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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.

GM crab walked the Hummer EV truck up and down Woodward this weekend

Sometimes, manufacturers like to show off their fancy new wares at the Woodward Dream Cruise. It’s largely done through static showcases with big displays for the public to gawk at. However, GM did something a little different with its GMC Hummer EV truck this year. Instead of parking it at the Chevy and GM display area, it took to Woodward Avenue itself to show off the Hummer in pre-production form. Not only did GM drive the electric truck on the road in front of thousands, but it crab walked the whole way. This was our first time, and probably most of the publicÂ’s first time seeing the Hummer EV crab mode in person. Judging from the crowdÂ’s reaction (GM got its wish of everybody paying attention), folks are impressed, and maybe a bit confused at the HummerÂ’s sideways movements.  ItÂ’s a strange spectacle to see in person. At first, the truck appears as though itÂ’s sliding sideways on ice in a smooth, graceful slide. ThatÂ’s because even though the wheels are turned, the front of the truck is still pointing dead straight ahead. The GM employee behind the wheel of the prototype appeared to be moving forward at about 5-10 mph — it appears shockingly quick in person for the way this behemoth of a truck presents itself. The tech making it work is rather simple in concept. GM simply took existing rear-wheel steering technology, then amplified and modified it for this type of movement. Whereas most cars with rear-wheel steering max out at around 5 degrees of lock with the rear wheels, this Hummer can turn the wheels up to 10 degrees. Turn the wheel left or right in crab mode, and the Hummer moves diagonally down the street. If you use it for its intended purpose, crab mode is meant to help you navigate the Hummer through trails it might otherwise be too big to fit through using regular steering. In reality, we suspect most folks might use crab mode in the exact same fashion as GM did this past weekend: to impress people. And honestly, we canÂ’t blame them. It was a seriously cool sight to see. Crab mode in action: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mil-Spec 003 First Drive Review | The ultimate Hummer H1

We're in something of a golden age for automotive restomodding, and into a heady mix that includes Singer's reimagined 911s, Icon's fancy off-roaders, and lots of updated Land Rovers. The latest company with ambitions to become a top-tier custom car brand is Mil-Spec, which aims to do what the aforementioned companies do, but with the big, brash, blunt Hummer H1. And in particular, the company is aiming to make its Hummers a compelling alternative to a used Hummer H1 Alpha. The Alpha is generally considered to be the best of the breed with the most powerful diesel engine offered, larger brakes, and a nicer interior compared with its predecessors. To find out whether the company's early efforts live up to that ambition, Mil-Spec invited us to drive their third completed vehicle, Mil-Spec 003. It started life as a 1995 Hummer H1, and as with all of Mil-Spec's vehicles, it was completely disassembled, and the body and frame media-blasted down to metal. The frame and related components are then powder-coated with a black gloss finish. The truck's aluminum body, in this case a four-door hardtop pickup variant, but is coated in a resilient bedliner-like material designed for easy care. Bits of Kevlar are mixed in with the material for strength, and it can be tinted different colors and have rougher or finer textures. Underneath the body, one of the five different engines that were available on the H1, usually a diesel V8, is replaced with a 6.6-liter Duramax LBZ turbodiesel V8. This engine was available on heavy duty Chevy and GMC pickup trucks, and a related engine was used in the Hummer H1 Alpha. Whereas the engine in the H1 Alpha made 300 horsepower and 520 pound-feet of torque mated to a 5-speed automatic, the Mil-Spec's LBZ has had turbo upgrades and a different ECU tune allowing it to produce 500 horsepower and 1,000 pound-feet of torque. It's also coupled to an Allison 1000 6-speed automatic transmission. The mechanical upgrades don't stop with the engine and transmission. The inboard brakes are given drilled and vented discs, and an ARB Air Locker locking rear differential fitted. Dual auxiliary transmission coolers also make an appearance and can be switched on as needed. The 003 received 20-inch wheels with 38-inch mud terrain tires, but larger tires can be added if desired.