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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 Hennessey CTS-V is properly ridiculous with 1,000 horsepower

We truly live in a halcyon era of automotive performance with models like the latest Shelby GT350 Mustang and 707-horsepower Challenger Hellcat. And now Hennessey Performance Engineering is bringing something with absolutely obscene power to the world with its tuned 2016 Cadillac CTS-V that packs a ludicrous 1,000 horsepower. The latest CTS-V isn't even on sale yet but should be a powerhouse straight from the factory. Under its carbon fiber hood is a 6.2-liter supercharged LT4 V8 with 640 horsepower and 630 pound-feet of torque that makes the sedan capable of a 200-mile-per-hour top speed. Hennessey's take ditches the blower in favor of two turbos to feed air to the engine. To cope with the extra power, the mill gets upgrades like forged aluminum pistons and forged steel parts for the rods and crankshaft, and transmission upgrades are also necessary to make it all work. Buyers can even spec things like carbon-ceramic brakes and a widebody kit to allow for bigger tires. The crazy numbers are leading to some big performance claims from company founder John Hennessey. "I believe that our 2016 Twin Turbo CTS-V will have a top speed approaching 240 mph," he said in the Caddy's announcement. Hennessey is building just 24 of these 1,000-horsepower sedans for the 2016 model year. However, for those that want to keep the supercharger under the hood, the company is also offering upgrades with 750 hp and 800 hp for the CTS-V too. All of them sound absolutely ridiculous in an utterly fantastic way. 2016 HPE1000 Twin Turbo Cadillac CTS-V Texas Tuner Plans to Build World's Fastest 4-Door Sedan Sealy, Texas-When the next generation Cadillac CTS-V hits the streets later this year, it will have 640+ hp and a top speed of nearly 200 mph. To the team at Hennessey Performance Engineering (HPE), this is a good starting point. The company plans to pick-up where they left off with the last gen CTS-V by producing the world's fastest 4-door sedan: The Hennessey HPE1000 Twin Turbo CTS-V. "A couple of years ago, the State of Texas gave us the opportunity to test one of our specially tuned CTS-Vs – our VR1200 Twin Turbo coupe. It ran 221 mph (356 km/h) on State Highway 130, near the Circuit of the Americas", said company founder, John Hennessey. "It was still pulling on when we ran out of road. I believe that our 2016 Twin Turbo CTS-V will have a top speed approaching 240 mph (386 km/h)". Hennessey plans to offer a limited run of only 24 units for the 2016 model year.

Hotter Cadillac ATS-V+ could use LS7 power

Rumor has it Cadillac is working on an even hotter version of the ATS-V, possibly called ATS-V+. And the latest intel from Motor Trend suggests this new model might have a great, big V8 under the hood. The V8 in question is the high-revving, naturally aspirated 7.0-liter LS7 from the Camaro Z/28. The hand-built engine makes 505 horsepower and 481 pound-feet of torque in the Z/28 – a nice increase over the 464 hp and 445 lb-ft in the standard ATS-V, which uses a twin-turbocharged 3.6-liter V6. Motor Trend says the ATS-V+ will come to market with an eight-speed automatic transmission, as well as the seven-speed manual 'box from the Corvette. A dual-clutch transmission will come to market later. Of course, we'll believe it when we see it. But an LS7-powered ATS-V sure sounds like a great package to us. Here's hoping.