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GM announces net 220 job increase as Trump visits Michigan

GM announced today that about 900 jobs would be added (or, importantly, retained) ahead of President Trump's arrival in Michigan, where he is expected to discuss his plan to roll back fuel economy standards. The timing of the announcement is almost certainly not coincidental, as appending it to a Trump visit gives it a higher profile and dovetails with the President's jobs agenda. It's less likely the decision itself was made for those reasons, but the free PR boost is a nice bonus. As for those 900 jobs themselves, they aren't all new jobs. The only net gain is approximately 220 jobs at the Romulus Powertrain Plant, which produces the 10-speed automatic transmission that's proliferating through the company's lineup. The 180 jobs at Flint Assembly and 500 jobs at Lansing Delta Township are retained jobs – that is to say, spots the company found for workers who would otherwise have been laid off. By the way, the Flint jobs will help with production of heavy-duty pickups, and the Lansing jobs are to produce the Chevrolet Traverse and Buick Enclave. Finding jobs for manufacturing workers in the auto sector, whether new or retained, is admirable. No matter how GM couches it, the company has created or retained a total of 7,000 jobs this year, and its total reinvestment in US production is around $1 billion. But these decisions are business ones, not political ones – timing the announcements to make them seem inspired by economic policy, or the political situation, is simply smart PR. Related Video: Image Credit: Bill Pugliano/Getty Images Celebrities Government/Legal Buick Cadillac Chevrolet GMC

2020 Chevrolet Tahoe, Suburban and GMC Yukon all spied with production lights

One of our spy photographers just caught a smattering of full-size GM SUVs out testing, including the Chevrolet Tahoe, Suburban and GMC Yukon. Previous spy photos of the next-generation of these big GM SUVs have revealed that GM is going with an independent rear suspension design, and these shots confirm the news once again with our best look at the hardware yet. Check them out from the rear, lined up like ducks in a row to see the beefy control arms down there. This will undoubtedly give the big SUVs a more compliant ride, and should bring it back into touch with the refinement from the Ford Expedition and Lincoln Navigator. The new bits we get to see with these shots are production headlights and taillights that are shaping up to look pretty neat. Most distinguishable are the GMC Yukon's LED DRLs. These look a lot like the C-shaped LEDs outlining the headlights on the Sierra, but they have an extra LED strip on top of the C. The parts of the taillights that we can see look significantly different than that found on the Sierra, showing GM is planning on having a great deal of differentiation there. We can sort of see through the mesh covering the grille to what appears to be a classic horizontal bar style front opening. Chevy is predictably dialing the crazy LED strip design back for the Tahoe and Suburban. The parts that are lit up look a whole lot like the headlight fixtures on the 2019 Silverado. That truck uses a stack of lights with the actual headlights separated from the DRLs. We can see the same thing going on here, with the headlight up top and curved LED DRL strip sitting below. It's tough to say if the designs are exactly alike, but we expect to see an extremely Silverado-esque look once all the camouflage comes off. Chevrolet's taillight design differs from its donor truck like the GMC, showing off a curved, vertical series of LEDs out back. Once production lights start popping up like this, we know the vehicle is moving closer to its end game. A reveal sometime later this year could be in the cards for GM's next batch of full-size SUVs. It certainly needs them quick, as Ford rockets ahead with increased Expedition production announced earlier this week.

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.