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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.

Watch the 2014 Cadillac CTS get its groove on in the rain

In case you haven't got enough of the 2014 Cadillac CTS that just debuted at the New York Auto Show, Cadillac has let us have some rolling footage of the car around its test track along with a few words from VP of marketing Don Butler and executive director of design Mark Adams.
You won't learn much more about its 420-horsepower, twin-turbo V6 but you can hear how it growls in the rain, and you can get a better idea of how you'll look in the driver's seat giving it a workout. That's got to be worth something, right? You'll find both videos just below.

2016 Cadillac CTS-V prepares to kick ass, take names

Some stories write themselves. This post on the North American International Auto Show debut of the 2016 Cadillac CTS-V is one of them. This 200-mile-per-hour sedan pilfers the 6.2-liter supercharged V8 from the Chevy Corvette Z06, and puts it to the same tire-devastating effect, offering up 640 horsepower and 630 pound-feet of torque. An eight-speed automatic – please join us in a moment of silence for the dearly departed manual CTS-V – then dispatches the force-induced thrust to a very large, sticky set of Michelin Pilot Super Sport tires. To ensure the CTS-V can tear your face off with lateral Gs as well as accelerative Gs, Cadillac stiffened the car's structure by 25 percent, fitted magnetic ride control and fitted the aforementioned tires. Beyond the mechanicals, a substantial rear spoiler, front splitter and diffuser improve grip through aerodynamics. Keeping drivers pinned during all this tire shredding and face tearing is the task of meaty, two-piece Recaro sport seats, which are found in a luxuriously appointed cabin, complete with 4G LTE connectivity, a Bose stereo and Siri Eyes Free. There's even a Performance Data Recorder, which will be on hand to record your miscues if (or perhaps when) the car's extreme abilities outpace your own talents. Take a look at our array of live images from the CTS-V's official debut at the 2015 Detroit Auto Show.