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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.

GM delivers best Q3 sales since 1980, 2.4M vehicles sold

People are a weird sort. Even after registering over 70 recalls through the first three-quarters of 2014, General Motors saw its best Q3 results since Jimmy Carter was in the White House, registering over 2.4 million global sales between June and September on the back of strong results in the US and China.
US sales were marshaled by good results for GM's pickups, the Chevrolet Silverado and GMC Sierra, which bumped the manufacturer's truck market share to 35.6 percent, up nearly three points from Q1 2014. Buick has seen healthy growth as well, with the Encore dominating its segment for the sixth month running.
It was China, though, that really bolstered GM's sales, as the company's efforts to top last year's record-setting 3.16 million units continued apace. Small SUV sales saw massive growth, with Encore, Chevrolet Trax and Captiva figures jumping 90 percent in Q3. Brand-wise, Chevrolet, Cadillac and Buick all saw sales gains in the PRC, with each recording double-digit year-over-year jumps. Cadillac sales alone were up 63 percent compared to the first nine months of 2013.

2015 Cadillac Escalade is exactly what you expect [w/video]

Leading up to the debut of the 2015 Cadillac Escalade, we were told that the new luxo-SUV would be "much less ostentatious" and that we could expect greater differentiation from its Chevy Tahoe/Suburban and GMC Yukon siblings. And while those things may be true to some extent, after digesting the full raft of Escalade information and photography, we can say that this new 2015 model is exactly what we were expecting all along.
No, there isn't a single part of the new Escalade package makes us go "wow" or "ooh," but it still looks like a solid, nicely updated offering that will surely attract the same sort of baller status when it hits the road. For starters, the new front end has been completely redesigned, where cleaner, tauter lines work with the full-LED headlamps and running lamps to create a face that, while familiar, falls right in line with the rest of Cadillac's lineup. Around the sides, the shape is exactly the same as the rest of the SUV's platform mates, with better-fitting body panels and a handsome, upright design. Of course, 20-inch wheels are standard, and hifalutin' 22-inch rollers are available (in chrome, we assume). Things get really interesting around back, where full-LED taillamps extend from the bumper all the way up to the top of the tailgate, and - like the Tahoe/Suburban/Yukon - the rear window wiper has been integrated into the top of the hatch for a cleaner look. It all looks pretty modern and good, but doesn't really tone down the otherwise flashiness of the Escalade package.
Like its predecessor, the new Escalade will be available in standard- and extended-wheelbase formats (bring on the EXT!). Only one engine is available: GM's 6.2-liter EcoTec3 V8, good for 420 horsepower and 460 pound-feet of torque, mated to a six-speed automatic transmission. Both two- and four-wheel drive configurations will be offered, and the new Escalade should be a bit better to drive than the previous model, with a new coil-over front suspension and five-link rear setup, a wider track, variable-assist electric power steering and Cadillac's Magnetic Ride Control system with Tour and Sport modes.