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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.

IIHS: High numbers of drivers treat partially automated cars as fully self-driving

WASHINGTON — Drivers using advanced driver assistance systems like Tesla Autopilot or General Motors Super Cruise often treat their vehicles as fully self-driving despite warnings, a new study has found. The Insurance Institute for Highway Safety (IIHS), an industry funded group that prods automakers to make safer vehicles, said on Tuesday a survey found regular users of Super Cruise, Nissan/Infiniti ProPILOT Assist and Tesla Autopilot "said they were more likely to perform non-driving-related activities like eating or texting while using their partial automation systems than while driving unassisted." The IIHS study of 600 active users found 53% of Super Cruise, 42% of Autopilot and 12% of ProPILOT Assist owners "said that they were comfortable treating their vehicles as fully self-driving." About 40% of users of Autopilot and Super Cruise — two systems with lockout features for failing to pay attention — reported systems had at some point switched off while they were driving and would not reactivate. "The big-picture message here is that the early adopters of these systems still have a poor understanding of the technologyÂ’s limits," said IIHS President David Harkey. The study comes as the National Highway Traffic Safety Administration (NHTSA) is scrutinizing Autopilot crashes. Since 2016, the NHTSA has opened 37 special investigations involving 18 deaths in crashes involving Tesla vehicles and where systems like Autopilot were suspected of use. Tesla did not respond to requests for comment. Tesla says Autopilot does not make vehicles autonomous and is intended for use with a fully attentive driver who is prepared to take over. GM, which in August said owners could use Super Cruise on 400,000 miles (643,740 km) of North American roads and plans to offer Super Cruise on 22 models by the end of 2023, did not immediately comment. IIHS said advertisements for Super Cruise focus on hands-free capabilities while Autopilot evokes the name used in passenger airplanes and "implies TeslaÂ’s system is more capable than it really is." IIHS in contrast noted ProPILOT Assist "suggests that itÂ’s an assistance feature, rather than a replacement for the driver." NHTSA and automakers say none of the systems make vehicles autonomous. Nissan said its name "is clearly communicating ProPILOT Assist as a system to aid the driver, and it requires hands-on operation.

Sega's 'Hummer Extreme Edition' may be the most 2000s arcade racing game ever

There's a reason GM is leaning on the Hummer name for its upcoming electric truck, and it's because it has amazing name recognition. No matter who you are, you know the name, and there's probably a lot of imagery you associate with it, both good and bad: big, brash, capable, in-your-face. Of course a lot of this was in vogue in the 2000s, so it shouldn't have come as a surprise that there was an entire arcade game based on the brand called "Hummer" and "Hummer Extreme Edition" by Sega. Though, ironically, it launched in 2009, just as Hummer was near its death. And, man, this game sure exemplifies the brand. There were a number of different form factors for the game, all of which involved a car seat, wheel and pedals, and they all had bright yellow paint and some representation of the brand's most polarizing model, the H2, sitting over the screen or behind the seat. Some flyers indicate that some machines could be had in less garish black, green or red colors, but we doubt they were as popular. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Watching actual gameplay, captured by YouTube user iPlaySEGA, "Hummer Extreme Edition" appears to stay true to the brand identity with the SUVs smashing through big outdoor race courses. There's a big emphasis on the smashing part, as that, along with jumps and stunts rewards the driver with extra boost to get ahead of the competition. Players have a choice among the H1, H2 and H3, and each one has modified variants with either meaty tires and brush guards, or slammed on giant wheels with neon and sound systems. According to a description from arcade machine vendor Primetime Amusements, the machine featured four tracks, the ability to link up to four machines for multiplayer, a force-feedback steering wheel and a 32-inch LCD display. Since the game was launched in 2009, it may be difficult to find an example at a local arcade, but it seems like one worth keeping an eye out for. It is possible to purchase one used from various online arcade retailers. A British retailer called Liberty Games is offering a two-person setup for the not unsubstantial price of 9,999 pounds, which comes to just over $13,000. We'd recommend looking for an arcade with one, or, at that price, actually buying a real Hummer H2. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.