and save fuel. According to Navigant Research, we can expect annual sales of cars equipped with stop-start technology to surpass 55 million by 2022. Read more in the press release below. Nissan Leaf customers in Los Angeles will get access to free charging beginning August 15. Nissan is extending its "No Charge to Charge" promotion to LA, which will allow customers to charge at public charging stations at no cost. Leaf customers - including those who bought or leased their car from the participating dealerships on or after July 1 - will get an EZ-Charge card, allowing them to use ChargePoint, Blink, CarCharging, AeroVironment and NRG eVgo chargers for free. Rapid chargers can charge the Leaf's battery to 80 percent in 30 minutes. Nissan plans to offer the "No Charge to Charge" in at least 14 more markets in the US, bringing the total to 25, within the next year. See the press release below for more details. California will get six all-electric school buses for three school districts as part of a demonstration program. The California Energy Commission awarded a grant of $1.4 million for the program to National Strategies LLC; this is in addition to a $2.2-million grant from the South Coast Air Quality Management District. The EV buses use vehicle-to-grid technology, allowing them to sell energy back to the grid when it is needed.