1948 Chev P/u Hot Rod on 2040-cars

Auto blog

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 uses wind power to build SUVs, trucks

This week started with a chill, as the Intergovernmental Panel on Climate Change issued a dire report with scientists warning, "The world we know today is not the world we will see in 50 years," with temperatures rising at their current rates. In the meantime, the trend toward purchasing more SUVs and crossovers continues. Most automakers, though, have set goals toward more sustainable production. That includes General Motors, which, somewhat ironically, plans to use wind power to produce many of its vehicles, including pickups and full-size SUVs. As the Detroit Free Press reports, several wind farms are coming online to support cleaner production as part of a partnership between GM and energy producer CMS Enterprises. At the beginning of October, the 100-megawatt Northwest Ohio Wind Farm began producing energy, supplying GM operations in Ohio and Indiana, where manufactured vehicles include the Chevy Cruze, Chevy Silverado and GMC Sierra. Hilltopper Wind Farm in Illinois will begin producing another 100 megawatts for GM manufacturing in the region. In Texas, where GM builds the Chevrolet Tahoe, Chevrolet Suburban, GMC Yukon, GMC Yukon XL and Cadillac Escalade, the automaker is getting 50 megawatts from Cactus Flats Wind Farm beginning October 9. Using wind power isn't just about being green, but also for the sake of price stability. As Rob Threlkeld, GM's global manager of renewable energy told the Free Press, "You don't get the price spikes this way, like you do with fuel, and it reduces the environment footprint of the vehicle you're driving." Threlkeld said that renewable energy has already meant "millions of dollars in savings" for GM. GM plans to power all of its global operations with renewable energy by 2050. This week, the automaker was ranked 76 on the EPA's "National Top 100 List" of green manufacturers. It was the only automotive company listed. Related Video: News Source: Detroit Free Press, GM, EPAImage Credit: GM Green Plants/Manufacturing Chevrolet GM GMC Truck SUV wind power sustainability

Burt Reynolds' movie re-creations fetch $379,500 in Vegas

The recent death of Hollywood legend and automotive enthusiast Burt Reynolds helped drive up the value of four of his former cars from the 1970s and '80s, which sold last weekend at Barrett-Jackson's Las Vegas auction for a combined $379,500. Reynolds, who died Sept. 6 at age 82, had offered three Pontiac Trans Ams — two of them re-creations of the cars he drove in "Smokey and the Bandit" and "Hooper" and the third from 1984 used to promote his United States Football League team, the Tampa Bay Bandits. The fourth was a 1978 Chevrolet R30 pickup truck, styled like the one featured in "Cannonball Run." The "Bandit" re-creation, a 1978 Pontiac Firebird Trans Am that Reynolds ordered to be as "movie-correct" as possible but featuring a custom-built 200-4R automatic transmission, sold for $192,500. The car features a freshly built Pontiac 400 cubic-inch V8 mated to a four-speed automatic and featuring all-new Butler Performance parts and air-conditioning components. Reynolds reportedly said this was his favorite car from his films, and it even came with an authentic movie-correct CB radio and CB antenna. The red retro-rocket "Hooper" '78 Firebird, with a 403 cubic-inch V8 and a three-speed automatic, hammered for $88,000. By comparison, a gold 1978 Trans Am also offered at the Las Vegas auction but not connected to Reynolds fetched $27,500. The 1987 Chevy R30 pickup was a re-creation of the Indy Hauler pace truck seen jumping over a moving freight train in "Cannonball Run." It hammered for $49,500. The fourth car never appeared in any of Reynolds' films but is instead the only surviving example of two Trans Ams used to promote the Tampa Bay Bandits of the now-defunct USFL, having been driven out onto the field by Reynolds and his late friend and co-star, Jerry Reed, during opening day one season. It also sold for $49,500. At the Barrett-Jackson Scottsdale Auction in 2016, Reynolds accompanied a 1977 Trans Am used to promote "Bandit" onto the auction block. That car sold for $550,000. Related Video: Featured Gallery Burt Reynolds 2018 Barrett-Jackson Las Vegas Auction Image Credit: Barrett-Jackson Celebrities Chevrolet Pontiac Truck Coupe Performance celebrity pontiac trans am pontiac firebird burt reynolds