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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 218,000 Chevy Aveo Models Over Fire-Prone Lighting

The recall train keeps on rolling for General Motors. Hot on the heels of its recent 2.4 million-vehicle recall of various models, it's now calling in 218,000 Chevrolet Aveo units from the 2004-2008 model years because they could catch fire. The problem concerns the daytime running light module in the instrument panel. It could overheat, melt and cause a fire. According to GM spokesperson Alan Adler, "We are aware of some fires," and the company "is still investigating." Adler wouldn't comment about how many fires were reported or when the automaker was first aware of this issue because of the ongoing analysis. However, he said the issue has not caused any injuries or fatalities. GM also doesn't have a fix for the problem with the DRL module yet. The company says in its recall statement to the National Highway Traffic Safety Administration that the remedy "is still under development." Adler wasn't sure when it would be ready, but he said Aveo owners would receive notification in the mail "relatively soon." They will receive a second letter later to schedule the repair. In a separate letter about the Aveo's problem to NHTSA (viewable here as a PDF), GM said its Executive Field Action Decision Committee decided to conduct the recall on May 16. Scroll down for the recall report. RECALL Subject : Daytime Running Light Module Overheating Report Receipt Date: MAY 19, 2014 NHTSA Campaign Number: 14V261000 Component(s): Potential Number of Units Affected: 218,000 Manufacturer: General Motors LLC SUMMARY: General Motors is recalling certain model year 2004-2008 Chevrolet Aveo vehicles equipped with daytime running lights (DRL). In the affected vehicles, there may be heat generated within the DRL module located in the center console in the instrument panel, which could melt the DRL module. CONSEQUENCE: If the DRL module melts due to the heat generation, it could cause a vehicle fire. REMEDY: The remedy for this recall campaign is still under development. The manufacturer has not yet provided a notification schedule. Owners may contact General Motors customer service at 1-800-222-1020 (Chevrolet). General Motors recall number for this campaign is 14236. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Chevy teases next-gen Volt at fan event in LA

Barely two months before its planned debut at the 2015 North American International Auto Show, Chevrolet has released yet another batch of teaser images of its second-generation Volt. Unlike the first image, though, which just showed the car's rear badge, there's a lot more to this quartet of shots. The first three images show off the nose of the next-gen model and come from a fan event in Los Angeles. What we can see is a sleeker front end, with an evolution of the silver grille inserts previously seen on the original Volt and Spark EV. Gone is the current car's split upper grille, in favor of a more conventional arrangement. The sharper, more angular headlights are also an evolution of the lamps seen on the current Volt. Chevrolet also took the opportunity to announce a new location-based charging system that uses GPS to adjust the vehicle's charge settings, including the charge level, while also announcing that the next-gen car will feature more intuitive charge indicators that will be better able to inform owners of their car's charging level. The tech will mean that the Volt 'knows' when it is parked at home, and can thus automatically optimize charging for off-peak times, and so on. Take a look at the teaser images at the top of the page, and then head below for Chevy's press release announcing the new features. Next-Gen Chevy Volt Offers More User-Friendly Charging 2014-11-20 GPS makes charging more convenient Portable charger is easier to access Intuitive visual cues show charge status DETROIT – If there's one thing Chevrolet Volt owners love about their cars, it's being able to recharge the battery easily. Evidence of that is a U.S. Department of Energy study that shows more than 80 percent of all trips by Volt owners did not use the range extender. Chevrolet has made the charging system in the next-generation Volt even easier for customers to recharge the battery – and to check the charge status. The next-generation Volt debuts in January at the North American International Auto Show. "Chevrolet used the real-world experiences of today's Volt owners to make the charging process simpler and more convenient in the next-generation Volt," said Andrew Farah, chief engineer for the Volt.