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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.

Al Capone’s bulletproof 1928 Cadillac Town Sedan is back on the market

It turns out that infamous mob boss Al Capone played an early role in the development of the modern armored executive car, and now there’s another chance to own his bulletproof 1928 Cadillac Town Sedan, which is being offered by Celebrity Cars of Las Vegas for a cool $1 million. It was last seen netting $341,000 at auction by RM SothebyÂ’s in 2012 and does not appear to have undergone significant restoration since then, raising the question of why its value has jumped nearly threefold. Painted green with a black roof, fenders and bumpers, the car is said to be the earliest surviving bulletproof vehicle, with nearly inch-thick glass and once lined (but no longer; read on) with nearly 3,000 pounds of asbestos-wrapped steel armor plating. It features a rear window rigged to drop quickly, so the tough guys in the rear seats could fire on any pursuers. Heavy spring lifts operated the side windows, which were also rigged to raise higher than usual to reveal a circular cutout big enough for the muzzle of a machine gun. In this case, the factory specs may be the least interesting part of the car, though it is undeniably a looker. It features a Series 341-A, 90-bhp, 341 cubic-inch L-head V8 engine mated to a three-speed manual, with a beam front axle and full-floating rear axle with semi-elliptical leaf springs and four-wheel mechanical drum brakes. It has only 1,111 miles on the odometer, having spent much of its history in museums or on display at carnivals and amusement parks. ItÂ’s believed to have flown under the fedsÂ’ radar in a Chicago garage owned by Emil Denemark, a known mafia associate and South Side Cadillac dealer who was related to Capone by marriage, when the mob boss began his slide into legal troubles leading up to his eventual felony conviction and jail time. In 2008, an elderly man named Richard “Cappy” Capstran told a friend that he had once helped his father install armor plating on a Cadillac owned by Al Capone. His father, Ernest Capstran, had repaired another of CaponeÂ’s vehicles and earned the mobsterÂ’s business fortifying the brand-new Cadillac. “My dad said, ‘We donÂ’t do that kind of work here.Â’ And they (CaponeÂ’s men) said, ‘You do now,’” Richard Capstran recalled in a recorded interview, per SothebyÂ’s. CaponeÂ’s associates reportedly also backed the car into the shop so no one could see what kind of work was being done to it.

Cadillac Lyriq electric crossover reveal date announced

The Cadillac Lyriq will be the company's first fully electric car, and it was due to be shown back in April. Then the coronavirus pandemic happened and screwed everything up. But now we have a new reveal date for the Lyriq: August 6, 2020.    The date comes to us via a teaser video. It showcases a variety of high-tech Cadillac features over the decades from electric start to OLED instrument displays. But it also occasionally drops a shot of the Lyriq itself. One shot shows part of the grille, which is solid with many LED light strakes. We also see the door panel with beautiful wood trim and inlaid LED patterns. Autoblog Green editor John Snyder has already seen the Lyriq at GM's electric vehicle summit. He noted that it has 22-inch wheels, tall taillights, and a 34-inch instrument and infotainment display spanning the width of the dashboard.