Chevy Suburban 2500 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.

Veyron and C7 Corvette join cast of Transformers 4

Like the Fast & Furious franchise, the Michael Bay-directed series of Transformers movies has become known as much for its bad acting as its impressive lineup of cars. As filming just started for Transformers 4, Bay's website has confirmed two new cars for the next installment as well as a makeover for everyone's favorite tractor trailer hero, Optimus Prime.
Joining the cast of T4 are a "race-inspired" Chevrolet Corvette Stingray and a Bugatti Veyron Grand Sport Vitesse. While Bay's website did not supply names for either car, Bugatti is reporting on its Facebook page that the Veyron will join the Autobots. Speaking of the good guys, top Autobot Optimus Prime is getting an all-new body based on a Western Star with a gaudy appearance that was seemingly inspired by Trick My Truck - right down to the six smoke stacks and side pipes!

Who sold the most heavy-duty pickups in 2012? PickupTrucks.com investigates

Domestic manufacturers enjoyed a good year for heavy-duty pickup sales in 2012. PickupTrucks.com has taken a close look at exactly how those sales broke down between each manufacturer and between three-quarter and one-ton pickups. Ford sold some 67,786 F-250 Super Duty models last year with the Chevrolet Silverado 2500 HD falling just behind at 56,359 units. The Ram 2500 HD came in third at 41,918, while the GMC Sierra 2500 HD earned itself fourth place with 27,616 deliveries. While Ford held onto the top spot in the one-ton market, Ram easily nailed down second place by selling more 3500 HD models last year than General Motors sold Silverado 3500 HD and Sierra 3500 HD trucks combined.
So, did GM manage to sell more trucks than Ford with its two brands? Very nearly. Ford sold a total of 119,338 heavy-duty pickups to GM's 111,555. Ram, meanwhile, moved a distant 77,583. But perhaps more interesting is the diesel take rate in this segment. PickupTrucks.com says 80 percent of all domestic one-ton trucks roll from the dealer lot with a turbo-diesel under the hood. Head over to the site for a closer look at the breakdown.