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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.

Daily Driver: 2015 GMC Canyon

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, featuring impressions from the staffers that drive them every day. Today's Daily Driver features the 2015 GMC Canyon, reviewed by Seyth Miersma. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT [00:00:00] Hey, guys. This is Seyth with Autoblog, and I'm here in the 2015 GMC Canyon pickup truck. The version I'm in is about as bare bones as this truck gets. We've got a convenience group package, which means I have things like a remote lock and unlock. I've got a spray-in bed liner and then I've got the very tiny but still useful infotainment system, which allows for things like hooking up your phone, [00:00:30] Bluetooth streaming music from my iPhone to the sound system, things of that nature. Really there's not a whole lot here. What you see is what you get. The interior is pretty basic. We've got gray plastic. We've got black plastic. We've got these gray cloth seats which I actually kind of dig. They've got a cool shape. It's comfortable in terms of the interior but it's certainly not fancy at all. You go back and look into the segment and you look at offerings from Nissan and Toyota and you'll see that this really feels pretty [00:01:00] plush certainly compared to their base level trucks. We've got the 2.5-liter 4-cylinder in it. Still makes 200 horsepower and 191 pound feet of torque. It doesn't feel completely slow but I'll admit that some of that has to do with the fact that I have a six-speed to play around with. I'm revving it up a little bit higher than you normally would with a pickup truck. It's not fast. It doesn't mean that it's not a little bit fun to drive. [00:01:30] We've come so far in terms of overall ride quality, noise vibration and harshness and things of that nature in all pickup trucks that it's frankly surprising to see something at the very bottom end in terms of price of the market be as good as this is. I think that you're going to get a lot of people who are into the truck lifestyle who like the look. You're going to get a lot of people who are moving down from bigger trucks that still want to have a little bit of capability. Then with things with a truck of this nature where you're talking about a [00:02:00] sub-$25,000 price point, you're just going to get a lot of people who want a vehicle of any kind, kind of a budget vehicle.

2016 GMC Terrain Denali Quick Spin

Here's a bewildering statistic – General Motors sold over 347,000 GMC Terrain and Chevrolet Equinox crossovers in 2014, making the Theta platform twins the best selling vehicles in their segment. GM sold more Equinox/Terrain crossovers than Honda did CR-Vs, Ford did Escapes, and Toyota did RAV4s. After a week behind the wheel of the 2016 Terrain Denali, we can't fathom why GMC's entry, which accounts for nearly a full third of GM's annual small CUV sales, has been so popular. An inefficient engine, cheap interior plastics, uncomfortable seats, a shortage of technology, and a high price left us questioning why anyone would order this Denali over a Titanium-trim Ford Escape, a Jeep Cherokee Limited, or a Hyundai Santa Fe Sport with the Unlimited Package. Driving Notes While looks are subjective, we'd posit that GMC didn't go far enough with its 2016 mid-cycle refresh. New accents on the front bumper, a tweaked grille surround, and LED running lights round out the changes up front, while the rear gets a slightly different bumper. GMC claims there's a new hood, although we challenge you to pick out the differences – here are the official galleries for the 2013 and 2016, if you'd like to try. GMC missed a tremendous opportunity here. New headlights, some restyled taillights, and tweaked mirrors would have given the impression of a more significant refresh. As it stands, these changes don't add up to much. GMC also claims it made changes in the cabin, adding a "revised instrument panel center stack." Aside from the missing CD slot, which has been replaced with an oddly shaped and not terribly useful shelf, it's hard to spot much of a difference. The Terrain Denali's cabin materials feel cheap. You'll be spending at least $35,000 to park one of these in your driveway, but aside from the leather-and-faux-wood steering wheel, no material feels worthy of that price tag inside. The lower dash plastics are hard and scratchy, the center stack feels hollow and creaks when pressed on, and the too-small shade over the seven-inch display feels flimsy. The upper dash is covered in a cheap-feeling, leather-like material that looks unchanged from when the Terrain Denali debuted back in model year 2013. These materials don't make sense in a vehicle that, as tested, exceeded $41,000. The most egregious thing about the refreshed Terrain is the lack of content.