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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.

2015 Chevrolet Cruze spied on its home turf

The next Chevrolet Cruze isn't set to go into production for about another year, and we're just now seeing prototypes of the new compact running around here in the States. Not much more has been revealed since we saw the car blasting through the snow in Europe, but we can still clearly see new design elements like the larger grille, slimmer headlamps and redesigned taillamps.
Our spy photographers worked up a composite image of this Cruze prototype alongside the current model, and here, we can clearly see some big visual changes are in store for the new model. The 2015 Cruze's hood slopes downward more dramatically, the windshield is more heavily raked, and the roofline looks more fluid overall. The next-generation Cruze will ride on the new global Delta platform that will also underpin other General Motors vehicles like the Chevrolet Volt and Equinox.
As for what's under the hood, we expect the normal range of gasoline four-cylinder engines (both naturally aspirated and turbocharged), and the compact's new turbodiesel four should carry over, as well. Have a look at the full brace of spy photos in the gallery above.

Lutz dishes dirt on GM in latest Autoline Detroit

Bob Lutz sits down for Autoline Detroit - Click above to watch video after the jump
Autoline Detroit recently played host to Bob Lutz, and, as is always the case, the former General Motors vice chairman dished out some great commentary. Lutz was promoting his new book Car Guys vs. Bean Counters: The Battle for the Soul of American Business, and talk quickly turned to his role as it related to product development and high-level decision making at GM. While on the topic of brand management, Lutz revealed a few rather interesting tidbits about his former employer:
All Chevrolet vehicles were required to have five-spoke aluminum wheels and a chrome band up front, as part of the Bowtie brand's overall image.