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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 Lyriq EV unveiled as brand's first electric vehicle

Your author has already seen it, back in March, and has had to wait until today to show you the new Cadillac Lyriq electric luxury crossover. We were excited about it then, we're still excited about it now, but we'll see if we can maintain that excitement for another two years. After some fanfare, a delay, a name explanation and a bit of teasing, Cadillac has finally taken the wraps off the Lyriq, and we like what we see. The bad news — weÂ’ll get it out of the way right now — is that the Cadillac Lyriq wonÂ’t go on sale until late 2022. Moving on, letÂ’s bask in the photos and video weÂ’ve long awaited, and dig into what we know about the first all-electric Cadillac. First, it will come in two drivetrain configurations: rear-wheel drive and performance all-wheel drive. ItÂ’ll use GMÂ’s new Ultium modular battery technology, giving it a driving range targeting north of 300 miles, plus a center of gravity about 3.9 inches lower than that of the similarly sized Cadillac XT5. It will be capable of "over" 150-kilowatt DC fast charging, with a Level 2 charging rate of up to 19 kW. Cadillac Lyriq View 8 Photos In terms of styling, the Lyriq is a substantial move forward both inside and out — and a lot of it has to do with lighting. On the outside, it gets vertical headlights, plus a bunch of little light-up elements in the grille, include a logo that is animated on startup. In fact, the face will light up as you approach, not unlike a dog seeing its best friend ready to play. We see some more nifty lighting signatures in back that carry on a similar theme with more vertical lights. Inside, the lighting situation gets even more interesting, with another light-up crest on the steering wheel, plus wood veneer over aluminum door panels, all backlit. As for its stance, the Lyriq has a long wheelbase, and rides on 22-inch wheels. At the back, we see a slick vented spoiler hanging over the raked rear glass. The side doors of the Lyriq automatically open with the touch of a button in door handle outlines that are flush with the body. Similarly, they close automatically, slowing down at the end to pull the doors fully shut. We wouldn't be surprised if this doesn't make it to production. Moving around the interior, the curved, 33-inch combination digital driver display and infotainment screen sprawls across the dash. It uses advanced LED technology, and is capable of displaying over a billion colors, according to Cadillac.

GM to add 1,200 workers at 2 Michigan factories

DETROIT — General Motors is adding 1,200 jobs at two Michigan factories to build midsize SUVs and two new luxury sedans. GM said Friday that its Lansing Delta Township plant will get a third shift and 800 more workers to build the Chevrolet Traverse and Buick Enclave SUVs, which have three rows of seats. The Lansing Grand River plant will get a second shift and 400 more workers to build two new Cadillac sedans, the CT4 and CT5. Employees laid off at other GM factories will fill the new jobs first, then workers will be added, GM spokesman Dan Flores said. The company has not determined yet how many new people will be needed, he said. Both additional shifts will start working sometime between April and June, the company said. Lansing Delta Township now employs about 2,500 salaried and blue-collar workers, while the Grand River plant has 1,400. GM sold more than 147,000 Traverse SUVs in the U.S. last year, a 0.4% increase from 2018. Enclave sales were up 3% to just over 51,000, according to Autodata Corp. Related Video: