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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 ELR production has stopped, Chevy Bolt coming in Oct.

It looks like General Motors' Cadillac ELR extended-range plug-in is out as the automaker prepares to go all in on the Chevrolet Bolt electric vehicle. The Caddy officially stopped production in February, Hybrid Cars says, citing Cadillac Product Communications Manager David Caldwell. There is still a "small quantity" of the coupe at dealerships, but this take on mashing up "luxury coupe" with "green vehicle" has about run its course. Caldwell and Johan de Nysschen, president of General Motors' Cadillac division, had already confirmed earlier this year that the ELR, which was first available as a 2014 model, wouldn't have any further generations, though weren't specific on when production would stop. The ELR uses an upgraded version of the first-generation Volt's powertrain to move the 4,000-pound beast, and while the Volt is now in its second generation (and this year's sales have more than doubled from a year earlier as a result), the ELR never received a similar upgrade. The ELR sold just 357 units through April. As a result, the ELR sold just 357 units through April, down almost nine percent from a year earlier. In all of last year, 1,024 ELRs were sold, compared to more than 15,000 units for the Chevy Volt, and that's after the ELR's price was cut by about $9,000 last April. The car also got about a 25-percent increase in power, but that didn't seem to do the trick when it came to boosting demand, even with the available $7,500 federal tax credit. Meanwhile, Hybrid Cars is reporting that the 2017 Bolt, which will feature a single-charge range of about 200 miles and is expected to retail for about $35,000, is likely to start production at GM's Orion Assembly Plant in October. While you wait, if you're already feeling nostalgic, check out our impressions of the ELR here. Related Video: Featured Gallery 2014 Cadillac ELR Review View 48 Photos News Source: Hybrid Cars Green Plants/Manufacturing Cadillac Coupe Hybrid Chevy Bolt cadillac elr elr extended-range plug-in bolt

2022 Cadillac CT4-V Blackwing First Drive Review | A magnificent sunset

Rising from the ashes of the ATS-V, the 2022 Cadillac CT4-V Blackwing represents the ultimate (in the purest sense of the word) in compact performance from GM’s luxury brand. The name Blackwing was originally applied to a stillborn, twin-turbocharged V8 destined for a new generation of luxury sedans, but has been repurposed as a symbol for CadillacÂ’s stubborn insistence on doing right by its performance heritage, right up to the end. Yes, the end. The last gasp. The grand finale. Swan song. Farewell tour. Whatever version of finality works best for you, apply it here, because Blackwing represents the gasoline-powered CadillacÂ’s final form. There are two key components to a sport sedan: a kick-ass powertrain and a chassis than can wrangle it. Check and check. A modern and powerful twin-turbo V6 resides under the CT4-V Blackwing's hood, and it rides on the latest and greatest revision of GMÂ’s global Alpha platform, which evolved from the same basic underpinnings of the ATS, CTS and Chevy Camaro. A stretched and widened version is the foundation for the CT5 (look for our review of that car's Blackwing next week). In transitioning from ATS to CT4, Cadillac decided to reposition and price its smallest sedan against EuropeÂ’s subcompacts. In the grand tradition of CadillacÂ’s sporty four-doors, this makes it a size mismatch. ItÂ’s almost as large on the outside as a BMW 3 Series or Mercedes C-Class, rather than the front-wheel-drive based 2 Series Gran Coupe and CLA-Class with which the CT4 nominally competes on price. This generational re-branding also resulted in a new, very different approach to high-performance models wearing the letter V. Before, they represented the pinnacle of their respective nameplates, but now, a -V represents the mid-grade offering. Upgraded certainly (limited-slip rear differential, more power, adaptive suspension) but positioned against AudiÂ’s S and BMWÂ’s M-Sport models. Cadillac even calls it "CT4 V Series" in certain places because the situation wasn't confusing enough. And although there's nothing ambiguous about the Blackwing's position atop the CT4 hierarchy, Cadillac's have-their-cake-and-eat-it-too approach to the CT4Â’s positioning still makes things a little hinky.