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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 Escalade gets $5,000 discount to ward off Lincoln Navigator

General Motors apparently isn't going to let early good reception for the redesigned Lincoln Navigator steal thunder from its own luxury SUV without a fight. It's offering a $5,000 discount on the purchase or lease of the Cadillac Escalade this month to any buyer who trades in a 1999 or newer Lincoln model, Bloomberg reports. GM spokesman Jim Cain told Bloomberg the incentive is being offered to keep prices competitive for the Escalade. The 2018 Navigator starts at $72,055, compared to $73,995 for the Escalade, but the outgoing version of the Navigator is selling for an average of around $53,000, compared with more than $80,000 on average for the Escalade, he said. The Escalade was the top-selling domestic luxury SUV in October and No. 4 in the segment, according to Motor Intelligence. It far outsold the Navigator, which last saw a refresh in 2015 and a full redesign in 2007. But Ford is hoping to gain back some ground with the new Navigator and updated Expedition, which also trails the Chevrolet Tahoe and Chevy Suburban in its segment. Bloomberg notes that one Morgan Stanley analyst estimates that GM owns a $2 billion annual pretax profit edge in the lucrative luxury sport utility segment. Our recent First Drive review called the new Navigator "far superior to its primary competitor, the Cadillac Escalade."Related Video:

Autoblog Podcast #326

Easter Jeep Safari concepts, Shelby 1000, 2014 Cadillac CTS and Mercedes CLA45 AMG leaks
Episode #326 of the Autoblog Podcast is here, and this week, Dan Roth and Zach Bowman talk about this year's Easter Jeep Safari concepts, the 1,200-horsepower Shelby 1000 and leaked images of the 2014 Cadillac CTS and Mercedes-Benz CLA45 AMG. We wrap with your questions and emails, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Keep reading for our Q&A module for you to scroll through and follow along, too. Thanks for listening!
Autoblog Podcast #326: