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GM to accelerate its EV strategy — Cadillac could be all-electric by 2025

General Motors will roll out details of an expanded and accelerated electric vehicle strategy on Thursday in an effort to convince investors it can be a serious competitor to Tesla, people familiar with the plans said. GM Chief Executive Mary Barra, who is scheduled to speak at a conference hosted by Barclays, is expected to say the automaker is ready to spend more on electric models by 2025 than the $20 billion previously outlined, the sources said. Supplier sources said previous plans to make the Cadillac brand all-electric by 2030 are being sped up, possibly to 2025, and other sources said that acceleration will be repeated in other brands and in segments such as commercial vans. Asked about the Thursday appearance, a GM spokeswoman called talk of increased spending speculative and declined to give details. The Detroit automaker is also expected to discuss a new timeline for many of the EVs to follow those already identified, such as the GMC Hummer EV pickup and Cadillac Lyriq crossover, people familiar with the plans said. Lyriq (shown above) is slated to go into production in late 2022, but GM officials have been stung by criticism the automaker was bringing the vehicle to market too late, one source said. "The pull-ahead in programs is real and the organization is really doubling down on speeding up product development," the source said. Barra and other GM executives have been signaling the automaker's EV acceleration plans. She said earlier this month GM would boost capital spending over the next three years to speed EV development and was talking with other automakers about partnerships to develop more vehicles using GM's battery technology. Last week, a GM executive said the company had pulled forward the rollout of two "major" EV programs, and GM officials have touted the faster 18-month development time for the Hummer truck. Tesla's soaring market capitalization, and growing pressure from regulators to phase out carbon-emitting engines, has put pressure on established automakers to respond to investors who view their internal combustion lineups as outmoded and doomed in the long run. A critical part of GM's pitch to investors has been its new Ultium batteries, which it estimates will offer an electric driving range of 400 miles or more on a single charge. It is building a battery plant with Korean battery maker LG Chem in northeast Ohio.

Army's first surplus Humvee auction brings in $744,000

The first public auction of surplus US Army Humvees has came and went, and to call it a rousing success would be a major understatement. Auctioneers IronPlanet Inc., unloaded 25 trucks on behalf of the Department of Defense's Defense Logistics Agency. Bidding started at a meager $10,000 for the privilege of driving home in America's most iconic military vehicle. With $744,000 changing hands, the average Humvee crossed the block for just under $30,000, while the highest winning bid was $41,000, for a 1994 vintage, and the lowest winning price was $21,500, Military.com reports. If those prices seem a smidge low, it's because they are. A quick check of AutoTrader revealed that, nationwide, the cheapest Hummer H1 was up for grabs for $31,300, while the most expensive, a 2006 H1 Alpha, was going for $149,995. Of course, there's a good reason you might want to consider the civilian model, as Military.com explains it. AM General, the Humvee's manufacturer, is pretty unequivocal on its website, saying, "The Humvee was designed for a military mission and was not designed to meet civilian safety standards." It gets worse, though. "AM General does not endorse nor support the sale of these military vehicles to the general public or private entities. AM General further opposes any use of these military vehicles by individuals or entities outside of the military context for which the vehicles are designed. AM General does not sell the military vehicle or service parts for the military vehicle to the general public." Somehow, though, we doubt that will stop those that are truly interested in the brutish military vehicle. The 25 Humvees sold in this first auction had simply been gathering dust at Utah's Hill Air Force Base, according to Military.com. Considering this auction's success, and the fact that there are apparently 4,000 more surplus Humvees sitting about, we doubt this will be the last time the military turns to auction houses to unload inventory. News Source: Military.comImage Credit: SFC Michel Sauret / US Army Hummer Auctions SUV Military Off-Road Vehicles humvee

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.