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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.

The biggest gas-guzzlers of 2024: 'The Meanest List' is the opposite of greenest cars

In some circles — especially some automotive circles — bigger is better. This explains the Hummer, for example. In its so-called “Meanest List” of a dozen models, the American Council for an Energy-Efficient Economy (ACEEE) makes no apologies for berating “the worst-performing mass market automobiles” sold in 2024 in the U.S. The most diminutive car on the list is a Chevy Corvette Z06. At the top of this particular heap is the Mercedes-Benz AMG G63, a gas-powered SUV that the environmental agency says was “the worst-performing vehicle of the more than 1,200 models assessed by Greener Cars and has an annual fuel cost over $4,000.” Not to mention its MSRP of around $184,000. Rank Make & Model Powertrain Green Score MSRP Estimated Annual Fuel Cost* 1 Mercedes-Benz AMG G63 Gas 20 $184,000 $4,242 2 Ram 1500 TRX 4x4 Gas 22 $98,335 $3,819 3 Ford F150 Raptor R Gas 24 $79,975 $3,777 4 Cadillac Escalade V Gas 26 $152,295 $3,388 5 Dodge Durango SRT Gas 26 $74,995 $3,332 6 Jeep Wrangler 4dr 4X4 Gas 27 $35,895 $3,260 7 Jeep Grand Wagoneer 4x4 Gas 28 $91,945 $3,058 8 Mercedes-Benz G550 Gas 28 $143,000 $3,186 9 GMC Hummer EV SUV EV 29 $98,845 $1,746 10 GMC Sierra Gas 29 $37,700 $3,069 11 Chevrolet Corvette Z06 Gas 30 $114,395 $3,169 12 Mercedes-Benz Maybach S680 Gas 30 $234,300 $3,031 *ACEEE analysis using EIA data of the annual cost of driving 15,000 miles In terms of numbers, the dirty dozen of the meanest includes seven SUVs and three trucks. Lonely at the middle of the list is the sole electric, the GMC Hummer EV, which weighs in at 9,000 pounds. The council notes that “though EVs have lower emissions than similarly sized gasoline models, the Hummer demonstrates that size and efficiency, not just fuel source, are important factors in a carÂ’s environmental impact.” ItÂ’s also worth reminding prospective buyers that the average fuel cost of a vehicle on the “Greenest List” eats up only a fifth of the fuel cost of a vehicle on the Meanest List, “showing that greener options can also be more affordable.” The ACEEE also put out a "Greener List" of efficient gasoline and hybrid cars that don't require plugging in.  By the Numbers Green Cadillac Chevrolet Dodge Ford GMC Hummer Jeep Maybach Mercedes-Benz RAM Emissions Fuel Efficiency Green Automakers Truck SUV Electric Hybrid

GMC Hummer pickup and SUV previewed in video, set to be revealed in fall

GMC has just provided us with our first good look at the upcoming Hummer EV pickup and SUV. A video was posted online previewing the two models that also happens to feature LeBron James. From clay sculptures to prototypes in various levels of completeness, GM is allowing the world a sneak preview of what’s to come. A couple of the more revealing images come in silhouette photos of both the truck and SUV at the end of the video. The truck has a big four-door crew cab and an exceptionally small bed behind it. The angle from cab to bed is also notable. ItÂ’s not easy to see exactly whatÂ’s going on since itÂ’s shrouded in darkness, but when we saw the Hummer pickup, it was rocking sail panels that resemble the ones on the truck weÂ’re looking at. The truckÂ’s general shape is off-road oriented with squared-off, sharp lines tracing the entire silhouette. Its big, knobby tires and blocky wheels are clear indicators of what GM was aiming for with this electric pickup. As for the SUV, comparisons to the Ford Bronco four-door will be inevitable. If our eyes are picking up the scale of this photo correctly, though, the Hummer SUV appears to be a slightly larger vehicle than the four-door Bronco is. Although, the wheelbase for the SUV is shorter than that of the Hummer truck. ThatÂ’ll help it off-road. Those small bumpers and short overhangs along with the bumper cutouts should be hugely beneficial to approach and departure angles, as well. Hummer EV prototype View 6 Photos GMCÂ’s shots of the Hummer in the studio are equally as revealing. We can see what looks to be an intense front skid plate and two big tow hooks. In addition to the off-road gear, GMC has allowed a look at the frunk. The front “grille” is one piece with the hood of the truck, so the whole assembly pulls up. That makes for what appears to be a very easy-to-load front trunk compared to other EVs that force you to lift items up and over the front of the car. The whole removable roof assembly is exposed in this video, too. We can see the crossbars that the removable panels attach to and also what the truck looks like with the tops removed. The SUV appeared to have removable roof panels from our short glimpse of it in a studio awhile back. Other new details GM mentioned in the video include Adrenaline Mode, Crab Mode and Next-Gen Super Cruise. We donÂ’t know what Adrenaline Mode or Crab Mode do yet, but theyÂ’re certainly off-road modes that GM has designed specifically for this electric Hummer.