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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.

2015 Chevy Colorado to start at $20,100*, GMC Canyon at $20,995**

General Motors has just announced pricing for its new midsize pickup trucks, the 2015 Chevrolet Colorado and GMC Canyon. Chevy's truck starts at $20,100, *not including $895 for destination, and the GMC starts at $20,995, **not including $925 for destination. These prices are for the base, extended cab models with the 200-horsepower, 2.5-liter inline four-cylinder engine.
Comparatively, these prices fit nicely with the $18,125 starting MSRP of the Toyota Tacoma and the $21,510 of the Nissan Frontier. Compared to the Colorado, the Canyon's extra $895 gets you niceties like LED running lamps, 16-inch alloy wheels, and a four-way power driver's seat.
Both trucks come standard with the 2.5-liter engine, and a more powerful, 305-hp 3.6-liter V6 will also be available. Pricing has not been announced for the upcoming diesel model, which is expected to launch for the 2016 model year.

2014 Chevy Silverado priced from *$24,585, V8 gets better economy than Ford EcoBoost V6

Chevrolet has thrown down the next hand in the pickup truck poker wars and revealed at least a couple of potential aces - depending on which numbers matter most to you. The 2014 2014 Silverado 1500 with its 5.3-liter EcoTec3 V8 gets 335 horsepower and 383 pound-feet of torque, is mated to a six-speed automatic, can tow 11,500 pounds with the optional Max Trailer Package and costs the same as the outgoing Silverado, $24,585 (*including $995 destination fee). Chevy says the Silverado also stands atop the fuel economy charts when comparing any competitor with a V8 engine - and some competitors with V6 engines. The two-wheel drive model returns 16 miles per gallon city, 23 mpg highway, 19 mpg combined in two-wheel drive guise and 16 mpg city, 22 mpg highway and 18 mpg combined as a four-wheel drive.
For context around those numbers, the most fuel efficient V8-powered 2013 Ford F-150 pickups lose about two mpg in every metric compared to the Silverado, the 3.5-liter V6 EcoBoost returning 16 city, 18 highway and 22 combined in two-wheel drive. However, that EcoBoost does have 365 hp and 420 lb-ft of torque. You can get a Ram 1500 with a 3.6-liter V6 that gets 25 mpg highway, but it has 305 hp and 269 lb-ft of torque. The 2013 Ram with the 5.7-liter Hemi V8 and its 395 hp and 407 lb-ft drops one mpg in every category to the Silverado. Its tow rating is 200 pounds beyond its nearest competitor, the F-150 with the Max Trailer Tow Package.
Elsewhere, the new Silverado gets a quieter cab with a redesigned interior, a new bed with improved load-management possibilities, disc brakes all around, tweaked steering and suspension, along with free standard scheduled maintenance for two years or 24,000 miles.