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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 to restore legendary Corvette damaged in sinkhole accident

Car lover's hearts' sank when they saw images of bent and destroyed classic Corvettes at the bottom of a sinkhole last February after the floor of the National Corvette Museum gave way. General Motors announced Wednesday it would restore the one millionth Corvette ever produced to its former glory. The 1992 convertible was heavily damaged when a 40-foot deep sinkhole opened beneath a bevy of rare cars at the National Corvette Museum in Bowling Green, Kentucky. Since then, GM has been slowly restoring the classic cars, though five of the eight that caught in the sinkhole were determined to be too damaged to repair. This November, the 2009 Corvette ZR1 Blue Devil was the first car to be returned in mint condition to the Museum, according to Autoblog. It suffered significant damage but was still drivable after being pulled out of the debris. The one millionth Corvette is still in bad shape. The automaker is estimating six months worth of work to restore the car, which sustained paint scratches, rear-suspension damage and a mangled front fender. Related Gallery Consumer Reports Most Loved Cars 2014 Chevrolet GM Automotive History corvette famous cars sinkhole corvette museum

2020 Chevy Trax spied sporting design cues from the new Blazer

We saw spy shots in August for what we thought was either a redesigned Chevrolet Trax or new GMC subcompact crossover. At the time we were leaning Chevy. But after this latest batch of spy shots taken near GM's proving grounds, we're now thinking this one is the Trax replacement and the other one was a GMC. For one, the thin row of LEDs looks remarkably similar to the 2019 Chevy Blazer's LED strip. The additional light slightly below that is similar to the Blazer as well, leading us to believe that the next Trax will have a Blazer-esque front end. At first glance, this vehicle looks slightly larger than today's Trax with a much brawnier shape than the current blob-like design. The rear roof cladding could be hiding the same sloped rear window with spoiler hangover we see on the Blazer. Circling back to the other small GM crossover we caught testing, this one doesn't have those Blazer elements. The curved windshield and sloping roof are like those of the GMC Terrain, as are the horizontal grille bars. By contrast, the above car has a straighter windshield and a roof shaped more like the Blazer. One element that does seem to diverge from the new Blazer are the taillights, but they don't exactly look production-ready anyway. If we're right about this being the next Trax (and we're pretty sure we are) then this looks to be a more distinctive vehicle than what it will replace. The mirrors have left their awkward spot on the doors, and it's shaping up to be a much sportier looking crossover as a whole. This vehicle will most likely end up being a 2020 model year car, and if so, we would expect to see undisguised photos of both it and the assumed GMC version next year. Related Video: Featured Gallery 2020 Chevrolet Trax spy shots Spy Photos Chevrolet GMC Crossover SUV Future Vehicles chevy trax