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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 recalling 316k vehicles due to headlamp faults

General Motors has announced a recall covering 316,357 vehicles globally, due to the possibility of sporadic or permanent failure of the low-beam headlamps. 273,182 of these vehicles are in the United States, while the remaining affected units are in Canada, Mexico, and elsewhere. This recall includes the 2006-09 Buick LaCrosse (pictured above), 2006-07 Chevy TrailBlazer and TrailBlazer EXT, 2006-07 GMC Envoy and 2006 GMC Envoy XL, 2006-07 Buick Rainier, 2006-08 Saab 9-7X, and 2006-08 Isuzu Ascender. In an email sent to Autoblog, General Motors explains that if the headlamp driver modules are not functioning correctly, "the low-beam headlamps and daytime running lamps could intermittently or permanently fail to illuminate." GM states that this problem does not affect things like high-beams, turn signals, marker lamps, or foglamps. As of this writing, GM states it "has not been able to confirm whether the HDMs in these vehicles caused any vehicle accidents." The National Highway Traffic Safety Administration has been notified, but the recall has not yet posted to the government agency's website. Scroll down to read the full details in GM's email. General Motors is recalling 273,182 Buick LaCrosse sedans and Chevrolet, GMC, Buick, Saab and Isuzu midsize SUVs in the U.S. for possible intermittent or permanent loss of low beam headlamps. Affected models are: 2006-2009 Buick LaCrosse sedans; 2006-2007 Chevrolet TrailBlazer and 2006 TrailBlazer EXT; 2006-2007 GMC Envoy and 2006 Envoy XL; 2006-2007 Buick Rainier; 2006-2008 Saab 9-7X and 2006-2008 Isuzu Ascender midsize SUVs. If the headlamp driver modules is not operating correctly, the low-beam headlamps and daytime running lamps could intermittently or permanently fail to illuminate. This condition does not affect the high-beam headlamps, marker lamps, turn signals, or fog lamps. GM has not been able to confirm whether the HDMs in these vehicles caused any vehicle accidents. The total population, including the U.S., Canada, Mexico and exports from North America is 316,357. The NHTSA was sent the Part 573 information for this recall on November 25. It has not yet posted to the NHTSA website. Featured Gallery 2008 Buick LaCrosse CXS News Source: General Motors Recalls Buick Chevrolet GM GMC Isuzu Saab SUV Sedan chevy trailblazer buick rainier isuzu ascender

Looking back on our favorite cars of Mad Men

The second half of the seventh and final season of Mad Men debuted this week, set to cap a run of public and critical acclaim. A decade's worth of interesting cars also made for good television, if you were paying attention. Vehicles didn't often steal the spotlight from Don, Betty, Roger, Joan and the gang, but they added meaningfully to the tone and beauty of the series. We sorted through the wheeled extras from Mad Men's archives, and choose some of our favorites to highlight. The list consists of cars that had at least a small impact on the plot of an episode, though certainly there are worthy gems hiding in just about every street and driving scene. Check out our subjective top five, and then let us know which of the Mad Men cars would be on your list. 1962 Cadillac Coupe DeVille – Season 2 Don Draper's Cadillac Coupe DeVille, all 500 feet of it, shows up in a few seasons of the show, but it's the first appearance that sets the tone. A Cadillac salesman, cut from the same cloth as Draper, asks what Don drives right now. "A Dodge," Don admits. "Those are wonderful if you want to get somewhere," allows the salesman, "this is for when you've already arrived." For a man on the move up corporate and social ladders that's a powerful message, and a pitch-perfect car. 1961 Lincoln Continental – Season 3 The most stylish Lincoln Continental ever is perfect set dressing for the mod show, of course. Though it's interesting that the car isn't cast as dapper Draper's ride, but rather his father-in-law's. Grandpa Gene does what all great grandfathers are bound to: lets his granddaughter Sally drive the big Lincoln while he works the pedals. Generational bond secured, in fine fashion. When you go back through the first three seasons of the show, you'll notice that Continentals show up more than once, too. There's nothing quite like them to evoke the best of the early '60s. 1963 John Deere 110 – Season 3 The only non-standard passenger vehicle on the list, no self-respecting gearhead/Mad Men fan should quibble with the inclusion of the John Deere 110 riding mower. For starters, the Deere is lovely to look at; a miniature version of the American Heartland icon in its green and yellow duds. The 110 appears as if milled from a solid block of steel, just the opposite of today's sleek, plasticky lawn minders (we're scouring Craigslist for one to bring home). The John Deere also has dear ramifications to the plot, too.