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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.

GM recalls Chevy Impala, Cadillac XTS for braking problem

Back in April, General Motors launched an investigation into braking issues affecting the 2014 Chevy Impala. Now there's a recall of both the Impala and the Cadillac XTS with which it shares its Epsilon II platform.
The issue apparently revolves around the electronic parking brake, which may not properly disengage. As a result, the rear brake pads could rub the rotor even while the vehicle is in motion, causing "significant heat, smoke and sparks." The earlier investigation had been launched following a complaint regarding the forward collision avoidance system, which is now either appears to have been unrelated or possibly a symptom of this larger issue.
The recall affects 2013-15 XTS models manufactured between February 14, 2012, and August 22, 2014, as well as 2014-15 Impalas manufactured between January 15, 2013, and August 22, 2014. The total number of affected vehicles reported by the National Highway Traffic Safety Administration comes to precisely 132,921 units, while The Detroit News reports a higher total of 205,000 units - the difference potentially coming down to the scope within the US and more broadly across North America. Dealers will contact owners to update the software in order to fix the problem.

Cadillac issues stop-sale on recalled CTS, SRX

General Motors has issued a stop-sale order on the Cadillac CTS and SRX, both of which were recalled late last month. Why the stop-sale after all this time? Well, um, GM apparently doesn't know how to fix them.
The stop-sale covers all used Cadillac CTS sedans, coupes and wagons from model years 2003 to 2013, as well as new 2014 coupes and wagons. The SRX crossover stop-sale, meanwhile, only covers used vehicles from model years 2004 to 2006.
Automotive News reached out to GM spokesperson Alan Adler, who told the news pub that the company's engineers were "looking at one common solution" for the affected vehicles, although "they don't have it yet."