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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 Buick Cascada marks the return of casual convertibles

Buick is reentering the convertible game after a 25-year absence with this, the long-awaited 2016 Cascada. Fans of General Motors' European operations will recognize this svelte, four-place droptop as a rebadged version of the critically well-received Vauxhall/Opel Cascada, a model that has been on sale to audiences across The Pond since 2013. The Cascada will once again give American car buyers the chance to buy a relaxed, affordable two-row convertible without sporting pretensions, an option that arguably hasn't been available since the demise of the Chrysler 200 droptop. For US duty, the softtop Cascada will arrive with a 1.6-liter, direct-injected, turbocharged four-cylinder that churns out 200 horsepower. That figure is paired up with 206 pound-feet of torque, which can be bumped to 221 lb-ft via an overboost function. A six-speed automatic will dispatch that power to the front wheels, which are managed courtesy of a HiPer strut front-suspension system. While the Cascada might share its front suspension with the setup found on the Regal, its torsion-beam rear suspension has more in common with the Vauxhall/Opel Astra (and Buick Verano) on which it's based. 20-inch wheels and an electric power-assisted steering system round out the convertible's handling hardware. Of course, we doubt most Cascada customers will care about such oily and unseen things. Instead, they'll be more focused on the droptop's sheetmetal, which, considering it's basically a convertible version of the extremely handsome Astra, should win the car at least a few fans. While we only have so much detail to work with in the images that have been released so far – we'll be seeing the Cascada firsthand this evening (Sunday), so check back tonight for additional live images later today. Naturally, the Vauxhall/Opel grille will be replaced by Buick's trademark waterfall grille, although the company's other big styling calling card, portholes, are absent from our current pair of shots. A wide chrome strip stands out on the rear, tying the taillights together and increasing the Cascada's resemblance to the Regal sedan. A single oval exhaust tip juts out from the driver's side rear bumper. In terms of its actual dimensions, the Cascada's wheelbase is less than half an inch longer than the Verano, while the droptop is an inch longer than its four-door counterpart overall. At only an inch wider, meanwhile, the Cascada will enjoy the same easy to manage footprint as Buick's entry-level sedan.

GM's MPG overstatement could affect 2 million vehicles

Late last week, GM admitted that three of its large SUVs fuel economy window stickers did not match their actual efficiency ratings, and so the vehicles couldn't be sold. The stickers on the 2016 Chevy Traverse, GMC Acadia, and Buick Enclave said their ratings were one to two miles per gallon better than they should have been. Officially, the number of affected vehicles sits at about 60,000. But Consumer Reports makes a good point: what's up with all of the previous model year SUVs that are basically the same vehicle? To wit: the 2016 model year vehicles are not substantially different than the 2015 or the 2014, or even going all the way back to 2007. On the EPA's fuel economy website, all of these older models will "have better stated fuel economy numbers than the new vehicles in GM's dealerships," Consumer Reports noted. CR's best point, and the one that makes the 60,000 number potentially grow to 2 million if all of the vehicles built on this platform are affected, is that "[i]t seems unlikely that the company would change the powertrain on these carryover models so late in their model cycles in a way that would cause a dramatic, negative impact on fuel economy." GM says that earlier model year SUVs are not affected and the EPA did not respond to CR's question about the potential for more discrepancies. We've seen automakers reverse course before, so if GM has to come out with a mea culpa soon, don't be surprised. GM is rushing corrected stickers to dealers so that the SUVs can be sold again, but a fix for the already-sold vehicles could be trickier to solve. Related Video: Related Gallery 2013 GMC Acadia View 16 Photos News Source: Consumer Reports Government/Legal Green Buick Chevrolet GMC Fuel Efficiency mpg gmc acadia chevy traverse