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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 Elmiraj Concept brings big coupe style to Pebble Beach [w/videos]

Two years ago, Cadillac absolutely floored us with the debut of its gorgeous Ciel concept at the Pebble Beach Concours d'Elegance. And since that droptop four-door's debut, we've seen plenty of its design language worked into the latest Cadillac products. Now, we're seriously hoping that history will repeat itself with this stunning new Elmiraj coupe concept, which makes its first public appearance in Monterey this week.
Cadillac states that the Elmiraj concept simply showcases the next step forward for the brand's Art & Science design DNA, and doesn't necessarily preview an upcoming model. But if you told us the Elmiraj was a conceptual look at the next-generation CTS Coupe, or a smaller, two-door version of a new flagship, we'd believe you. At 207 inches long, 76 inches wide and 55 inches tall, its dimensions are only slightly larger than the current two-door CTS.
Regardless of what the Elmiraj does or does not become, it's certainly a fantastic modern interpretation of the classic GT formula with its short front overhang, long hood, rakish roofline and petite rear deck. The strong character lines running along the sides and exaggerated 22-inch wheels round out the beautiful coupe, and Cadillac's signature vertical LED lighting elements are found at the front and rear. Also take note: the badge on the grille is a crest without a wreath, basically confirming our earlier report.

2017 Cadillac XT5 will debut in Dubai

Cadillac confirmed the 2017 XT5 crossover – the replacement for the SRX – will officially debut at the Dubai Motor Show in November. The XT5 will then make its first North American appearance at the Los Angeles Auto Show later that month. The current SRX is a hugely important vehicle for Cadillac – it's still the company's best-selling product worldwide. But it's pretty old now, having launched in 2009 as a 2010 model. The XT5 will bolster all of the good things about the SRX while finally bringing that product up to date. Above, you can see a spy shot of what looks to be the new XT5, caught during a photo shoot. "The XT5 will be the cornerstone of a series of crossovers bearing the 'XT' designation," Cadillac said in a statement. We've long known that Cadillac wants to add a CUV between the XT5 and its flagship Escalade. But we think there's also room for something smaller – a proper fighter to the expanding entry-level luxury crossover segment that includes the Mercedes-Benz GLA, BMW X1, upcoming Infiniti QX30, and more. We'll have more information on the 2017 XT5 this week. In addition to the auto show news, Cadillac confirmed it will have a few photos and details to share in the coming days. Stay tuned.