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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.

Electric Cadillac Lyriq, Chevy Bolt EUV and more GM electric cars are on the way

GM’s murky and somewhat secretive electric car plan is falling into place, as the company dumped a massive amount of information about whatÂ’s in the pipeline at an event at its Warren, Michigan campus today. New EVs are going to be popping up across the GM brand lineup, with new entries from Chevrolet, Cadillac, GMC and Buick in progress. We also learned some big news about GMÂ’s new Ultium battery tech today, but check out this story for all of those nitty-gritty details. The electric vehicle onslaught will begin with the Cadillac Lyriq, an electric SUV thatÂ’s already been teased out. Naming it the Lyriq is the news today. No explanation for the name was provided, so weÂ’ll have to wait for April to learn more. GM didnÂ’t specifically say if the Lyriq would be launched at the NY Auto Show, but that show (assuming coronavirus doesnÂ’t cancel it) will begin on April 8 this year. Next up in the order of events is the GMC Hummer electric truck that we know will be launching on May 20. This truck will use GMÂ’s modular Ultium battery technology. However, the wait to buy a GMC Hummer will be a long one, as the truck isnÂ’t going to dive into production until fall 2021 at GMÂ’s Detroit-Hamtramck plant. GM revealed that its new modular Ultium batteries can be configured anywhere from a 50 kWh pack to a 200 kWh pack depending on the application. Range is estimated to be about 400 miles on the upper end with the largest battery pack, and GM continues to boast about a 0-60 mph acceleration time of three seconds. Charging estimates for the Ultium battery-equipped Hummer EV were also provided. GM says its truck platform will have 800-volt battery packs and be capable of 350 kW fast-charging. Time estimates werenÂ’t given, but those numbers suggest the truck will be a rapid charger. The Hummer truck on hand, which was the same that previously starred in GMC's Super Bowl spot, showed off removable roof panels that store in the frunk, as well as what appeared to be a version of GMC's Multi-Pro tailgate. It also featured sail panels on the sides, similar to those in front of the bed of the Chevy Avalanche. In addition to the Hummer, expect to see a couple Chevys launching. GM says the refreshed Bolt EV will be launched “in late 2020” with a refreshed interior and what appear to be thicker front seats.

GMC Hummer EV recalled over improperly sealed battery pack

Over 700 units of the GMC Hummer EV built during the 2022 and 2023 model years will be recalled due to an improperly sealed battery pack that lets water in. The firm issued a stop-delivery order at the same time as the recall, and it hasn't found how to fix the problem yet. Assigned recall number 22V-771 by the National Highway Traffic Safety Administration (NHTSA), the campaign includes 735 examples of the Hummer EV and 89 units of the BrightDrop Zevo 600 van. These two vehicles are pegged on opposite ends of the automotive spectrum, but they're affected by the same problem: "the high-voltage battery pack enclosure in some of these vehicles may not have been properly sealed," GMC notes, adding that "flanges on the battery pack enclosure may not have been properly primed or electrocoated." Water can wreak havoc in a high-voltage battery pack. GMC told NHTSA that it has found three EVs with this problem: an internal test vehicle that lost power while driving and two customer-owned vehicles that wouldn't start. As of writing, the firm is not aware of any accidents, injuries, or fires related to the issue, and GMC estimates that only about 1% of the recalled EVs are affected. GMC began notifying dealers of the recall in October 2022, and it plans to start reaching out to owners on November 28, 2022. However, a fix hasn't been found yet. In the meantime, the company issued a stop-delivery order and asked dealers not to attempt their own repairs. This isn't the Hummer EV's first run-in with water-related problems. In August 2022, General Motors voluntarily recalled 424 units of the Hummer EV and the Zevo 600 van due to a high-voltage connector that can prematurely corrode. The problem also let water leak into the battery pack, though it sounds like fixing it was reasonably straight-forward and involved applying sealant to the connector. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2022 GMC Hummer EV Edition 1 First Drive View 17 Photos Green GMC Hummer Truck Electric