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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 ELR getting massive discounts, some up to $14,000

Well, that didn't go as planned. General Motors had marketed the Cadillac ELR extended-range plug-in as a premium version of the Chevrolet Volt with some Caddy refinements. Now, it looks like that premium, at least from a price standpoint, is shrinking. Shoppers in a number of states are reporting that GM and its dealers are discounting the ELR in order to move more off dealer lots. The issue is that few people are biting at the official price tag of about $76,000, so GM has started offering as much as $8,000 worth of dealer and customer incentives, Transport Evolved reports. More recently, dealers in states such as Florida, Texas and Maryland are offering discounts in the $12,000-to-$14,000 range, and that's before any federal and state plug-in incentives kick in. It's not difficult to guess why. Through the first half of the year, GM sold fewer than 400 ELRs. Last month, Caddy moved just 97 units, or about as many as Tesla sells of its Model S in a day. Perpahs recent spy shots that reveal a test ELR that appears to up the sportiness quotient, with touches such as larger wheels and brakes, will also help sales. Check out Autoblog's "First Drive" impressions of the ELR here.

Brock Lesnar does M. Bison impression on Cadillac CTS

There's no doubt that a huge amount of physicality is required to survive night after night in the ring as a professional wrestler. Conversely, the storylines that tie all the action together are as staged as any soap opera. However, there's nothing fake about watching two axes being embedded in a Cadillac CTS by WWE wrestler Brock Lesnar. Lesnar's prodigious brawn was really putting this luxury sedan out of its misery, though. With matte black stripes on the hood, fake fender vents, camouflage along the side, and a decal proclaiming "Redneck" on the windshield, this particular Cadillac was far from the standard of the world. In favor of the CTS' build quality, Lesnar's hatchets didn't immediately do quite as much damage as you might expect, and he had to take several swings to achieve the destruction here. If you think that destroying a sedan one piece at a time sounds like something from a video game, you aren't alone. Someone else noticed a definite similarity to the bonus round from Street Fighter 2 where you get points for beating up a car at the dockside until it falls apart. Appropriate sound effects were even added, but having Lesnar throw a few pixelated fireballs would have been a nice inclusion, too. For the significantly longer, original version, check out the one embedded below. After Lesnar crushes the CTS, the actual wrestling does eventually ensue. The Caddy even briefly acts as a prop for some of the action.