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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 reworking mandatory OnStar plans for some 2024 models

For the 2023 model year, GM added its OnStar and Connected Services plan as standard equipment to a large number of Buick, GMC, and Chevrolet vehicles. Folding the $1,500 retail price into the MSRPs of models like the GMC Acadia and Buick Encore plumped up prices beyond the usual year-on-year bumps. Looks like there's a reversal in play for 2024, GM Authority reporting that many of the models fitted with OnStar and Connected Services — now called OnStar Premium — will step down to three years of OnStar Remote Access standard.   OnStar Remote Access comes with these features: Remote key fob, vehicle locate, and remote personalization through mobile and in-vehicle apps. Three additional features can be added to the plan: OnStar Guardian, in-vehicle hotspot, and Super Cruise. Owners can also upgrade to OnStar Premium if they choose.  Higher trims like Buick's Avenir and GMC's Denali, plus the GMC Hummer and the Cadillac Escalade will retain OnStar Premium as standard equipment. That suite starts with Remote Access and adds: Automatic crash response, stolen vehicle assistance and recovery, OnStar Guardian, in-vehicle app access, unlimited streaming, three years of Super Cruise on vehicles with the hardware, and six months of SiriusXM radio. The Escalade puts a cherry on top with three years Sirius XM instead of six months. The Remote Access plan normally charges $14.99 per month. We're not sure yet if GM will subtract the cost of OnStar Premium from the MSRP and add the $540 for OnStar Remote Access, or if the trial period comes free of charge. Even if that's what happens, the change could take nearly $1,000 off the MSRP of a car like the GMC Acadia before any 2024 increases. We'll know more as the 2024MY models roll out and prices are announced. Related Video 2022 Buick Enclave Avenir revealed

2020 Cadillac XT6 Review & Buying Guide | Sneaking in through the back

The 2020 Cadillac XT6 is arriving late to the party, literally decades after some of its rivals. It's a new, three-row luxury crossover that serves as a much-needed, more-modern and less ostentatious family hauler than the Escalade (which is getting overhauled next year, by the way). The question about the XT6, then, is it fashionably late? The XT6 is indeed quite handsome and refined -- we thought it looked particularly excellent in one our test car's Red Horizon Tintcoat. There's a classic sophistication to it that evokes Cadillacs of the 1960s rather than the overwrought and borderline-tacky designs of other eras (including recent ones). We think the exterior design will age quite well, especially in light of some competitors. However, we're also not sure it's distinctly a Cadillac. Worse, the interior is drab, unimaginative, and blighted with unremarkable materials. A Volvo XC90 and Lincoln Aviator instantly look and feel more special, while a range-topping Hyundai Palisade isn't as far behind as the price gap would indicate. The driving experience also leaves something to be desired. Besides the ho-hum engine, the XT6 has neither the sharp handling of Cadillac's recent sedans nor the stately ride comfort one also might expect given the brand's past. Overall, the XT6 sneaks in through the back of the party rather than making a grand entrance; an unremarkable effort in a toughly contested segment. What's new for 2020? The XT6 is an all-new model and fills a gap in Cadillac's lineup. What's the XT6's interior and in-car technology like? Answering this question is all about perspective. In a vacuum, the XT6 interior seems nicely put together, its leather is soft and features are in abundance. The range-topping trim's gold carbon fiber trim is particularly interesting. If you sat in one after a Buick Enclave, the step up would be obvious. However, come from a Lincoln Aviator or Volvo XC90, to cite two excellent examples of the breed, and the difference is stark in terms of design and materials quality (there are too many hard plastics throughout). The XT6 quite simply isn't as cool, isn't as luxurious and doesn't seem to justify its price tag. At least features content is strong with six USB ports, wireless charging, Android Auto, Apple CarPlay and satellite radio all included along with a panoramic sunroof and various driver assistance technologies. Other brands nickel-and-dime you with this sort of content.