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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 to sell rebranded Peugeot vans in US?

According to a report by France's La Tribune cited by Reuters, General Motors and Peugeot are discussing the possibility of selling PSA Peugeot-Citroën commercial vans in the US through The General's dealership network. While specific models and what brand they may sell under stateside are not immediately clear, the move isn't entirely out of the blue, particularly since GM owns seven percent of the French automaker.
Peugeot and GM already have a joint-venture agreement to ease costs associated with vehicle development and procuring parts, and while the progress of the arrangement has been inhibited some by Europe's difficult economy, the two automakers are looking to expand the relationship. With sales in the dumpster, Peugeot's long-term prospects have looked particularly shaky as of late, and GM could use a modern commercial van lineup to better compete with North America's suddenly modern and Euro-fied competition. Mercedes-Benz kicked off the high-roof trend with its Sprinter, and for 2014, Ford is following with its Transit van (joining its smaller Transit Connect sibling), while Chrysler is leveraging its relationship with Fiat to rebrand the Ducato range of vans as Ram Promaster models.
Peugeot already has a full line of commercial van solutions in its stable, from its compact Partner and Bipper models to the larger Expert and Boxer models, which are available in a variety of cargo and people-carrying configurations.

Chauffeur attacks motorist in road rage incident

A California man was the victim of an intense and violent road rage attack on the 405 freeway on Tuesday, but when the police were called they told the driver to shake it off. Shahnam Asbaghi told KTLA that the altercation began when a GMC Yukon private car began tailgating him. "This limousine Yukon driver was just tailgating me the whole time since when I got onto the 405 North," Asbaghi told reporters. "It was so bad I actually got scared and nervous so I exited early." When Asbaghi exited the freeway, the Yukon followed and rear ended him at the bottom of the ramp. "He just rammed me with his car at probably 25, 30 miles per hour," said Asbaghi. "When he hit me he got out of his car, came around to the driver's side and punched my window four or five times. Then he ran back to his car, got in his car, and drove away." Startled, Asbaghi followed his assailant in an attempt to get the Yukon's license plate number. After a quick chase, the Yukon stopped near Sepulveda Boulevard and Sherman Way where the driver got out of the truck, retrieved a long, unidentified item from the rear cargo area, and attacked Asbaghi's car again. Video shot by Asbaghi shows the chauffeur striking the driver's side window with the object, tossing it back in the Yukon, then leaving the scene. Asbaghi called 911, but the police weren't impressed. "Because my head wasn't smashed, because the window wasn't smashed, no harm no foul is what they told me," Asbaghi told KTLA. The cops did make the drivers exchange information, but no arrests were made. The Los Angeles Police Department is now looking into the incident to make sure they handled the situation correctly. The day after the attack, L.A. Private Car announced via Twitter that they fired the angry Chauffeur after reviewing the footage. News Source: KTLA Government/Legal Weird Car News GMC Driving Safety Crossover SUV Commercial Vehicles road rage 405 freeway chauffeur