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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.

REWIND: Watch the GMC Hummer EV live reveal right here

It has been a long wait to see the GMC Hummer electric pickup truck, which was teased way back at the Super Bowl in February of this year. And that wait ends tonight at 8 p.m. eastern time when GM pulls the covers off the truck. You can see the whole reveal right here, or during the World Series on Fox or "The Voice" on NBC. For everything we know about the truck, go to our reveal post here. The truck should be impressive. GMC has previously announced it will have up to 1,000 horsepower, and it will have a variety of fun features such as removable roof panels and four-wheel steering that can move the truck sort of sideways with "Crab Mode." The GMC Hummer will also be available in pickup and SUV forms. So be sure to tune in tonight for one of the biggest (figuratively and literally) vehicle reveals of the year. And keep an eye on Autoblog for all the latest on the Hummer and other vehicles.

2023 Hyundai Ioniq 5 Cupholder Mega Test: Will the Nalgene bottle fit?

I absolutely adore the Hyundai Ioniq 5, and so was excited to spend a week with it when the EV landed in my driveway. When I first drove the Ioniq 5 in San Diego, though, I hadn't packed my favorite style water bottle: the big 32-ounce Nalgene. Despite it being the best, its sheer size makes it less ideal when trying to pack light for a short trip. It also means it doesn't fit in most cars' cupholders, but, without the bottle on hand, I'd have to wait until this new opportunity with the Ioniq 5 to find out if it passes the Nalgene check. So, let's get to it. Starting at pole position — the front cupholders — we find ourselves unlucky so far. It's not even close to fitting. Not unusual, but our first option for convenient access to megahydration is denied. In most instances, our next best bet is the molded pockets in the front door panels. Here we have success. It's quite a tight fit, so while our drink won't be knocking or rolling around, it's not as easy as it could be to retrieve while driving, and I'll probably eventually wear out the little plastic tether connecting the lid to the bottle, as that's the easiest thing to grab without looking. Still, I'll give these door holders a pass. How about the folks sitting in back? Where can they stash their Nalgenes? No surprise about it not fitting in the center armrest cupholders after our inauspicious start with the fronts. The fact that it won't fit in the door panels is disappointing. C'est la vie. But one more thing ... you might have noticed another potential stash up front in the storage cubby below the center stack. The Nalgene fits in there just fine, but a little bit of extra room means the bottle will be knocking around. It's actually a decent spot, and more accessible than the doors.