2002 Cadillac Escalade on 2040-cars

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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.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.

2016 Cadillac CT6 First Drive [w/video]

Cadillac moved to New York, renamed its cars and crossovers, and made cutting-edge technology one of its pillars. It's fighting hard to attract new customers and kill its outdated reputation as an old-man car brand in the United States. Change happens slowly, and then sometimes, all at once. Enter the 2016 Cadillac CT6. This is Cadillac's range-topping sedan. It's almost as long as the Mercedes S-Class and BMW 7 Series, yet in some configurations, it's lighter than their smaller siblings, the E-Class and 5 Series. The CT6 is a rolling showcase of General Motors' latest and best technologies, with potential breakthrough features like Super Cruise semi-autonomous driving waiting in the wings. It comes in a wide variety of flavors. The CT6 starts as low as $54,490 with a four-cylinder engine and rear-wheel drive, which is the car that Cadillac hopes will be cross-shopped with the mid-tier Germans. The top-end CT6 Platinum with all-wheel drive and the 404-horsepower V6 begins at $84,460, and it could make S-Class and 7 Series buyers rethink American luxury. Put simply, the CT6 means everything to Cadillac, but it will mean different things to its customers. It can be the executive chauffeur with all the backseat accouterments. Or it can be the massive yet somehow kinda sporty and nimble rear-wheel-drive sedan that weighs only 3,657 pounds. We tried both versions and came away impressed with both the strategy and the execution. It's a little strange to think that Cadillac doesn't offer a V8 in its biggest sedan. Taking the wheel on a sunny, cool day in rural San Diego County, we wonder if a 2.0-liter four-cylinder engine has what it takes to really move this giant. Our concerns quickly dissipate – this engine is also under the hood of the Chevy Camaro, and its 265 hp and 295 pound-feet of torque are more than up for the task. The big sedan handles curvy mountain roads adeptly. There's not a lot of roll for a car this size, even when we're aggressively whipping through tight turns. This poise comes from the CT6's rigid, lightweight aluminum and steel structure called Omega. We switch through the driving modes but settle on sport for the dash to the lunch spot. The steering is surprisingly tight and the brakes have strong response with little pedal travel. After a quick bite in an old mining town called Julian, we take off in the spotlight CT6, the Platinum trim, powered by the 3.0-liter twin-turbo V6. It's an enjoyable car to stretch out on the highway.