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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.

GM learning from current Chevy Volt owners as it works on next-gen model

Details of the second-generation Chevrolet Volt extended-range plug-in hybrid are coming in at a trickle, and the latest is that the 2016 model-year Volt will be improved in all meaningful areas, including performance and all-electric range, says General Motors powertrain director Larry Nitz. 60 percent of Volt customers only charge using a standard 110 outlet. Nitz was speaking to Autoline After Hours about the current and future Volt. He said that GM has been tracking Volt driving habits and found that about two-thirds of the Volts' collective miles are driven in electric mode, and that 81 percent of all Volt trips were done in pure EV mode. Additionally, Volt drivers plug the car in 10 times each week, on average. Nitz also said 82 percent of the Volt's commuting miles are coming from the plug instead of the gas tank. Oh, and 60 percent of Volt customers only charge using a standard 110 outlet. Last month, GM released a teaser shot of the 2016 Volt (above) and said the car would make its worldwide debut at the 2015 North American International Auto Show next January. Earlier this year, the Volt was reported to be getting a new chassis for the upcoming version. The Volt could use a bit of new life. Through August, Volt sales were down 12 percent from a year earlier to 13,146 units, and sales plunged 25 percent alone. That compares unfavorably to the Nissan Leaf battery-electric vehicle, whose 2014 sales have jumped 34 percent to almost 19,000 units. You can see Nitz dish the goods in the video below (Volt comments start at around minute 15). You will also notice AutoblogGreen contributor Gary Witzenburg talk about his history with the EV1 and share his take on the Volt. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

5 classic trucks and their polarizing modern revivals

EVs are helping eliminate Detroit's gas-guzzling problem. Some revivals of gas-powered classics are getting the EV treatment.  But not every revived model looks exactly like its original counterpart. We're in a new era of hulking Detroit metal, and you can thank EVs. Americans can't get enough of their big, beefy trucks and SUVs. But for many years, some of the biggest gas guzzlers fell out of fashion as gas prices rose and emissions regulations tightened. But in the past few years, some of the most iconic American truck nameplates have been brought back to life with electric motors, like the GMC Hummer. In other cases, as with the Ford Bronco, improvements in engine technology and more interest in rugged adventure vehicles made a gas-powered revival possible. Even some revivals that started as gas-powered, like the Chevy Blazer and the Jeep Wagoneer, are now getting electrified spinoffs. (Even if they don't always look quite as sleek as their original inspiration.) Here are side-by-sides of five classic American trucks and their modern counterparts. The Jeep Wagoneer 1975 Jeep Wagoneer and 2024 Electric Jeep Wagoneer SStellantis After a long wait, Jeep released its revival of the classic Wagoneer and Grand Wagoneer in 2020. Starting later this year, an electric version of the luxury Jeep SUV will join the Wagoneer lineup. The Chevrolet Blazer A 1973 Chevrolet Blazer and a 2024 Chevrolet Blazer EVGetty Images, General Motors The Chevrolet Blazer was first rebooted in 2019 as a sporty family SUV. The modern Blazer shares zero resemblance to its boxy, off-roading older sibling, but it has still managed to become one of Chevy's more popular SUVs in recent years. The Blazer EV came later, and was one of the first models GM built on its new Ultium battery platform. The Hummer A Hummer H2 and the 2023 Hummer EV pickup truckGetty Images, General Motors Once the poster child for Detroit's big, bad gas guzzlers, the Hummer got new life as an electric pickup truck in 2021. The Ford Bronco A 1971 Ford Bronco and a 2022 Ford BroncoFord Motor Co. After a rouge group of engineers and designers inside Ford spent years trying to breathe life back into the Blue Oval's boxy off-roader, the Ford Bronco was finally resurrected in 2020 amid a rise in popularity for rugged adventure vehicles. The Ford Ranger 1985 Ford Ranger and a 2024 Ford RangerFord Motor Co.