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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.

Car theft skyrockets thanks to rising parts prices

Cars and trucks today have achieved a high level of average quality, with safety and technology features that keep occupants safer than ever and meet consumers' high expectations. But the National Insurance Crime Bureau finds that those components come with a rising price tag, leading to expensive repair bills — and rising vehicle thefts to support a thriving black market for parts. The nonprofit NICB said it looked at the cost of replacement parts for the top 10 stolen 2016 models, with average OEM part prices pulled from a database of more than 24 million vehicle damage appraisals generated for 2016 and 2017 insurance claims. The list did not include major components like engines or transmissions, only easily-stripped components like bumpers, doors, hoods and headlights. It found that: The 2016 Toyota Camry, which had a used market value of around $15,000, had 15 commonly replaced parts that added up to almost $11,000, not including labor, with quarter panels alone costing almost $1,600 a pair and a set of alloy wheels tallying more than $1,600. The Camry was also the top stolen vehicle in 2016 at 1,113 thefts. A 2016 Nissan Altima had 14 standard parts worth more than $14,000, including a single headlamp assembly that costs just over $1,000. The Altima was the second-top stolen vehicle in 2016 at 1,063 vehicles stolen. And the 2016 GMC Sierra pickup, which was No. 7 on the 2016 top-stolen list, rang up $21,000 from 20 standard components, including an $1,100 headlamp assembly and an $1,100 rear bumper. "For the professional theft ring, stealing and stripping vehicles for parts has always been a lucrative business," Jim Schweitzer, NICB's senior vice president and chief operating officer, said in a statement. "On today's cars and trucks, the parts are often worth more than the intact vehicle and may be easier to move and sell. That's why we see so many thefts of key items like wheels and tires and tailgates ... there's always a market for them." Check out the NICB infographic below. Vehicle thefts in the U.S. rose by more than 4 percent in 2017, based on preliminary FBI data, after rising 7.6 percent in 2016, though the overall trend has been down since vehicle thefts peaked in 1991, according to the NICB. Related Video: Image Credit: National Insurance Crime Bureau Aftermarket GMC Nissan Toyota Auto Repair Insurance Ownership auto parts car values stolen car nicb national insurance crime bureau components

These were our favorite cars of 2022

Favorite cars is different than best cars. The idea of "best" can speak to value and overall competitiveness in a given vehicle segment. There's lots of objectivity involved and to do a "best" list right, one really must be very thorough and as scientific as possible. This is not that list. This is about our favorites, so objectivity be damned. If we liked a Challenger Hellcat because it made loud noises or a Honda Odyssey because it made for a particularly special family vacation, fair game. These were the cars that most spoke to our collection of editors and the ones that stayed in our minds and hung in our hearts long after they left our driveway. — Senior Editor James Riswick 2022 GMC Hummer EV Senior Editor, Green, John Beltz Snyder: I didn't particularly expect to like the new Hummer. I wasn't a fan of the Hummer H2 or H3, so I wasn't automatically enthusiastic about this electric reboot. Fast EVs aren't hard to come by — and, in fact, may be too easy to come by — so its performance specs weren't enough to win me over. Despite videos to the contrary, pickups aren't my favorite vehicular format. And its excessive size and weight turned me off ... until I finally got behind the wheel.  This thing is wildly entertaining to drive. Watts to Freedom launch control is a neat party trick, sure, but the novelty wears off quickly. The novelty of Crab Walk, however, has staying power. The rear-wheel steering makes this behemoth feel much smaller than it is — the maneuverability is incredible, and useful. The air suspension provides tons of clearance, including a ridiculously high-riding Extract mode. I can't wait for lesser versions of the Hummer to make their way to market. Give me less power (for less money), but keep the off-road tricks onboard, and I'll be a happy camper. Senior Editor, Consumer, Jeremy Korzeniewski: If I could afford to put one of these in my driveway, I would. Sadly, I can't, so I won't (What's that, Janet? I got the lyric wrong?). Still, I love the dumb thing. Thankfully, I have another choice down below. 2022 Porsche 911 GT3 Associate Editor Byron Hurd: Yeah, duh, Porsches are good. But there's good, and then there's GT3. This is the feeling every performance-oriented RWD tuner is trying to replicate. This is hard, precise, surgical and immensely satisfying. To begin to explore this car on a public road is by itself an admission that you believe yourself to be above the rules as they apply to normal drivers.