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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.

Win an SUV 2022 | The best giveaways of the week

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze. SUVs and crossovers are a hugely popular segment in the United States, making up nearly half of total vehicles sold last year. Here are our favorite SUV giveaways we’ve found online this week. Win a Himalaya Land Rover Defender 110 Crew Cab - Enter at Omaze The Land Rover Defender is an icon. An intense, luxurious off-roader that turns heads and can crawl up nearly anything. The problem? For the past 20+ years it hasn't been available in the United States. But this Defender is different. ItÂ’s vintage, restored by Himalaya, and itÂ’s powered by a Corvette engine. Plus Omaze is giving it away.  Here are the specs of the Defender in question, according to Omaze: Maximum Seating: 4 Engine: 6.2-liter Corvette LS3 crate engine Transmission: 6-speed automatic  Drivetrain: 4WD  Exterior Color: Satin Grey Interior Color: Jet Black Maximum Horsepower: 430 hp Maximum Torque: 425 lb-ft Approximate Retail Value: $210,000  Cash Alt: $157,500  Special Features: Black exterior roll bars and trim; Black 18” Sawtooth wheels with 35” tires; Wilwood™ brakes; 3" lift; Black diamond-stitched leather sport seats; MOMO Millenium steering wheel; front and rear matching consoles; Himalaya gauge cluster; Himalaya front and rear bumpers, bed-mounted tire carrier, and extended fender flares; Puma hood; LED lighting YouÂ’re probably asking yourself, what does it take to win? First of all, according to Omaze, "no donation or payment is necessary to enter or win this sweepstakes." $10 will get you 100 entries in this sweepstakes, while $50 will get you 1,000 entries and $100 will get you 2,000 entries. The best part? Each paid entry raises money for a worthy cause. See more about these causes at Omaze. Other Omaze sweepstakes: Win an Airstream Interstate 24X Win a 1958 Porsche 356 A - Enter at Omaze Win a Restored 1969 Pontiac GTO - Enter at Omaze Win a 2022 Porsche 911 GT3 - Enter at Omaze For these and more vehicle sweepstakes, check out Omaze.com. Enter quickly, they won't last forever. Bentley Chevrolet Ford Land Rover Commerce SUV

Here are all the cars GM is axing as part of its restructuring

GM plans to kill off a couple of great and a few meh cars as part of its restructuring. Here's a rundown of all the cars being phased out of production. None of the vehicles GM axed were SUVs or crossovers. Instead, it was an action reminiscent of what Ford recently decided to do by discontinuing U.S. sales every Blue Oval sedan. GM just didn't explicitly say, "We're killing our cars," like Ford did — probably a smart move by GM. Keep scrolling down to see the full list of deceased GM models. Chevrolet Volt This one was the most surprising of all the cars GM decided to can, primarily because cars with plugs are supposed to be our future. However, maybe consumer demand just isn't quite there yet for a plug-in like the Volt. We came up with all sorts of ideas for what was to blame for the untimely demise of the Volt, so go check that out for a full breakdown of the situation. Cadillac CT6 Here's another car we'll be sad to see go. Cadillac's flagship sedan was such a joy to drive, and it served as the conduit to deliver GM's semi-autonomous Super Cruise system, which still hasn't been surpassed by any other company's technology in our books, even Tesla's Autopilot. That being said, GM does plan to produce the CT6 until March, with the last cars coming off the line set to be twin-turbo V8 V-Series models. If it's going to go, this seems like a pretty great way to make an exit. We'll be patiently awaiting the next flagship Cadillac once this one finally fades away. Chevrolet Impala The Impala is actually a pretty good car. It doesn't sell terribly, and we think it's a completely satisfactory car to drive. However, people would rather have a Traverse or Equinox these days, making the Impala one of the vehicles to find itself on this list. Chevrolet is keeping its smaller brother, the Malibu, but a big, full-size sedan just isn't what people are ordering up these days. It's unfortunate to see it go, but we won't be broken up over it. Chevrolet Cruze We wouldn't rank the Cruze at the top of the compact car class, but if you were looking for a small, cheap American car, it was either this or the Focus. The Cruze had the potential to be a true small performance car if Chevy had ever wanted to make it into one. But sadly, we're seeing it bow out before Chevy ever tried to slot a hot engine and suspension in there to make it competitive with other hot hatches. A Cruze SS would have made enthusiasts take notice.