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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.

Watch this creative way to pull a truck's engine

Living in an apartment complex has its benefits, but for shade-tree mechanics who like/need to work on their own cars, it definitely has a number of disadvantages. Relatively simple tasks such as brake jobs and oil changes are difficult when you don't have dedicated driveway space, to say nothing of more in-depth repairs... like pulling an engine, for example.
For these types of challenges, a little ingenuity and plenty of muscle are needed to get the job done. Scroll down to watch these four men snatch the V8 out of a Chevrolet K1500 using nothing but a chain, landscape timber and good ol' fashioned brute strength. Good work, gentlemen.

Watch Evo pick its 2015 Car of the Year in this epic video

With just a few days left in 2015, it's the perfect time to check out Evo's annual Car of the Year test to determine the greatest performance vehicle of the last 12 months. The writers' picks for the 11 finalists spanned a breadth of engaging models and included: Peugeot 208 GTi by Peugeot Sport, Lamborghini Aventador SV, Seat Leon Cupra Sub8, McLaren 675LT, Porsche 991 GT3 RS, Porsche Cayman GT4, Honda Civic Type R, Ferrari 488 GTB, Chevrolet Camaro Z/28, Lotus Evora 400, and Mercedes-AMG GT S. For the venue to test the mettle of these performance machines, Evo stuck close to home this year and visited the twisting roads at the beautiful north coast of Scotland. Racing brothers Marino and Dario Franchitti also came along for the ride to provide two more voices in the competitive challenge to determine a winner. Evo's video explains why each model deserves to be among such rarified company but doesn't gloss over their faults either. There can be only one winner, though. We don't want to spoil it, so check out the clip for magnificent views of these performance machines through the Scottish countryside.