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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.

Meet the mother-daughter team that's worked on almost every Chevy Volt

It's Mother's Day, and we're soft enough we love our mothers enough to share a new video from General Motors with you. In it, we meet Monique Watson (left) and Evetta Osbourne, a mother-daughter team that works at the Detroit-Hamtramck Assembly where GM makes the Chevy Volt (along with all of GM's other plug-in hybrids: the Opel Ampera, Holden Volt and Cadillac ELR). The two work side-by-side and have installed the lithium-ion battery pack on almost all of those vehicles - nearly 80,000 of them - since GM started making the pre-production Volts in 2009. In a prepared statement, Watson said that she likes working next to her mom, day in and day out, and they the two are totally in sync when it comes to putting the 400-pound, 16.5-kWh packs into the vehicle undersides. They two can also share stories throughout the day, and Watson said, "The arrangement has absolutely improved our relationship." Osborne started working at Detroit-Hamtramck in 1999, Watson since 2006. If you're driving a Volt today, you probably have them to thank for doing a bit of the work putting your car together. See a short video of them in action below. It's Always Mother's Day for Detroit-Hamtramck Duo Mother, daughter install lithium-ion battery pack in nearly all GM electric vehicles 2014-05-08 DETROIT – For Detroit resident Evetta Osborne, every day is Mother's Day. That's because she literally works side by side with her daughter, Monique Watson, at General Motors' Detroit-Hamtramck assembly plant. They have installed the lithium-ion battery pack on nearly every Chevrolet Volt, Opel Ampera, Holden Volt, and Cadillac ELR since production began. In fact, apart from vacation days and an occasional sick day, the mother-daughter duo has installed almost every battery pack since the Volt was in pre-production in 2009. The ELR launched earlier this year. All told – including Ampera – that's more than 80,000 electric vehicles. "We're a good team and our relationship is secondary when it comes to performing our jobs – but it's great to work alongside my daughter, said Osborne, a mother of five. Because the battery packs weigh more than 400 pounds each, automatic guided vehicles – robotic carts that use sensors to follow a path through the plant – deliver them just as the vehicle body structures glide into position overhead. The carts then lift the T-shaped packs, and Osborne and Watson guide them into the chassis and secure each one with 24 fasteners.

2019 Nissan Leaf Plus vs. Chevy Bolt, Hyundai Kona Electric: How they compare on paper

Buying an EV once meant choosing either a reasonably priced model with paltry range and weak power, or a massively expensive one with a decent range. But today we have not one, but three options with reasonable prices and healthy ranges of over 200 miles. The latest of which is the 2019 Nissan Leaf Plus, which brings a bigger battery and a more powerful motor over its entry-level counterpart. The question is, how does it stack up with the defending entries in this segment, the 2019 Chevy Bolt EV and Hyundai Kona Electric? To get an idea, we've gathered up the specifications of each electric hatchback for comparison. We'll take a look at power, torque, electric range, charging options, interior space and the all-important pricing and incentives. You can see the raw numbers in the chart below, and additional insights in the text beyond that. If you'd like to compare these cars with other vehicles, be sure to check out our comparison tools. Range and power No matter how much electric cars improve their overall range, range anxiety is going to be an issue for a while, meaning every mile counts. The Kona Electric is the hands-down winner, managing 258 miles from its 64-kWh battery. Next is the Chevy Bolt EV at 238 miles from the group's smallest 60-kWh battery, followed by the Leaf Plus with 226 miles from a 62-kWh battery. For those who want to get really deep into energy usage, the Bolt EV and the Kona Electric have the same EPA rating for energy consumption of 28 kWh per 100 miles, meaning they're equally efficient. This is particularly impressive for the Kona, since it weighs nearly 300 pounds more than the Bolt. Something else to consider with these electric cars are charging options. All three have 120-volt level 1 and 240-volt level 2 charging capability standard, but only the Leaf Plus and Kona Electric give you DC fast charging capability for free. To get it on the Bolt EV, you'll spend an extra $750. Speaking from experience, you'll want DC fast charging if you plan on doing any long trips. 2019 Nissan LEAF e+ View 26 Photos As for the motors propelling these EVs, there's very little difference. The Bolt and Kona are neck-and-neck with 200 and 201 horsepower respectively. The Leaf has a few more horses at 216. In the torque department, the Leaf is last with 250 pound-feet, and the Bolt is just ahead at 266. The Kona is a serious twister with 290 pound-feet.