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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.

Chevy Corvette Stingray picks up another award, this time from Automobile

The new Chevrolet Corvette Stingray has picked up another buff book accolade after capturing Road and Track's Performance Car of the Year award. The seventh-generation of America's sports car (sorry Viper, Mustang, et al.) has been named Automobile Magazine's Automobile of the Year.
Automobile's award to the Corvette over competitors is the mirror image of its rival Motor Trend, which named the Cadillac CTS its car of the year over the C7. The CTS was, according to the Automobile team, the closest contender to the mighty Stingray. Great news all around for General Motors it seems.
As for what pushed the Corvette past its distant, four-door cousin, Automobile commended its excellent, 6.2-liter V8 calling the car's performance "simply awesome" while also remarking that it is easier to drive fast than ever before thanks to steering and chassis tweaks. Following a theme set by other publications, there were also plaudits for the interior, of all things, with the buff book complimenting the car's ergonomics and material quality, while also praising the standard seats.

First 2014 Chevy Corvette Stingray spotted crashed in the wild

This restyled blue 2014 Chevrolet Corvette Stingray is wearing manufacturer plates, and it appears to be the same one seen around the internet in various pictures lately. This crash is likely not part of the Chevrolet testing regimen, however. Digital Corvettes forum member gpetry posted the shot with a note: "got this picture e-mailed from a friend in Arizona last week..." No circumstances are given, other than the incident occurred in the thick of a set of curvy roads, and the coupe ping-ponged off a guardrail and into the rock wall. Hopefully everyone involved in the incident walked away.
It may not be a pretty thing to see, a crashed sports car that's not even available for sale yet, but rest easy. Many pre-production cars are used for development and then unceremoniously crushed and scrapped, anyway. If that's the case here, that makes this wrecked 'Vette less of a tragedy and more of a case of exceptional efficiency.