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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.

This SEMA special drag race is absurdly awesome

The SEMA Show came and went last month, and it showed us a ton of heavily modded goodies to dream about during the long, cold winter. The Motor Trend Channel on YouTube is keeping the party rolling a little longer, though, with a drag race inspired by the aftermarket event. All of the hosts were supposed to borrow a vehicle from the show for the big race, but only two of them actually cajoled companies into lending their wares. Still, the result includes four very cool and extremely different examples of the breadth of the automotive hobby. First up, there's a 1955 Chevrolet with a 535-cubic-inch (8.8-liter) Hemi V8 stuffed under the hood. Appropriately, it's dubbed the Blasphemi, and with skinny tires up front, fat rubber in the rear and a stripped interior, this this is made to go very fast in a straight line. Next, there's a stock Dodge Challenger SRT Hellcat boasting 707 horsepower. Plus, host Jessi Lang has her dog riding shotgun for the race. A Chevy Sonic RS with some body mods, downpipe and intake is also competing. Finally, the most bizarre of the quartet is a custom 1958 Jeep Forward Control with a 5.7-liter Hemi V8 and treads to replace the wheels. Obviously, the Blasphemi and Hellcat are the only two that really have a chance of winning, but check out the video to see which one crosses the finish line first. News Source: Motor Trend Channel via YouTube Aftermarket Chevrolet Dodge Jeep Truck Coupe Hatchback Off-Road Vehicles Racing Vehicles Performance drag race dodge challenger srt hellcat

Chevy Volt sales drop in June, Nissan Leaf inches upwards

Different month, same story. That's the gist of the monthly US sales numbers from the Chevy Volt and the Nissan Leaf. These were the first two mass-market plug-in vehicles to go on sale in the US and we've been comparing their sales numbers for what seems like ages now. So far, the 2014 tale of the tape shows the all-electric once again trumping the plug-in hybrid. The last time the Volt outsold the Leaf was in October 2013. Chevrolet sold 1,777 Volts in June. That was good enough to be the Volt's best sales month of the year, but it's down 34 percent from the 2,698 units sold in June 2013. In fact, it's on par with the 1,760 Volts sold in June 2012. Given the steady sales, General Motors might need to push up the release of the next-gen Volt to gin up excitement, especially if it also offers some of the things that current Volt drivers say they want improved: more range, a lower price and a fifth seat. GM also said it sold 85 Spark EVs in June, an increase of 215 percent over June 2013 Nissan sold 2,347 Leafs last month. The good news continues for Nissan, which says it sold 2,347 Leafs last month. That's an increase of 5.5 percent over 2013 numbers and makes 2014 the best June ever for Leaf sales. Let's credit Texas. Toby Perry, Nissan's director of EV sales and marketing, said in a statement that, "Since the Texas state incentive went into effect in May, we've seen a big jump in Leaf sales in the Austin, Dallas and Houston markets. Our dealers are telling us that they saw more traffic in their stores, and they had their best Leaf sales performance in the last weekend in June." Even with that increase, Atlanta remains the top Leaf market. Nissan has sold 12,736 Leafs in the US so far this year; Chevy 8,615 Volts. Our detailed monthly sales write-up of green cars in the US, including plug-in vehicles, hybrids and diesel cars, is coming soon. For now, we invite you to discuss these numbers in the Comments. Related Gallery 2013 Nissan Leaf View 55 Photos News Source: GM, Nissan Green Chevrolet Nissan Electric Hybrid PHEV ev sales