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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.

Recharge Wrap-up: Chevy Volt named KBB "Best Buy," slow BMW i3 sales in Germany

The Chevrolet Volt has been awarded Kelley Blue Book's Electric/Hybrid Car Best Buy for 2015. KBB cited the car's electric commuter capabilities, extended range, acceleration, design and overall value as reasons to place it above the Nissan Leaf, BMW i3 and Toyota Prius. It works well in the real world, and doesn't leave drivers with range anxiety. Plus, it's comfortable, and a fun car to drive, according to KBB. Read more at Kelley Blue Book. The BMW i3 is seeing slow sales in Germany. BMW has sold about half the number of i3s it expected in its home country, with about 1,900 sold in the first nine months. BMW projected sales of 5,000 to 6,000 in the first year. BMW partly blames long shipping times for the slow sales, and the company is offering incentives in hopes of getting more people to adopt the electric car. In the US, BMW sold more than 1,000 units each month between August and October. Read more at Green Car Reports. Audi is pursuing new carbon-neutral synthetic fuels - or e-fuels - such as Audi e-diesel. Audi's newest project uses electrolysis of water to create hydrogen, which it then reacts with CO2 extracted from the air. The result is a liquid - called Blue Crude - full of energy from hydrocarbon compounds. The Blue Crude can then be converted into a sulfur-free synthetic diesel called e-diesel. This e-diesel can be used as a drop-in fuel, blended into fossil diesel for a more renewable fuel. Read more at Hybrid Cars. Uber is partnering with Spotify to allow passengers to choose what music they listen to during their ride. Users will be able to choose their own playlist that will be ready and playing for them when they are picked up. It offers a more personalized experience from the ride-hailing service, which, according to Uber CEO Travis Kalanick, is "nirvana" for music lovers. Paying Spotify users will be able to use the feature initially in London, Los Angeles, Mexico City, Nashville, New York, San Francisco, Singapore, Stockholm, Sydney and Toronto. Check out the video below and read more at Wired. Featured Gallery 2014 Chevrolet Volt View 11 Photos Related Gallery 2014 BMW i3: First Drive View 33 Photos News Source: Kelley Blue Book, Green Car Reports, Hybrid Cars, WiredImage Credit: Chevrolet Green Audi BMW Chevrolet Transportation Alternatives Technology Emerging Technologies Electric Videos recharge wrapup

Recharge Wrap-Up: LAPD gets Zero MMX, Chevy's new inverter, Hyundai Tucson's new powertrains

Some police in Los Angeles will be riding Zero MMX electric motorcycles on duty. The LAPD is adding the fully electric police/military all-terrain bikes to its patrol fleet. According to Officer Steve Carbajal of the department's off-road unit, "It costs less than 50 cents to charge compared to using gallons of gas, maintenance is simple, and the community appreciates how quiet they are." The electric bikes, with their lack of noise and a headlight the rider can turn off, also have the benefit of stealth, giving the officers what Carbajal calls "an added tactical advantage." The MMX also has swappable batteries, is designed for quick ignition and has power reserve capabilities so the rider won't be caught with a dead battery while chasing down a perp. Read more at Ride Apart. Remember when it seemed like we'd never run out of oil, and giving your buddy five bucks for gas was actually a worthwhile gesture? Drivers of classic cars in Detroit were able to fill up their tanks at gas prices corresponding to their model year, thanks to a promotion by Hagerty Insurance for National Collector Car Appreciation Day on July 11. That meant prices from 21 to 90 cents a gallon, as the cars that showed up ranged from the years 1929 to 1989. That's about as affordable as charging your EV. Head over to Autoweek for more details and some photos from the event. The next-generation Chevrolet Volt will likely benefit from a new inverter being developed by General Motors. GM is about two-thirds of the way through the development of the new inverter, which should be ready in January 2016. The inverter, which has a peak output of 55 kilowatts a continuous output of 33 kilowatts, will be adaptable for use in other GM vehicles. Chevrolet is working to reduce the Volt's production costs by $10,000 per vehicle, which should make it more affordable, and the new inverter could help reach that goal should it make its way into the car. Read more at Green Car Reports. Hyundai is likely planning some interesting powertrain changes for the 2016 Tucson, says Green Car Reports. Plug-in hybrid? Maybe. Diesel? Probably not. "We are covering the waterfront on all alternative fuel strategies, from standard hybrid, to plug-in, battery-electric, and fuel cell," says Hyundai's US Chief Dave Zuchowski.