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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.

First 2015 Chevy Corvette Z06 Sells For One Million Dollars

NASCAR team owner Rick Hendrick loves buying first-built Chevrolet models for charity. He paid $1 million to buy the first production 2014 Corvette Stingray Convertible and $650,000 to get the first 2014 Chevy Camaro Z/28. Hendrick's latest purchase happened at the Barrett-Jackson auction in Palm Beach where he got into a bidding war to pay $1 million to get the first 2015 Corvette Z06. The bidding came quick with the car reaching $100,000 within 3 seconds and hitting $500,000 in about 35 seconds. The money from the sale was donated to the Karmanos Cancer Institute. Related Gallery Harley Earl's Corvette Up For Auction

Burt Reynolds' vehicles up for auction at Barrett-Jackson

Burt Reynolds' influence on car culture cannot be overstated. Be it "Smokey and the Bandit" or "Cannonball Run," his films inspired a generation of car enthusiasts. He died a few weeks back from cardiac arrest at age 82. This weekend, four vehicles from Reynolds' personal collection — three Pontiacs and a Chevy — will go up for auction at Barrett-Jackson in Las Vegas. It seems Reynolds had plans to sell the cars before he passed. He even filmed a short teaser for the auction and planned to attend the event himself. Three of the cars are Pontiac Trans Ams. Two are re-creations of the cars he drove in "Bandit" and the film "Hooper." Both are 1978 models. The third Trans Am is from 1984 and was used to promote Reynolds' USFL team, the Tampa Bay Bandits. The fourth vehicle is a 1978 Chevy R30 pickup truck. It's styled like the truck he drove in "Cannonball Run." None of the vehicles were actually used in the movies. But they were registered in his name, making them far more legitimate than some other movie-inspired clones. It's unclear how many Bandit Trans Ams Reynolds has owned over the years. Another car connected to him sold for $450,000 back in 2014. His death is sure to drive the price of these new cars even higher. Related Video: Image Credit: Barrett-Jackson Celebrities Chevrolet Pontiac Auctions Truck Coupe pontiac trans am burt reynolds