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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 Super Cruise beats Tesla Autopilot again in latest hands-free test

DETROIT — General Motors' Super Cruise once again edged Tesla's Autopilot in an evaluation of 17 vehicles equipped with active driving assistance systems (ADAS) by Consumer Reports, the testing organization said on Wednesday. A Tesla Model Y fitted with Autopilot finished "a distant second," the group said, to a Cadillac CT6 equipped with Super Cruise, which GM is rolling out to more than 20 vehicles — including its new Hummer electric pickup truck — over the next three years. Safety and insurance researchers have frequently warned of the risks of consumers overestimating ADAS systems' abilities, a misconception increased by some automakers calling their products Autopilot, ProPilot or Co-Pilot. In 2018, the Cadillac CT6 with Super Cruise scored higher than a Tesla Model 3 with Autopilot, in a Consumer Reports test of just four vehicles equipped with ADAS. In the latest test, conducted this summer on a track and on public roads, the Cadillac scored 69 points out of a possible 100, while the Tesla scored 57. A Lincoln Corsair equipped with Ford's Co-Pilot 360 system, finished third with 52. The critical difference in the Super Cruise system is a driver-facing infrared camera to make sure he or she is paying attention to the road and is ready to take over manual control when necessary, said Kelly Funkhouser, head of connected and automated vehicle testing at Consumer Reports. The group noted that Autopilot can shut off abruptly in some situations, while Super Cruise did a better job of notifying the driver when the system is disengaging. In recent European safety testing, a Tesla Model 3 with Autopilot placed sixth out of 10 systems, getting high marks for performance and ability to respond to emergencies, but falling short on its ability to maintain a driverÂ’s focus on the road. Related Video: Green Cadillac GM Hummer Tesla Safety Technology Autonomous Vehicles Electric Super Cruise

Combative de Nysschen defends Cadillac move, naming change

Johan de Nysschen isn't afraid of taking quick, decisive actions, even if they are criticized. Since taking the wheel at Cadillac, he instigated moving the luxury division's base of operations to Manhattan's SoHo neighborhood and introduced a new naming scheme for the future of the brand, like he did at Infiniti. The polarizing boss recently explained his feelings about the future of Cadillac in more depth on his Facebook page, but unfortunately only his friends could read it. Thankfully, Daily Kanban posted much of the strongly worded missive for the whole world to see.
Much of the message examines the decision to move some employees to New York. De Nysschen claims that it's all about giving Cadillac distance from Detroit to reshape itself. It allows for, "No distractions. No side shows. No cross-brand corporate considerations. No homogenized lowest common denominator approach. Just pure, unadulterated, CLASS."