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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.

Autoblog Podcast #394

Episode #394 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Michael Harley talk about the possibility of a supercharged Dodge Viper, the Chevrolet Silverado Rally Edition, the newly released supercharger kit for the Honda CR-Z, and rumblings of an Alfa Romeo 6C. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #394: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: Supercharged Viper Chevrolet Silverado Rally Edition Honda CR-Z Supercharged Alfa Romeo 6C In The Autoblog Garage: 2014 Ford Fiesta SE 2015 Cadillac Escalade 2015 Toyota Tundra TRD Pro 2015 Audi A8 L TDI Hosts: Dan Roth, Steven Ewing, Michael Harley Runtime: 01:32:30 Rundown: Intro and Garage - 00:00 Supercharged Viper - 44:25 Chevrolet Silverado Rally Edition - 55:19 Supercharged Honda CR-Z - 01:00:52 Alfa Romeo 6C - 01:07:29 Q&A - 01:13:41 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes

2019 Toyota Avalon vs. full-size sedans: How they compare on paper

Full-size sedans aren't exactly in great demand at the moment, and at least one of the vehicles in this comparison has been rumored to be on the endangered species list. Yet, we've just had our first drive in the 2019 Toyota Avalon, and if anything has a chance of rejuvenating the segment a bit, it's an all-new version of what has long been the segment's benchmark. To see how the new Avalon compares, we've put together the below spreadsheet featuring the Avalon's primary apples-to-apples rivals, the Buick LaCrosse and Chevy Impala. We also included the Nissan Maxima, which is comparable in price, sales and non-luxury badge, and which offers the sort of increased driver engagement promised by the new Avalon XSE and Touring trim levels. We also included the outgoing Avalon for reference as well as that car's luxury cousin, the Lexus ES, which can definitely be cross-shopped with the luxuriously trimmed Avalon Limited. You can use our Compare Cars tool to create your own comparison, such as one featuring the rear-wheel-drive Chrysler 300, Dodge Charger or even Kia Stinger. Alright, enough chit chat. On to the spreadsheet. Performance and fuel economy The GM sedans may come standard with four cylinders, including a mild hybrid system in the LaCrosse, but puh-lease. The V6 is the name of the game in this segment, with outputs now surpassing the 300-horsepower mark. The LaCrosse is the horsepower and torque champ, though it also weighs a bit more than the new 2019 Avalon, so acceleration is likely to be comparable. The Impala weighs a lot more and has only a six-speed automatic, so despite having a wee bit more power, one should expect it to be pokier (not a good sign for a car rumored to be on the chopping block). One would expect the Maxima's 300 hp and lowest curb weight to result in the quickest acceleration, but then it's also strapped to a CVT, which despite being better than ever, is still a CVT. Things get worse for Chevy when you consider the Impala's base four-cylinder gets the same 25 mpg combined as the Avalon's V6 — once again a segment best. Now, should you really prioritize fuel economy, the 2019 Toyota Avalon Hybrid really stands out with a 43 mpg rating (or 44 with the base XLE trim) that bests the outgoing Avalon Hybrid. Honestly, after driving this new Hybrid, it actually seems like it would be the best bet for most buyers. There's sufficient power, and it only costs $1,000 more than the comparable V6 version.