GM Raises 2023 Profit Outlook as Car Buyers Continue to Splurge

General Motors Co. raised its full-year profit outlook for the year, citing consumers’ willingness to spend big on high-end models, even as the Detroit auto maker tightens its own belt. 

On Tuesday, GM reported first-quarter pretax profit that blew past analysts’ forecasts. The nation’s largest auto maker by sales said it lifted 2023 profit guidance because the results for the January-to-March period outpaced expectations and cost savings from a recent employee-buyout program are flowing to the bottom line.