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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.

Cadillac calling in 4,900 CTS-V models for brake issue

General Motors is recalling just over 4,900 first-generation Cadillac CTS-V sedans built between September 6, 2003 and June 11, 2007. The affected vehicles are largely registered in cold weather states where rock salt is used on roads. The salt could corrode the front brake hose's fitting in the brake calipers, which could lead to a brake fluid leak, the National Highway Traffic Safety Administration's bulletin reads. Needless to say, that would make slowing down the Corvette-powered Caddy a challenge. The affected vehicles were registered and/or sold in the following states: Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin, and the District of Columbia. GM is set to begin notifying owners of the affected vehicles, who will need to report to dealers to have both front brake hose assemblies replaced. Repairs are, naturally, free of charge. Scroll down for the official NHTSA bulletin. Report Receipt Date: APR 15, 2015 NHTSA Campaign Number: 15V225000 Component(s): SERVICE BRAKES, HYDRAULIC Potential Number of Units Affected: 4,907 Manufacturer: General Motors LLC SUMMARY: General Motors LLC (GM) is recalling certain model year 2004-2007 Cadillac CTS-V vehicles manufactured between September 6, 2003, and June 11, 2007, currently registered, or originally sold, in Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin and the District of Columbia. In the affected vehicles, snow or water containing road salt or other contaminants may corrode the front brake hose fitting at the caliper. CONSEQUENCE: Corrosion may cause the brake system to leak which could lengthen the distance needed to stop the vehicle and increase the risk of a crash. REMEDY: GM will notify owners, and dealers will replace both front brake hose assemblies, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Cadillac customer service at 1-800-458-8006. GM's number for this recall is 15149. Note: This recall is an expansion of recall 10V-105. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

2015 Cadillac ATS Coupe First Drive

Save for a few years of its century-plus existence, Cadillac has offered its unique brand of American elegance in two-door, fixed-roof bodystyles. Most of these cars were big, floaty barges, of course, though its most recent offering was the wedge-shaped CTS Coupe. But whereas the CTS Coupe was a statement car – angular and severe, with somewhat limited appeal except to design snobs and provocateurs – the ATS Coupe represents a return to form for Cadillac, with a proper three-box (engine-cabin-trunk) body and a slightly lower price point that should broaden its appeal among a larger swath of the market. Generally speaking, the 2015 ATS Coupe is a two-door version of the sporty ATS Sedan, though, surprisingly, the only common exterior components are the hood, headlamps, and sundry trim pieces on the front fascia (which features a slightly larger grille, a wider lower air intake, and the redesigned, laurel-less Cadillac crest). Even the mirrors are different. The body stretches 0.8 inches in length and 1.4 inches in width, the roof is 1.1 inches lower and the rear windscreen slopes at a flatter, sleeker angle. Interestingly, the windowsills are actually quite a bit lower, further slimming the car. Thanks to its 0.8-inch wider front and rear wheel tracks as well as more tumblehome in the C-pillar area, the coupe sits lower and looks more planted than the ATS sedan, particularly from the rear three-quarter view. Filling the wheel wells is a family of slick 18x8-inch wheels, with 18x9-inchers coming on the rear axle of performance models. Even if all those changes haven't resulted in a wholly new look the way the CTS Coupe departs from its sedan progeny, the ATS two-door is a truly beautiful car that looks considerably better on the road than on a show stand. And for that, Cadillac deserves mighty praise. The ATS two-door is a truly beautiful car that looks considerably better on the road than on a show stand. It is a proper coupe, of course, and as such is saddled with the expected limitations that accompany modern two-door packaging, notably rear seat access and limited rear headroom. Since the floorpan is common to both bodystyles, rear legroom is the same as the sedan's, though headroom shrinks a considerable 1.8 inches, making it hard for even average-sized adults to sit back there without their heads touching the window glass.