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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 teases Hummer EV's removable roof panels

Today was supposed to be the day that GM took the wraps off its GMC Hummer EV. We were told as much during the Super Bowl commercial, but GM revised it to an undecided future date, citing the coronavirus as the reason. Instead of the big reveal, we have a teaser.  The Hummer EV is going to feature removable roof panels, and now we get a better look at them. There are four roof panels and a front T-bar that come out of the truck. You can see what that looks like in the video at the top of this post. Comparisons to Jeep are obvious as the open-air experience is likely similar to the Gladiator and Wrangler with their hardtop roof panels removed. That zero-limits slogan makes a bit of sense from this respect. With the sheer number of roof panels, we suspect a single person will be able to remove them alone. In addition to the video of the roof, we get a small peek at the massive digital screens the Hummer will be sporting. Check them out at the bottom of the photo below. They appear to be two large slabs, separate from each other. Other details are scarce on the ground. We’re not sure when the Hummer will make its grand entrance at this point, but are still excited to see the 1,000-horsepower truck hit the road. GMC is still advertising the 0-60 mph time of just 3 seconds, too. The latest tidbit of news suggests that further teasers might be coming, so we could be in for a rather drawn out reveal process. Our senior green editor John Snyder got to see the GMC Hummer in person earlier this year at GMÂ’s EV Day and described it like this: “ItÂ’s a big, off-road-ready pickup complete with giant all-terrain rubber and tow hooks. It features removable roof panels for access to the open sky, which appears to be depicted in the teaser above. It features sail panels behind the C-pillars, similar to those on the Chevy Avalanche and Honda Ridgeline. Its bed was concealed with a tonneau cover, but it sported GMCÂ’s MultiPro tailgate that we first saw on the Sierra Denali. Interior photos showed a spacious interior with blocky shapes, squared hourglass vents that mirror the look of the taillights and a lunar theme that incorporates the topography of the Sea of Tranquility into things like the floor mats and speaker covers. It also has a large infotainment screen as well as a digital instrument panel.” Related video:

GM crab walked the Hummer EV truck up and down Woodward this weekend

Sometimes, manufacturers like to show off their fancy new wares at the Woodward Dream Cruise. It’s largely done through static showcases with big displays for the public to gawk at. However, GM did something a little different with its GMC Hummer EV truck this year. Instead of parking it at the Chevy and GM display area, it took to Woodward Avenue itself to show off the Hummer in pre-production form. Not only did GM drive the electric truck on the road in front of thousands, but it crab walked the whole way. This was our first time, and probably most of the publicÂ’s first time seeing the Hummer EV crab mode in person. Judging from the crowdÂ’s reaction (GM got its wish of everybody paying attention), folks are impressed, and maybe a bit confused at the HummerÂ’s sideways movements.  ItÂ’s a strange spectacle to see in person. At first, the truck appears as though itÂ’s sliding sideways on ice in a smooth, graceful slide. ThatÂ’s because even though the wheels are turned, the front of the truck is still pointing dead straight ahead. The GM employee behind the wheel of the prototype appeared to be moving forward at about 5-10 mph — it appears shockingly quick in person for the way this behemoth of a truck presents itself. The tech making it work is rather simple in concept. GM simply took existing rear-wheel steering technology, then amplified and modified it for this type of movement. Whereas most cars with rear-wheel steering max out at around 5 degrees of lock with the rear wheels, this Hummer can turn the wheels up to 10 degrees. Turn the wheel left or right in crab mode, and the Hummer moves diagonally down the street. If you use it for its intended purpose, crab mode is meant to help you navigate the Hummer through trails it might otherwise be too big to fit through using regular steering. In reality, we suspect most folks might use crab mode in the exact same fashion as GM did this past weekend: to impress people. And honestly, we canÂ’t blame them. It was a seriously cool sight to see. Crab mode in action: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.