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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 Issues Four New Recalls For 90,000 Vehicles

One day after releasing an internal report that found a pattern of "incompetence and neglect" within the company, General Motors announced four more recalls that affect 89,126 vehicles. One of the recalls affects 31,520 vehicles that may contain a defect that could prevent airbags from deploying in a car accident. GM said it was aware of at least one crash in which a vehicle occupant sustained an injury because the airbags didn't deploy when they should have. The company said it was aware of other crashes that were similar in nature, but it is not yet known whether they're related to the condition, in which the shorting bar inside the driver's airbag may occasionally contact the airbag terminals. If the car and terminals are touching each other in a crash, the bags will not deploy. Vehicles from the 2012 model year are affected by the problem, and they include the Buick Verano, Chevrolet Camaro, Cruze and Sonic. GM has conducted two previous recalls for this condition involving 7,116 cars. GM is also recalling 57,512 models of the 2014 Chevrolet Silverado 1500, 2014 GMC Sierra 1500 and 2015 Silverado HD, Tahoe and Surburan, as well as the 2015 GMC Sierra HD, Yukon and Yukon XL models because their radio control modules may not work, and thus prevent certain audible safety warnings. Certain models of the 2013-2014 Chevrolet Spark and 2013 Buick Encore are being recalled for a different airbag problem, which could prevent airbags from deploying properly during a crash. And 33 2014 Chevrolet Corvettes are being recalled for yet another airbag problem, in which an internal short circuit could disable the airbags. So far in 2014, General Motors has issued 34 separate recalls that affect approximately 15.9 million vehicles – more than the company has sold in the past five years combined. GM Announces Four Recalls DETROIT – General Motors today announced three safety recalls and one non-compliance recall, all of which were reported to the NHTSA on Thursday, June 5, 2014. In all cases, customers will receive letters from GM letting them know when they can bring their vehicles into a dealership, where all repairs will be performed free of charge and courtesy transportation would be provided as needed.

GMC boss wants a Jeep Wrangler rival

Challengers come and challengers go, but the Jeep Wrangler continues to push forward even after vehicles like the Toyota FJ Cruiser and the entire Hummer brand have been shut down. Now GMC reportedly wants to take a stab at the quintessential Jeep, as well.
The news comes directly from Buick-GMC vice president Duncan Aldred, speaking with our compatriots over at Edmunds. Although Aldred said there are no plans currently on the table to expand GMC's lineup beyond the current range, "there is plenty of room everywhere in the hierarchy."
That could include a rival to the Wrangler, as well as a flagship luxury SUV positioned above the current Yukon Denali (pictured above). Just when (or for that matter, if) such models might come into fruition remains a big question mark, but it's certainly interesting to see what GM's dedicated truck brand has on the drawing board.