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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.

2017 GMC Acadia loses 700 pounds, gains everywhere else

Ladies and gentlemen, welcome to Acadia. The 2017 version of the three-row GMC crossover has all kinds of newness. The 2017 Acadia has lost 700 pounds compared to its predecessor thanks to high-strength steels allowing redesigned parts, and the fact that it overall, the vehicle is actually smaller. Length is reduced by 7.2 inches on a wheelbase diminished by 6.4 inches, it is 3.5 inches narrower and sits 3.9 inches lower. The 2016 Acadia was 4,656 pounds, the 2017 is 3,956 pounds. GMC says it will still swallow people, but not as many: the eight-passenger option didn't make the transition, potential three-row trims permitting five-, six-, and seven-passenger configurations. While you lose space, you gain convenience with a split-folding second row featuring tilt-and-slide for both sections. The third-row seats fold flat into the cargo floor, and if the second row is folded as well, cargo capacity improves over the 2016 Acadia, 79 cubic feet compared to 70 cu-ft. A new 2.5-liter four-cylinder brings a second engine option to the spec sheet, returning an estimated 22 city miles per gallon and 28 highway mpg with the help of stop/start tech on front-wheel-drive trims. The new 3.6-liter V6 gets around 310 horsepower, a power bump of about 19 hp, and an estimated 25 highway mpg in front-wheel-drive guise. Towing capacity for that V6 goes down, though, from 5,200 on the current Acadia to an estimated 4,000 pounds. The optional Tow Vision Trailering system will make that pulling easier. Both engines are hooked to a six-speed automatic. Now we can get to its looks. Trademarks like the square, flared wheel arches, dark D-pillars, and wraparound rear side windows made the transition, everything else is new. While weight has gone down, safety's gone way up with internal changes like the splayed chassis members to confront the small-offset test. New active safety upgrades run from from three kinds of automatic braking systems to surround vision cameras, automatic high beam control, a safety alert seat, and a following distance indicator. Buyers can choose from a front-wheel drive, all-wheel drive, or All Terrain model, each with its own electronic drive selector modes. The Normal, Sport, and Trailer/Tow modes are common to the trio. The FWD gets a Snow mode, the AWD adds adaptive 4x4 and Off Road modes; on the AWD, the 2x4 mode disconnects the rear axle from the drivetrain.

Thoughts on the 2022 GMC Hummer EV and the record-setting SSC Tuatara | Autoblog Podcast #650

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They lead the podcast with the week's two big news stories: the reveal of the 2022 GMC Hummer EV and the 316-mph production car speed record set by the SSC Tuatara. Afterward, the editors discuss some recently driven cars, the Lincoln Continental Coach Door Edition and the GMC Canyon AT4. Autoblog Podcast #650 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News: 2022 GMC Hummer EV reveal SSC Tuatara production car speed record Cars we're driving2020 Lincoln Continental Coach Door Edition 2021 GMC Canyon AT4 Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: