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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.

Out With A Bang: Hummer dealer giving away free shotgun with every new vehicle purchase

Lynch Hummer dealership in Chesterfield, Missouri - Click above for image gallery
You've heard of art imitating life? Well how about life imitating war? That's another story entirely, but not so far fetched when it comes to the Hummer. The sport-'ute that met the public eye during Operation Desert Storm has all but completely gone through its entire life cycle in the intervening years: first as a military-only vehicle, the original model became available to the public, then GM bought the rights and started churning out pickup-based H2s and H3s, the U.S. armed forces went back Iraq, the original H1 was discontinued and now GM is preparing to wind down the brand entirely. But not before one last pistol-shootin' hoorah, courtesy of the one dealership that arguably sees the truck for what it is more than any other: Lynch Hummer.
The St. Louis-area franchise made headlines last year when they started filling their emptying showroom with gun racks, selling firearms to make up for dwindling sales in the gigantic SUVs. Now the dealership is connecting the dots with a one-of-a-kind promotion: Buy a Hummer, get a free shotgun.

Woman recorded by motorcyclist texting while driving turns herself in because Canadians

A Newfoundland driver surrendered herself to Ottawa authorities and is facing numerous charges after being caught texting and driving in a viral video this week. On August 27, a motorcyclist named Erik Hannah from Ottawa uploaded a helmet cam video to Facebook which showed his run-in with a woman texting while driving a Hummer SUV with Newfoundland plates. During the course of his interaction with the Hummer driver, Hannah recorded her texting and driving and studiously ignoring his presence. She sat still at green lights and drove slowly while glued to her phone Eventually he rode away, but she sped up and cut him off in his own lane, nearly striking him in the process. He followed her after the near collision and confronted the woman. He told her he had her actions on camera. She wasn't impressed and drove off. He attempted to follow her again, but lost her. The video went quickly viral, racking up more than a million views in short order. He also turned the video over to Ottawa police who attempted to track down the Hummer driver by tracing the SUV's plates which were clearly seen in the video. As of August 30 however, Ottawa Police were less than sanguine about finding the culprit. "If she has watched the news or read the papers and wants to turn herself in, come and see us," said Sgt. Mark Gatien of the OPD's Traffic Enforcement Unit. "We'll give her two tickets and she will be on her way." Despite the OPD's misgivings, the Hummer driver turned herself in on September 1 after becoming an unwitting minor internet sensation. According to the CBC, the Hummer driver turned herself over to police and has been charged for the incident. She faces three charges for her reckless behavior, including distracted driving and careless driving. Related Video: News Source: CTV Ottawa, CBC, Ottawa Citizen Auto News Weird Car News Hummer Driving Safety distracted driving helmet cam newfoundland