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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 previews upcoming new XT5 crossover [UPDATE]

UPDATE: Cadillac has released another three images, which we've added to the gallery above. Cadillac is gearing up to unveil its new XT5 crossover at the Dubai Motor Show in November. We've already seen what it'll look like - from a couple of angles, anyway - but the all-American luxury automaker has given us another taste of what's to come with a quartet of images released on its official Facebook page. Set to replace the SRX that's now six years old, the all-new XT5 adopts the new design language we've seen on newer Cadillacs of late. That's most particularly emphasized with those vertically integrated LED headlights. The sharply creased styling is also signature Cadillac, as is the egg-crate grille capped by the brand's wreath-less new emblem. The dark brown paint job also looks like it has a deep metallic flake to it, offset by satin brightwork where you might have once expected to see glinting chrome. (Then again, it could just be reflecting a uniform backdrop.) The XT5 is expected to be the first of several new Caddy crossovers to wear the letters XT. A smaller model (likely to be dubbed XT3) is tipped to slot in below, with a larger XT7 to slot in above – but still below the defiantly truck-based Escalade that's not about to go anywhere anytime soon. Sedans will continue to start their nameplates with the letters CT. But after a dozen years, the letters SRX will be retired from the Cadillac lexicon. Related Video:

Cadillac releases updated 2015 CTS

Cadillac is in the process of applying the new wreathless emblem across its range one model at a time, but rather than simply slap the new logo on the existing models, it's taking the opportunity to roll out some revisions as well. First came the ATS coupe, followed by the updated ATS sedan, and now the flagship brand in the General Motors portfolio has quietly announced some revisions for the CTS sedan as well.
For the 2015 model year, the CTS - which was just introduced last year - gets a revised front end with that wreathless crest but also a new chrome grille with active aero elements on standard models and a black-chrome grille on the Vsport. The revised grille is flanked by new headlights, but behind them the engine lineup carries over: a 2.0-liter turbo four with 272 horsepower, a 3.6-liter V6 with 321 hp or - in the Vsport performance model - a 3.6-liter twin-turbo V6 with 420 hp that's still the most powerful V6 GM has ever made. All engines are mated to an eight-speed automatic transmission (ditching the six-speed auto on previous versions) and (apart from the RWD Vsport) can be had in rear- or all-wheel-drive flavors.
Cadillac has also given the updated CTS some new electronics (including inductive smartphone charging, onboard wifi, and more advanced parking and lane assist systems) as well as new wheels, trims and color options, details on which you can read in the press release below.