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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.

2017 Cadillac CT6 Plug-in Hybrid is the most efficient and torquey CT6 of all

Cadillac is returning to the hybrid game after discontinuing the ill-fated ELR, this time with an existing car and a new drivetrain. The company has taken its CT6 flagship and given it a turbocharged 2.0-liter four-cylinder, a pair of motors, and a big battery pack. The result of this combination is a CT6 that manages a rating of 65 MPGe, can go 30 miles on a full electric charge or 400 miles combined with the engine. The powertrain produces 335 horsepower and 432 lb-ft of torque. That's the same amount of power as the 3.6-liter V6 CT6, and more torque than that engine or the twin-turbo 3.0-liter V6. Cadillac claims the CT6 plug-in is capable of hitting 60 miles per hour in 5.2 seconds and reaching a top speed of 150 mph. The green and grunty CT6 plug-in will be available this coming spring, and it will have a premium price of $76,090. Cadillac says that its equipment list is comparable to the CT6 Premium Luxury trim level, which starts at $64,590 with the 3.6-liter V6, and $68,590 with the twin-turbo V6. However, in addition to the hybrid powertrain, Cadillac throws in a number of features that are options on the conventional gasoline models. To get the hybrid's rear seat infotainment system and enhanced night vision, a buyer would have to add $5,800 in option packages. That still leaves the twin-turbo model $1,700 shy of the hybrid, but that's not a terrible trade for the option of fuel-free driving for at least some of the time. Related Video: Featured Gallery 2017 Cadillac CT6 Plug-in Hybrid View 15 Photos Image Credit: Cadillac Green LA Auto Show Cadillac Hybrid Luxury Sedan cadillac ct6 2016 LA Auto Show

Cadillac shows 2015 Escalade interior

Following the reveal of the new GMC Yukon, Chevy Tahoe and Suburban, the next in line is Cadillac, which is set to unveil the new Escalade on October 7 in New York. And in the lead-up to the reveal, the company has released this third teaser image, giving us a good glimpse of the 'Slade's interior.
Or part of the interior, we should say, because while the image above clearly shows the new dashboard and center console, as well as parts of the front seats and interior door panels, the Escalade is most certainly not a two-seat coupe. The outgoing Escalade can accommodate up to eight in either standard or ESV form (but not in EXT pickup configuration), and the new model promises to deliver the same, and we're curious to see what Cadillac has in store for the rear passenger compartment.
Compared to its more accessible counterparts, the new Escalade clearly offers a more upscale environment than even the uplevel Yukon Denali, with softer-looking leather, richer wood veneer and a waterfall center infotainment console that's different from the more modular design in the Chevy and GMC. The steering wheel is also unique and the instrument cluster appears to meld more smoothly across the dashboard, but the door mirrors, wide center armrest, column shifter and A-pillar grab handle all look like they were carried over from the Escalade's platform mates.