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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.

2020 Cadillac XT5 is barely being refreshed

Cadillac has been making a serious effort to expand its crossover offerings with the all-new XT4 and XT6. With them has come slight changes to Cadillac's design language, leaving the existing XT5 looking a little out of the loop. Well, it appears that's about to change ... sort of. One of our spy photographers caught a 2020 Cadillac XT5 out testing, and it has some changes that suggest a refresh. You do have to look closely to tell anything has changed, though. And even then, the only noticeable change is to the grille, which is now dotted with little quadrilateral shapes similar to those on XT4 and CT5. You can see one of the two current designs below. Otherwise, the bumpers and lights haven't been changed at all. View 21 Photos We suspect there will be other small changes in store for the crossover. It could switch from an eight-speed transmission to a nine-speed unit like the one the XT6 will use. This would be likely considering they both use the same V6 engine. We wouldn't rule out adding an optional turbo four-cylinder engine borrowed from the XT4, but that would be a fairly significant and less likely change. The interior could see some updates, and Cadillac could possibly try to shoehorn in its new infotainment system from the new batch of cars. Then again, changes could simply be limited to new materials and some extra features. With such a light update, we expect the updated 2020 XT5 will make its debut sometime this year with sales coming shortly after.

2019 Cadillac Escalade ESV Drivers' Notes Review | Old, but not antiquated

When the Cadillac Escalade debuted 20 years ago, car-based crossovers were just getting their start. The Escalade was and still is basically a Chevy Tahoe with new styling and a nicer interior. That's especially true today, as our test car has an interior that looks like it was lifted straight from a Cadillac CTS rather than a Chevy Silverado. Crossovers may be more comfortable and fuel efficient, but they can't hold a candle to towing and payload capabilities of a body-on-frame SUV. If you need to haul seven people and a full-size Airstream in quiet comfort, few options are better than the Escalade. This week, our tester was a long-wheelbase Escalade ESV. That means substantially more room both behind the third row and with the seats folded. The Premium Luxury trim sits in the middle of the lineup, but it still comes with a lot of goodies. Features include a Bose audio system, a digital instrument cluster, a heads-up display, heated and cooled leather seats, a heated steering wheel, tri-zone climate control, Magnetic Ride Control and a stout 6.2-liter V8. Options include upgraded leather for $2,000 and polished 22-inch wheels for $600. All in, this Escalade was just shy of $100,000. Editor-in-Chief Greg Migliore: The Escalade is arguably Cadillac's best vehicle. It's a bold, body-on-frame SUV that feels decadently all-American. The Escalade is still contemporary even though it's been years since the ute has had a major redesign. I enjoyed a couple nights in this luxury bruiser. The V8 is powerful, and the 10-speed is a smart improvement. The command seating position is always welcome for me. The interior is nicely laid out, and the materials all look and feel upscale. Not a huge fan of Cadillac's touchscreen (no longer officially called CUE), but it seems to be getting better or I'm getting used to it. Love the Escalade's exterior design. It's dramatic, imposing and gives Cadillac something that's a true style-leader. All that being said, I'll be interested to see how Caddy iterates the Escalade. The Lincoln Navigator is an excellent product and a worthy adversary. Cadillac would be wise to keep its SUV flagship fresh. Senior Editor, Green, John Beltz Snyder: I was not excited to get into the Escalade. This is really not my cup of tea. I used to love the Chevy Suburban, but that fondness has languished as my tastes evolved as these huge vehicles have modernized, losing the charm that drew me to them when I was younger.