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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.

Hummers are for Horses: Artist reimagines the monsterous SUV [w/video]

Horse-drawn Hummer H2 - Click above to view the video after the jump
When the internal combustion engine finally helped the automobile pass the horse-drawn carriage as the chosen method of transportation for a majority of citizens in the United States, that a step in the right direction. Right? Moving forward about a hundred years... when the behemoth Sport Utility Vehicle that never actually seems to venture off the beaten path passed the minivan in the hearts and minds of families across the country as the people-mover of choice, was that a step in the right direction?
If you answered no to either of the above questions, perhaps you'll enjoy the video pasted after the break. Created by artist Jeremy Dean (read about our initial post on the project here), the converted Hummer H2 is called Futurama and is pulled by two white horses named, appropriately enough, Duke and Diesel. Hummers are for horses? See for yourself.

Team Miller Fisher finishes the 20th Anniversary Rallye A"icha des Gazelles

Team Miller Fisher finishes the Rallye Aïcha des Gazelles - Click above for high-res image gallery
Team Miller Fisher has crossed the finish line of the Rallye Aïcha des Gazelles - in a Hummer H3 driven off a Parisian dealer's lot - and battled from 51st to 12th out of 98 teams after a mistake on the first leg. The Rallye Aïcha, a six-stage trek through the desert, allows no use of GPS, no pace notes, no cell phones, and no binoculars. Pilots and co-pilots find their way between checkpoints with maps, compasses and pencils, and whoever completes the journey in the shortest distance, wins.
The race was made even harder this year by using not the 1:100,000-scale maps of years past, but scraps of paper with increasingly less route information as the race went on. Olympic skier and co-pilot Wendy Fisher wrote to say, "This continues to be the hardest thing I have ever done in my life. An unbelievably tough event. Days were SO long, almost impossible to get all of the checkpoints."