2003 Chevrolet Suburban 1500 4x4 Lt Sport Utility 4-door 5.3l on 2040-cars

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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.

Seeing the Detroit Auto Show via drone

Seeing the Chevrolet display at the Detroit Auto Show is worth doing this year, and not just because of the new Corvette Z06, Volt and Bolt concept. In order to attract the new kids, The Bowtie has gone what the old kids used to call "buck wild" with their show stand at Cobo Hall. A Corvette Z06, Trax, and Colorado are parked along a central aisle, called Mainstreet, at the end of which is a 20-foot-tall, 73-foot long transparent screen lording over the new Volt. Elsewhere are five more 20-foot-tall screens broadcasting nine stories today's Chevrolet wants to tell about its vehicles, from performance to belief in the power of play to its 4G LTE-equipped OnStar telematics service. Then there are the social media and virtual reality safety installations, the community presentations and more. Chevrolet flew a drone through the stand to show off what it's doing, which is has replaced eye-level video as the next best thing to being there. You can check it out in the video above.

GM recalling over 40,000 Chevy, Pontiac and Saturn models over fuel pump woes

The National Highway Traffic Safety Administration has issued a recall for a number of General Motors cars and crossovers bought or currently registered in the hot-climate states of Arkansas, Arizona, California, Nevada, Oklahoma and Texas. As many as 40,859 units consisting of the 2007 Chevrolet Equinox, Pontiac Torrent and Saturn Ion and the 2007-2009 Chevrolet Cobalt (shown) and its Pontiac G5 twin are being recalled for potential fuel leaks.
This recall is being issued due to potentially faulty fuel pump components that can crack and cause gasoline to leak from the return or supply ports and possibly cause a fire. NHTSA has not indicated how many fuel leaks or vehicle fires have been reported. As a fix, GM will replace the fuel pump modules on all affected vehicles free of charge. Since Pontiac and Saturn have been shuttered, owners will be able to go to another GM-brand dealership to have their vehicles repaired.
While the list of affected cars and crossovers varies by state and model year, if you own any of these models and live in Arizona, California, Florida, Nevada, Oklahoma or Texas, be sure to check the official notice below for more details.