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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.

2022 GMC Hummer EV Edition 1 Prototype Drive Review | Let the supertruck wars begin

MILFORD, Mich. — Hummer is high on the list of vehicles we never thought would return. The gas-guzzling brutes met their demise more than a decade ago as the industry pivoted briefly to smaller cars and General Motors shed brands during its historic restructuring. Fast-forward to 2022, and HummerÂ’s revival is at hand thanks to yet another industry shift, this time to electric propulsion. ItÂ’s expensive, itÂ’s still huge and the numbers are eye-popping to the tune of 1,000 horsepower. America loves a comeback — but it loves trucks more. We briefly tested the 2022 GMC Hummer EV Edition 1 truck at the GM Proving Grounds 40 miles northwest of Detroit. Weeks from now, Hummers will start rolling off the line at GMÂ’s EV site, dubbed Factory Zero, in the Motor City. While the Hummer SUV will undoubtedly prove its worth, GM is leading with the pickup, ambitiously calling it a supertruck and eagerly touting its metrics and mojo-generating features, like CrabWalk, against the Rivian R1T, Ford F-150 Lightning, Tesla Cybertruck, as well as gas-powered off-roaders like the Ford F-150 Raptor and Ram 1500 TRX, plus various Jeep and Land Rover SUVs. (Here's our latest supertruck spec comparo). All of them have impressed us (save the Cybertruck, which only Jay Leno and a few others have driven), but the Hummer is formidable in its own right. For one thing, itÂ’s a Hummer. The negative connotations of the old Hummers melt away when thereÂ’s a 24-module Ultium battery pack powering three motors for a range of 350-plus miles on a single charge. The old model was divisive, but a lot of people paid a lot of money for them simply because they looked very cool. HummerÂ’s familiar grille makes it bold return on our tester that looms high on its 35-inch Goodyear Wrangler Territory MT tires. It certainly looks the part of a supertruck. The cabin is roomy and airy, with the removable sky panels letting in the bright fall morning. Hummer EV chief engineer Al Oppenheiser is our co-pilot for our test, and after a quick walk-through, weÂ’re off.  The first order of business is simply mashing the throttle. The Edition 1 serves up about 1,200 pound-feet of torque, and you can make use of all of that and the four-figure horsepower to hit 60 mph in about 3 seconds. We accelerate hard, blasting over some soft ground before things get a little squirrelly and can confirm the claimed time feels legit.

GMC Hummer EV infotainment built with Unreal Engine used by 'Fortnite' and 'Rocket League'

We're only a couple weeks away from the reveal of the GMC Hummer EV truck and SUV. And we're expecting a lot of boasting about impressive capability and unique features. What we weren't expecting was for its infotainment system to be built on a video game engine. That's the news that has come out of Epic Games, creators of Unreal Engine, the basis of the Hummer's infotainment system. If you've been an avid video gamer anytime in the last 20 years, Unreal Engine should be recognizable. The first version of it powered Epic's "Unreal" and "Unreal Tournament" games, and more recent versions power multiplayer hits such as Epic's "Fortnite" and Psyonix's "Rocket League." The engine has been licensed out to countless other game developers for titles by both indie developers and large game companies. But its use in the GMC Hummer will be the first time it has powered a production car's infotainment system. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Epic didn't say which version of Unreal Engine is being used in the Hummer. Presumably it's a version of Unreal Engine 4, since Unreal Engine 5 hasn't been released yet. Also, while Epic released a trailer announcing the partnership and showcasing Unreal's 3D rendering and menu developing tools, it doesn't give us a peak at what the infotainment and instruments of the Hummer will look like. The company does tout fast boot-up times, powerful graphics, and over-the-air updates as useful features included with Unreal. But for a clear look at the final product, we'll have to wait for the October 20 reveal. Related Video: