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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.

Cool car technology is cool until it breaks

Ah, technology – the beautiful date that impresses all your friends but costs you a fortune to keep happy, up-to-date, and working. Automotive News puts some numbers to the economic toll we're paying to jockey this technological Trojan horse, an analysis it sums up with "Technology is great - until you have to replace it." Back in 2000, for instance, you could replace a Cadillac Escalade taillight lens for $56.08, or replace the entire unit for $220.49. Crack the rear lens on your 2015 Escalade and you have to buy a new unit for $795 - there's no such thing as just replacing a lens anymore. What about headlights? It was $210 for an Escalade headlight in 2000, it's $1,650 for the current unit (pictured). This is nothing we didn't know, these are just hard numbers to demonstrate it. Edmunds recently provided the same with its sledgehammer-bashing of the 2015 Ford F-150, Tesla Model S buyers have been shrieking about repair costs to their electric sedan's all-aluminum bodywork, and used-car sites are full of articles about which expensive-to-repair features to steer clear of if you want to avoid big repair bills. Those expensive bits increase the price of a car - Kelley Blue Book says the average price of a car is now more than $33,000 - and that raises rates for repairs and insurance. This comes in spite of some carmakers that have been collaborating with insurance companies and repair shops at the design stage in order to engineer parts that are easier and less expensive to replace. But the tech can have its cost-saving benefits: a 2011 study by the Highway Loss Data Institute found that Volvos fitted with that company's City Safety feature "filed 27 percent fewer property-damage liability claims" than luxury SUVs without it, and just last month the Insurance Institute for Highway Safety called adaptive headlights one of the top four crash-preventing technologies on cars today (after coming out against them in 2006). So yes, the technology costs a mint when it needs to be fixed - but being able to avoid an accident in the first place might make it worth it. News Source: Automotive News - sub. req.Image Credit: Copyright 2015 AOL Cadillac Car Buying Used Car Buying Auto Repair Insurance Maintenance Safety Technology Luxury replacement parts

De Nysschen says Cadillac will be ready for a $250,000 model in 15 years

Cadillac president Johan de Nysschen has some very, very lofty goals for the American luxury car manufacturer. That's according to a new report from Reuters, where the former Audi and Infiniti exec says that Cadillac is only 15 years away from selling a $250,000 car. "It is too early today for a $250,000 Cadillac," de Nysschen told Reuters at the LA Auto Show. "Fifteen years from now, it won't be." Now, provided de Nysschen doesn't envision a future of hyper-inflation, where an ATS rings up at $200K and a CTS at $225,000, the idea that Cadillac could sell a car worth a quarter-of-a-million dollars in just 15 short years is the very definition of ambitious. That's doubly true when you realize that, at present, Cadillac's most expensive vehicle is the Escalade ESV Platinum, which costs no more than $97,940, while de Nysschen said the upcoming CT6 sedan will be priced "in the 70s." What do you think? Could a Cadillac that costs well over twice as much as the brand's most expensive current vehicle be a reality in the distant future? Or is de Nysschen aiming too high too soon? Let us know what you think in Comments. News Source: ReutersImage Credit: Jae C. Hong / AP Cadillac Luxury cadillac ct6