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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 shows 2015 Escalade interior

Following the reveal of the new GMC Yukon, Chevy Tahoe and Suburban, the next in line is Cadillac, which is set to unveil the new Escalade on October 7 in New York. And in the lead-up to the reveal, the company has released this third teaser image, giving us a good glimpse of the 'Slade's interior.
Or part of the interior, we should say, because while the image above clearly shows the new dashboard and center console, as well as parts of the front seats and interior door panels, the Escalade is most certainly not a two-seat coupe. The outgoing Escalade can accommodate up to eight in either standard or ESV form (but not in EXT pickup configuration), and the new model promises to deliver the same, and we're curious to see what Cadillac has in store for the rear passenger compartment.
Compared to its more accessible counterparts, the new Escalade clearly offers a more upscale environment than even the uplevel Yukon Denali, with softer-looking leather, richer wood veneer and a waterfall center infotainment console that's different from the more modular design in the Chevy and GMC. The steering wheel is also unique and the instrument cluster appears to meld more smoothly across the dashboard, but the door mirrors, wide center armrest, column shifter and A-pillar grab handle all look like they were carried over from the Escalade's platform mates.

Cadillac XT3 caught covered in copious camouflage

While a bit difficult to tell thanks to the impressive camouflage used, what we're looking at here is likely the upcoming Cadillac XT3. There are a few details that stand out to lend credence to this prediction. There are a handful of sharp angles scattered throughout that are in line with Cadillac's modern design language. Specifically in the LED running lights and on the side mirrors. The rear profile also is reminiscent of the current, and slightly larger XT5. The rear lights extend into the D-pillars, which would match the current Escalade. We get a pretty clear picture of the rear suspension on this XT3. It's clearly an independent rear suspension using coil springs. While General Motors uses independent suspension on some of its crossovers, we can't quite match it to a particular model. We believe that if the XT3 is based on an existing model (which it almost certainly is), the platform and suspension have been substantially modified. The XT3 could use a version of the D2XX platform that underpins the Buick Envision. However, we know from a previous report that the XT3 will likely be built at the factory that produces the Buick LaCrosse and Chevy Malibu. The XT5 uses a modified version of the LaCrosse/Malibu platform, so it's possible the XT3 could use a shorter version of the XT5 chassis. Depending on how small the XT3 ends up being, it might even share a platform with the Chevy Trax and Buick Encore. However, considering their economy car roots and torsion-bar rear suspension, we think that's the least likely. Regardless of what chassis is underneath its crisp bodywork, we expect the XT3 to be released sometime next year. Related Video: