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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.

How long will the 'golden age' of performance last?

High-powered sports and luxury cars were everywhere at the New York Auto Show, prompting the obvious question for enthusiasts: How long will this golden age of performance last? Industry leaders have some time before regulations elevate the Corporate Average Fuel Economy level in 2025. Even then, they expect cars rippling with power to survive in some form. "Is it the end of an era," I don't think so," said Ola Kallenius, Daimler AG board member for Mercedes-Benz cars marketing and sales. "That performance element of individual mobility I don't think will ever go away." Kallenius, who oversaw the company's AMG division from 2010-2013, expects it to continue to grow. Last year, AMG sold a record 68,875 units around the world, an increase of 44.6 percent over 2014, with strong growth in the US, China, and Germany. Still, there's always the potential for gas to spike, and pending fuel economy regulations are looming. That could lead AMG to add electrification to its products, Kallenius said, pointing to the electric SLS as a test case. Chevy is also thinking ahead, said Al Oppenheiser, chief engineer of the Camaro. He wouldn't bite when asked about electrification for the Camaro (he did say "never say never"), but admitted in 2025 "it's going to be pretty tough to sell V8s." For now, things are rosy for muscle cars, and Chevy confidently showcased the 640-hp Camaro ZL1 in coupe and convertible form in New York. "I think that this is truly the golden age of performance," Oppenheiser said. It's hard to disagree. News & Analysis News: The 2017 Mazda MX-5 Miata RF was a show-stopper in New York. Analysis: There was a palpable energy when this RF — for Retractable Fastback — was revealed the night before the show at a trendy off-site venue near the Hudson River. Even as a parade of SUVs and flashy luxury cars rolled out the rest of the week, the Miata remained a hot topic. The Retractable Fastback is really a clever targa top, with part of the roof stowing behind the seats, adding about 100 pounds compared to the standard convertible. It makes the car more practical and arguably more attractive. The RF continues Mazda's tradition of selling the Miata with a hardtop variant. The first and second generations offered a detachable one, and a power retractable hardtop (a $1,700 option) was available on third-gen models. Judging by its reception in New York, the RF could prove to be even more popular than its predecessors.

GM recalls 200k Hummer H3s for fire risk

An issue with fires erupting in some Hummers has prompted General Motors and the National Highway Traffic Safety Administration to issue a recall for nearly 200,000 vehicles around the world. The bulk of them are in the United States. According to the first statement (below) obtained by Autoblog from GM, the issue stems from the HVAC system in Hummer H3 models. The connector module for the blower motor has, in certain cases, overheated, melted the surrounding plastic, and started a fire. 42 such cases have been reported, including three instances of occupants citing minor burns. GM confirms that two of those three cases lead to the vehicle being destroyed in the fire, but states that no crashes or fatalities have resulted. The issue affects 196,379 examples of the 2006-10 H3 wagon and the 2009-10 H3T pickup, with 164,993 estimated to be in the United States. In order to fix the issue, dealers are being instructed to replace the relevant parts of the connector and harness. In a second, unrelated campaign, GM is also calling in 50,731 Chevy Spark and Sonic small cars – 45,785 of them in the US – due to a software glitch. In those affected vehicles fitted with the base radio and OnStar system, the audio system may not be able to switch out of turn-by-turn direction mode, causing the display to go blank and all sound to mute – including key safety warnings. In addition, the system may not switch off, draining the battery. GM states that no crashes, injuries, or fatalities have resulted from this issue, and all that dealers will need to do in this case is reflash the software. Related Video: General Motors is recalling 164,993 2006-2010 model year HUMMER H3 and 2009-2010 model year HUMMER H3T models in the U.S. In certain vehicles, the connector module that controls the blower motor speed in the heat/vent/air conditioning (HVAC) system may overheat under extended periods of operation at high- and medium-high speeds. The heat could melt the plastic surrounding the connector module, increasing the risk of a fire. Dealers will replace the affected portion of the connector and harness. GM is aware of three reported minor burns and 42 fires but no crashes or fatalities related to this condition. Including Canada, Mexico and exports, the total recall population is 196,379. ### General Motors is recalling 45,785 2014-2015 model year Chevrolet Sparks, and 2015 model year Chevrolet Sonics in the U.S.