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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.

GMC Hummer EV First Drive Review | True supertruck, for better and for worse

Right from the start, the 2022 GMC Hummer EV has been advertised with superlatives, mostly in reference to its specifications. GMC has even called it a "supertruck" in its own materials. And while we've received a taste of the truck before, only now have we finally got our hands on the production-spec model, and had the opportunity to drive it both off-road and on the street. What we've found is that the Hummer EV is undoubtedly a supertruck, much the same way that a Ferrari or a Lamborghini is a supercar. It totally delivers on its incredible capabilities, but there are compromises. And they're worth being aware of before plunking down the more than $100,000 a first-year Hummer will run you. That six-figure truck is the version we tested, the Edition 1, which actually rings in at $112,595. It's the only version in production for now, with lower trims coming in the next couple years. It's sold out, but many of the features will be available on the next highest trim level, the EV 3X. Among those features are the three motors, torque vectoring, “Watts To Freedom” launch mode, four-wheel steering, removable glass roof panels, 35-inch tires, Super Cruise, power rear window and MultiPro tailgate. In other words, although you can literally no longer order an Edition 1, you can still order a Hummer EV with nearly the same specification. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. We'll start where most owners probably will: mashing the throttle. No one can resist seeing what 1,000 horsepower and 1,200 pound-feet of torque will feel like. It's even a tad more torque in Watts To Freedom mode, which preemptively runs the cooling system to enable the additional twist. That mode allows the Hummer to hit 60 mph in 3 seconds, and the drama is dialed up with visual, audible and haptic cues. But even without engaging launch mode, the Hummer EV impresses and delights with its acceleration. In addition to pinning you to the seat, the entire truck squats in an exaggerated fashion. It's absurd, especially considering the truck's curb weight that surpasses a truly astounding 9,000 pounds. ThatÂ’s several hundred pounds more than the heaviest GMC Sierra HD 3500 diesel dually. Of course, that weight, as well as the nature of electric motors, means the party starts to calm down as the speed increases. The weight is noticeable in other areas, too.

Hot Wheels' 2022 Green Speed cars bring EVs to small scale

With more and more EVs hitting the market, it was only a matter of time before the new breed of cars would find representation in diecast form. For 2022, Hot Wheels is coming out with a new Green Speed series that puts the spotlight on a diverse lineup of electric cars. The five-car series features a fun mix of EVs from different manufacturers and in a wide range of styles. Some are completely bone stock. For a traditional luxury sedan, there's a Lucid Air in silver, complete with glass (or in this case, clear plastic) canopy. For fans of Teutonic 4-door "coupes" there's the Audi RS e-Tron GT in Daytona Gray. Ticking the truck box is a Hummer EV in a yellow that can only be described as a throwback to the H3. But because this is Hot Wheels, there are "hot-rodded" variants in the lineup as well. Rather than just a regular Nissan Leaf, they've elected to cast the carbon fiber-bodied NISMO RC 2.0 race car. Likewise with Ford, instead of the standard Mustang Mach-E, they've gone with the Mustang Mach-E 1400 drift car. This isn't the first time Hot Wheels has put out a Green Speed series. The line debuted in 2016 but reflected the limited EV choices in the real car market at the time. The only non-fantasy cars in the series were a first-gen Tesla Roadster, a Tesla Model S, and Chevy Volt. Hot Wheels revisited the line again in 2019, this time adding a Tesla Model 3 and a Porsche Panamera Turbo S E-Hybrid Sport Turismo. Hot Wheels also makes other mini EVs that don't fall into this specific line of models. If you want to collect 'em all, there's the second-generation Tesla Roadster concept, Cybertruck, Jaguar I-Pace, Pininfarina Battista, Porsche Taycan, and a Volkswagen ID R. Similarly, Matchbox has released a version of the Tesla Roadster with sustainable packaging to boot. If you must have an old school gasoline burner, Hot Wheels has plenty of options for you too, like, say, this snazzy FJ60 Toyota Land Cruiser. The 2022 Hot Wheels Green Speed series should be on shelves at your local retailers now. Related Video: