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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 reveals stretched ATS-L in China

In the market for a new Cadillac, but need more space than an ATS can afford? Then you'll want to look at the larger CTS. Unless you live in China, where buyers - often chauffeured instead of driving themselves - seem to prefer a long-wheelbase version of a smaller sedan than upgrading to a larger one. For those buyers, Cadillac has released the new ATS-L.
Based on the existing ATS sports sedan, the ATS-L offers an extra 3.3 inches of rear legroom over the model we get here. As a result, the ATS-L stretches its wheelbase to 112.5 inches and its overall length to 186 inches, while riding a quarter-inch lower than the standard-wheelbase model, which itself was recently updated. That places its length in between the regular ATS and the CTS available Stateside.
Otherwise it's essentially the same sedan, but appears to ditch the base 2.0-liter four to offer either the 2.0-liter turbo four or 3.6-liter V6. Of course this model, produced locally for the Chinese market, isn't likely to make the transpacific voyage to US showrooms, so American buyers will still have to choose between the standard ATS, the larger CTS or the even larger XTS.

2018 Cadillac XTS does its best CT6 impression

Although the Cadillac sedan lineup almost exclusively consists of rear-drive sedans, one last bastion of the old front-drive Caddy exists in the XTS. And it looks like the old-school XTS isn't going anywhere, since it just got a refresh that makes it look more like the CT6 and the CTS. This of course is a bit ironic considering the fact that the CT6 will look different in the near future. Until then, though, this update does make the XTS look more up-to-date. The main part of the headlights end higher up on the front fascia, while a strip of LED accent lights waterfall down the front bumper. The grille has slightly more sculpted slats, and the front badge has been scaled down a bit. There are no longer creases that unify the main grille and the lower one in the bumper, which help the car appear lower and wider than the outgoing model. At the back, the license plate position has been moved down to the bumper, and the trunk lid has more lines and creases. The taillights now have horizontal elements that extend toward the middle of the car. The exhaust finishers and the reverse light also look larger and more prominent now. The refreshed XTS also brings a couple of new trim options. There are new wheel designs both in 19- and 20-inch sizes. Inside, XTS buyers will be able to choose from three new color and upholstery combinations. Two of them, however, are exclusive to the Platinum trim level and come with semi-aniline leather seats. There's not really anything new mechanically with the 2018 XTS. The only major change seems to be a new tire design that is quieter and provides a smoother ride. Otherwise, the XTS will remain available with either the standard 3.6-liter V6 making 304 horsepower, or the optional 410-horsepower twin-turbocharged 3.6-liter V6 in the V-Sport model. The standard engine comes with either front-wheel drive or all-wheel drive, and the V-Sport is only available with all-wheel drive. Pricing has yet to be released for the 2018 model year. Related Video: Featured Gallery 2018 Cadillac XTS Image Credit: Cadillac Cadillac Luxury Sedan cadillac xts