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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 recalls 3,300 pickups and SUVs for new ignition-switch issue [UPDATE]

UPDATE: A statement from GM about the recall has been added below. The exact total of vehicles affected is 3,296, including 3,073 of them in the US. General Motors isn't letting an ignition-switch problem grow into a massive scandal again. The automaker is recalling about 3,300 North American trucks and SUVs. They are: the 2014 Chevrolet Silverado and GMC Sierra and the 2015 Chevy Suburban and Chevy Tahoe, as well as 2015 model heavy-duty pickups, the Detroit News reports, citing an Associated Press story. The issue appears to have been caught fairly quickly. In this case, the keys can get stuck in the "start" position and then slip to "accessory" if bumped. This is because the ignition lock gears have an outer diameter that's larger than the specifications allow. When that happens the engine shuts off, and the driver loses assistance to the steering and brakes. The airbags might also be affected. The vehicles get a new ignition-lock housing to fix the problem. According to the Detroit News, an employee who experienced the problem with the switch discovered the issue, and this person then let officials at the automaker know as part of the Speak Up for Safety program. A total of five reports of the fault were discovered. However, there are no cases of injuries or crashes. The claims to the automaker's resolution program eventually tallied that GM's previous ignition switch problem included 124 deaths and 275 injuries. The company also had to recall millions of vehicles and pay significant fines to the US government. GM Statement General Motors is recalling 3,073 full-size trucks from the 2014 and 2015 model years in the U.S. Some of these vehicles may have an ignition lock actuator gear with an outer diameter that exceeds specifications, which may make turning the ignition key difficult. The ignition key could get stuck in the "start" position. This may be more likely at higher interior ambient temperatures. If the vehicle is driven with the key stuck in the "start" position, and the vehicle experiences a significant jarring event or the vehicle's interior temperature cools, the ignition lock cylinder could move out of the "start" position, rotate past the "run" position, and move into the "accessory" position, leading to loss of power steering assist, power brakes and potentially air bag deployment in certain crashes. Dealers will replace the ignition lock housing.

Stop-start standard in four-cylinder 2015 Chevrolet Impala

Chevrolet has announced that it will include stop-start technology as standard in the entry level 2015 Impala. The result is a nearly five-percent improvement in city fuel economy, also known as one mile per gallon, up to 25 mpg, combined. The 3.6-liter V-6 Impala will not feature stop-start. The 2015 Impala comes equipped with Chevrolet's 2.5-liter Ecotec four-cylinder engine, which will also offer 22 mpg in the city, and 31 on the highway. The 3.6-liter V-6 Impala will not feature stop-start and the mild-hybrid eAssist model from the 2014 MY, which got 29/25/35 combined/city/highway mpg, has been discontinued. Chevrolet spokesman Chad Lyons told Green Car Reports that not even one percent of the 2014 Impalas purchased were the Eco model. So Chevy is trying something different. With a seamless driving experience in mind, the new Impala's stop-start tech features software that governs under what conditions the feature will activate. The engine won't shut off if the car has not reached a speed of six miles per hour, so the start-stop won't be cycling during traffic jams. It can also fire the starter even if the engine has not come to a full stop, which quickens reaction time, particularly in instances of what Chevrolet calls "change-of-mind events." The stop-start function uses information about cabin temperature and humidity as well as battery charge to help determine whether or not to shut off the engine. The 2015 Impala has been engineered to reduce NVH, which will also help create a smoother stop-start experience for occupants, Chevy says. Motor mounts have been updated, and a burlier starter motor will help restart the engine after a stop. The Impala follows the 2014 Malibu as Chevrolet's second vehicle to feature stop-start tech. The four-cylinder model currently makes up over 30 percent of Impala sales. The 2015 Impala will be available beginning this summer, with a base MSRP of $27,735 (including destination charges). And while one MPG isn't a huge difference, neither is the price increase of just $50 for a bit of eco-minded innovation. Read on for more details in the press release below. Chevrolet Makes Stop/Start Standard in 2015 Impala Technology improves city fuel economy by 5 percent 2014-05-22 DETROIT – Stop/start technology will be standard on the 2015 Impala base 2.5-liter ECOTEC® engine, an addition that improves the vehicle's city fuel economy by nearly 5 percent, or one mile per gallon.