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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.

2016 Cadillac CT6 shows crisp sense of style in leaked images

You're looking at the 2016 Cadillac CT6, aided by the almost inevitable internet-aided leak, ahead of its debut at the New York Auto Show this week. As you can see, the overall shape is straight-edged and aggressive, and overall in keeping with what we've seen from Cadillac over the last several years. High-tech lighting clusters extend from the fender peaks all the way down in what appear to be LED strips toward the lower fascia and its rectangular fog lights. A suitably massive grille encrusted in chrome boasts one of the larger Wreath and Crest badges we've ever witnessed on a car. Under that sharply creased hood will sit a twin-turbo 3.0-liter V6 engine with 400 horsepower at its disposal, according to Cadillac, mated to an eight-speed automatic transmission. A naturally aspirated 3.6-liter V6 will also be available, we're told. We may wish for an edgier range-topping sedan from Cadillac, but it's not really fair to draw any real conclusions from just one leaked image. In other words, stay tuned, 'cause the rest of the story won't be far behind.

Cadillac picks Publicis as new agency of record, continues cutting ties with Campbell Ewald

Cadillac is setting itself up for major changes in the coming years with its decision to hire Johan de Nysschen as the brand's new boss and moving some of the staff to new digs in the trendy SoHo neighborhood of Manhattan. With those two big shifts in place, there's one more on the way with the company's announcement that Publicis Worldwide is now its global creative agency of record, effective immediately. The firm replaces former, long-time General Motors associate Campbell-Ewald; now a portion of Lowe and Partners. "This appointment is designed to accelerate the global expansion and elevation of Cadillac into a truly global luxury brand," said Cadillac Chief Marketing Officer Uwe Ellinghaus in the company's announcement. "We have spent much of this year refocusing on the core values of our brand." Although, some work may remain at Lowe and Partners for now. According to Cadillac spokesperson David Caldwell via email to Autoblog: "The bulk of work makes this shift. It is possible that maybe a small individual smaller project or two might still be handled by Lowe. Not certain yet." The fruit of this new partnership shouldn't take long to mature, either. "We will have substantially new marketing and brand identity work in early 2015." said Caldwell. According to Ad Age, Cadillac's advertising had been handled by Lowe and Partners, Campbell-Ewald in Detroit (now entirely part of Lowe) and Hill Holiday. Caddy had a relationship with the agency since 2013 but has changed firms several times in 2006. GM had a long collaboration with Campbell-Ewald, though. Chevrolet was its partner for nearly a century until the automaker also jumped to Publicis in 2010. The firm was responsible for campaigns like, "The Heartbeat of America", "Like A Rock" and "An American Revolution." Scroll down to read Cadillac's full announcement of the change. Cadillac Appoints Publicis Worldwide 2014-12-04 DETROIT – Cadillac announced today the appointment of Publicis Worldwide as its global creative agency of record. Publicis Worldwide is the largest creative agency of the Publicis Groupe network and its appointment to Cadillac is effective immediately. A fully dedicated team, comprising key managers from Publicis Worldwide, will lead the account and have access to specialist and premium resources within the larger Publicis Groupe.