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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.

Autoblog Minute: Finalists announced for 2016 Tech of the Year award

Here are the finalists for Autoblog's 2016 Technology of the Year award. Autoblog's Chris McGraw reports on this edition of Autoblog Minute, with commentary from Autoblog executive producer Adam Morath, AutoblogGreen editor-in-chief Sebastian Blanco, and Autoblog senior editor Alex Kierstein. Show full video transcript text [00:00:00] It's Fall here in Detroit and for us that means it's time for football, autumn beers, and the fourth annual Autoblog Tech of the Year awards. I'm Chris McGraw and this is your Autoblog Minute. Tech of the Year is one of our favorite things here at Autoblog. It's a time when we get celebrate all the best tech from the industry we love most. [00:00:30] - [00:01:00] [Commentary form Adam Morath, Sebastian Blanco, Alex Kierstein] Past winners include, Tesla's Supercharger network, FCA's Uconnect system and the BMW i8. In 2016 we're doing something a little different for Tech of the Year. We've separated our award into two categories. One award for best tech car, and a second award for best technology of the year. The nominees for best car in 2016 are: [00:01:30] the Tesla Model S, the Chevrolet Volt, and the BMW 7 series. The nominees for best tech in 2016 are: Apple CarPlay, Android Auto, Volkswagen's MiB II with AppConnect, Ford Sync 3, Audi's Virtual Cockpit, the Smart Cross Connect App, and Volvo Sensus. [00:02:00] We're going to announce Autoblog's Tech of the Year winners in January at the 2016 North American International Auto Show, in Detroit. For Autoblog, I'm Chris McGraw. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. Green BMW Chevrolet Ford Hummer smart Tesla Volkswagen Volvo Technology Infotainment Autoblog Minute Videos Original Video

GMC Hummer EV revealed as a 1,000-hp, 350-mile, fast-charging beast

The 2022 GMC Hummer EV has finally been revealed, and it certainly looks the part. It has chunky, squared-off styling, big tires pushed to the edges, and a towering fascia. But it’s not a case of form over function. On the contrary, the Hummer EV is has some pretty wicked technology and gear under the skin. The first version of the Hummer EV that will be available is the tricked-out Edition 1. It features three electric motors, which allows for torque vectoring. These motors make 1,000 horsepower, though GMC still hasnÂ’t given real-world torque numbers. The motors are fed by a 24-module Ultium battery pack. The pack can provide an estimated 350 miles or more of range. Not only that, but it supports 800-volt fast charging up to 350 kW. ThatÂ’s comparable to PorscheÂ’s charging system, and GMC says it can add an extra 100 miles of range in just 10 minutes. Later, a two-motor Hummer EV and a three-motor version without torque vectoring. The Hummer EV rides on fully independent suspension with adaptive air shocks. They can provide continuous damping adjustments for comfort, and have a height adjustment range of 6 inches. When set in its max-height off-road mode, it has two additional inches of ground clearance, and the "Extract Mode" will lift it six inches higher than default. The Edition 1 model also comes with standard 35-inch mud terrain tires, and combined with the suspension, the Hummer EV has a fording depth of 2 feet and the capability to climb over an 18-inch vertical obstacle. Owners will be able to easily add more clearance since GMC made the wheel arches large enough to accommodate aftermarket 37-inch tires. Additional off-road goodies include skid plates along the chassis, rock sliders, the previously covered four-wheel steering with Crab Mode diagonal driving, and 18 camera views including angles under the truck for getting over rocks. Those cameras feature sprayers, too to keep them clean. Detailed information on torque output, torque vectoring, tire pressure, vehicle angles and more are also displayed on the infotainment screen. Speaking of that infotainment screen, itÂ’s a massive 13.4 inches and is paired with a 12.3-inch instrument display. They feature proudly in a squared-off, rugged-looking interior. The Hummer EV will get the latest version of Super Cruise, complete with automatic lane-changing. The Edition 1 gets the removable roof panels as standard, and those roof panels are clear, so you can still get some sun with them in place.