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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.

GMC Sierra Elevation Edition is a dark take on a tough truck

GMC proved that it knew how to make a mean-looking pickup with the 2015 Sierra Elevation Edition. For the 2016 model year, the company is applying that aggressiveness to the refreshed Sierra that already looks tougher than the predecessor. The result is a seriously brawny truck that hits the market in the first quarter of 2016. Still based on the Sierra Double Cab, this latest take on the Elevation Edition starts with all of the styling tweaks for the standard 2016 truck, including a reshaped grille and headlights. From there, the pickup gets monochromatic with body-color parts for the door handles, mirror caps, grille surround, and bumpers. Black, 20-inch wheels finish the aggressive aesthetic. Drivers get an interior packed with tech, complete with a six-speaker stereo and seven-inch infotainment system that supports Apple CarPlay and Android Auto. All the occupants can also stay connected anywhere with OnStar 4G LTE and a WiFi hotspot. Under the hood, the Elevation Edition comes standard with a 4.3-liter V6 making 285 horsepower and 305 pound-feet of torque. A 5.3-liter V8 with 355 horsepower is also optional. Regardless of the powerplant, both come with a locking rear differential and the choice of two- or four-wheel drive. Check out the video below for a closer look at last year's truck, then scroll just a little bit further for the complete press release from GMC. Related Video: GMC Updates Sierra Elevation Edition for 2016 Sport appearance wears new front-end design, latest connectivity technologies DETROIT – The popular GMC Sierra Elevation Edition returns for 2016 with the styling enhancements and other features new to the entire Sierra 1500 lineup – including revised front-end styling with new, high-intensity discharge projector-beam headlamps and GMC Signature LED lighting. The Elevation Edition – available on Sierra double cab – has a street-smart stance, thanks to body-color moldings, door handles, mirror caps and a body-color grille surround, as well as body-color bumpers. It also rolls on 20-inch black-painted aluminum wheels and is further enhanced with new Elevation Edition badging. "The Sierra Elevation Edition offers a boldly styled pickup for customers who want a truck that looks as good as it performs," said Duncan Aldred, U.S. vice president, Buick and GMC.

GM recalling over 243,000 crossovers over possible seat belt defect

2010 Buick Enclave - Click above for high-res image gallery
The summer of 2010's recall hit parade continues unabated today, with General Motors having just announced that it is asking 243,403 owners of its 2009-2010 Lambda crossovers to bring their three-row haulers in for inspection. The culprit? Second-row seat belts in select Buick Enclave, Chevrolet Traverse, GMC Acadia, and Saturn Outlook CUVs have "failed to perform properly in a crash."
According to GM, a second-row seat-side trim piece is to blame, as it can impede the upward rotation of the buckle after the seat is folded flat. As a result, if the buckle makes contact with the seat frame, cosmetic damage can occur, potentially requiring additional force to operate the buckle properly. So far, no great shakes, but in the process of applying that additional force, the occupant may push the buckle cover down to the strap, potentially revealing and depressing the red release button. As a result of this, the belt may not latch, or in certain cases, it may actually appear to be latched when, in fact, it isn't.