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Luxury carmakers make way more than just cars

Whether it's as simple as Ferrari offering model cars or as opulent as Bugatti with an $84,000-belt buckle, practically every automaker does more than just sell cars to keep their brands visible. The profits from these ventures might not be enough to keep the lights on, but in such a competitive industry, any extra cash is welcome. For the automakers that get licensing just right, there is a ton of profit to be made. According to a recent story examining the practice by The New York Times, Ferrari makes around $2.6 billion from merchandising each year, and General Motors tops that at $3.5 billion. Beyond just a profit center, merchandising can also protect an automaker's name. Take Hummer for example. The GM division shut down years ago, but it has continued to produce licensed cologne on sale around the world. "Because we still have the active fragrance, we're protecting the brand if we ever decide to bring it back," Gene Reamer, a GM licensing senior manager, told the Times. The whole piece is a fascinating look into this often ignored, but quite lucrative facet of the auto business. Read it for yourself, here. Related Video: News Source: The New York TimesImage Credit: Luca Bruno / AP Photo Design/Style Earnings/Financials Marketing/Advertising Read This Ferrari GM Hummer branding

2022 GMC Hummer EV Drivers' Notes: We can't stop talking about Crab Walk

The 2022 GMC Hummer EV Pickup defies reason and sense in most ways. It’s a pickup that weighs over 9,000 pounds, but will do the 0-60 mph sprint in around 3.0 seconds. That sounds like something to be afraid of, but itÂ’s also something you want to experience. ItÂ’s a feat of engineering to make something so heavy move so quickly, but thatÂ’s what the EV revolution has brought upon us. GMC gets the Hummer up and moving as quickly as it does with three electric motors — one in front and two in the rear — that combine for a nutty 1,000 horsepower and 1,200 pound-feet of torque. All of that power is unleashed in Watts To Freedom (WTF) mode. Your seat starts rumbling; the air suspension lowers you to the ground, and an electrifying soundtrack is played over the speakers to match your throttle applications. Launching this supertruck is an event every single time, but due to its extra-high ride height and off-road chops, sending it down your favorite trail is, too. That is, assuming said trail is wide enough to fit the gargantuan Hummer. Those knobby all-terrain tires keep the Hummer from being even mildly entertaining when you explore the truckÂ’s handling Â… but who cares. Our specific tester is an Edition 1 model, which means it comes fully loaded with every option you can imagine. As such, its price is $110,295. For the amount of performance and capability on display here, that number sounds surprisingly right. ItÂ’s also befitting the HummerÂ’s status as a supertruck, wherein you get everything youÂ’d ever want in one go-anywhere do-anything package. Editor-in-Chief Greg Migliore — The Hummer EV is the biggest rock star vehicle IÂ’ve tested in quite some time. Literally. ItÂ’s huge and attracts a ton of deserved attention. The Hummer design is spot-on, especially the grille, lights and flared fenders. It looks the part. For $110,000, it should also have some substance, and this Edition 1 delivers Super Cruise, Watts to Freedom and CrabWalk, not to mention GMCÂ’s MultiPro tailgate and the removable Sky Panel roof. It feels quick, as you would expect something with 1,000 hp to feel, and itÂ’s shockingly maneuverable. I CrabWalked down my street to show off, navigating around things on the diagonal and amusing the neighbors. Just the regular four-wheel-steering function, which functions similar to those offered by various other cars, allows the Hummer to turn easily and confidently.

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.