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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 will kill the plug-in ELR

Johan de Nysschen, president of General Motors' Cadillac division, says Caddy's ELR extended-range plug-in won't have any future generations, Automotive News (subs. req.) says. The publication previously reported that the car would be around for another couple of years, but even that's questionable, and the model could be yanked even sooner. Cadillac spokesman David Caldwell confirmed that there won't be a second-generation ELR. "Subsequent generations of the car will not be developed," he wrote in an e-mail to Autoblog. "It's available currently as a 2016 model, and there's no change to that status." The model debuted in late 2013 and used a version of the powertrain in the Chevrolet Volt. The main problem, of course, was that the car had a $76,000 price tag that proved too much for most automobile buyers to stomach. Last year, GM sold 1,024 ELRs, down 22 percent from 2014's totals. By comparison, the Chevy Volt moved more than 15,000 units, and that itself was still down 18 percent from year-earlier figures. The merciful end to the ELR shouldn't be much of a surprise, as Cadillac Chief Marketing Officer Uwe Ellinghaus went on the record in December of essentially calling the model a dud. It's a far cry from the excitement, though, that the concept model of what was then called the Converj was unveiled to the public at the Detroit Auto Show in 2009. For those feeling misty-eyed or nostalgic, though, check here for Autoblog's First Drive impressions of the extended-range plug-in. Related Video: Featured Gallery 2014 Cadillac ELR Review View 48 Photos News Source: Automotive News-sub.req. Green Cadillac GM Hybrid elr extended-range plug-in

Cadillac CT5 vs. BMW 3 Series | How they compare on paper

Cadillac just introduced the CT5 sedan at the 2019 New York Auto Show, and it's set to replace both the larger CTS and smaller ATS in the brand's lineup. We have all the details and features for you, in addition to a deep dive with the car's chief engineer, but now it's time to see how it stacks up to the long-time standard bearer in this class: the BMW 3 Series. Now, the car is a bit larger than the completely new 2019 3 Series, but Cadillac says the 3 and the rest of the compact luxury sedan class is its target for this car. We'll dive further into this little conundrum later. This comparison will look at how these vehicles measure up on paper, as we haven't driven the CT5 yet. That will come later, but we're expecting it to be a proper sport sedan competitor with the 3 Series, since Cadillac is building it off GM's dynamically superb Alpha platform. Now let's get on with the comparison. Powertrains and performance Both of these sedans come standard with 2.0-liter turbocharged four-cylinder engines. The BMW four-pot is a bit more potent, coming in with 18 more horsepower and 37 pound-feet of torque more than the Cadillac. Here's our driving review of the BMW. The only upgrade engine for both available initially are turbocharged six-cylinders. BMW offers up its revised inline-six, while Cadillac offers a V6. These six-cylinders are both 3.0 liters. Cadillac bests the BMW in brute torque by 31 pound-feet, but BMW takes the horsepower prize, making 47 more ponies. It's hard to say which car will actually be faster to 60 mph — they'll probably end up being about the same once official numbers are out. This segment used to be one guaranteed to offer a manual transmission, but that's not the case anymore. Neither Cadillac nor BMW will offer a manual to start, but expect to see the stick shift return to higher performance models of each car. For now, they both get torque-converter-style automatic transmissions. One dimension that isn't going away from either anytime soon is rear-wheel drive. Both cars offer rear-wheel and all-wheel drive in every spec available. Fuel economy for the 3 Series is impressive at 30 mpg combined with the four-cylinder. We'll have to wait and see if Cadillac can challenge that figure with its less powerful engine. Size and practicality Here's where a lot of the confusion about the Cadillac CT5 sets in. The CT5 is a tad larger than the 3 Series in its exterior dimensions, but the interior specs are nearly identical.