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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 dealers get $5,000 incentive for ELR test drives

The 530 Cadillac dealers - out of 940 total dealers - that signed on to sell the brand's ELR for $75,000 or lease it for $699 per month have managed to move 247 of them in the last five months. That's a little less than two cars for each dealer more than two dealers for each car if you need help with the math. With inventories of the luxury plug-in hybrid building up - Automotive News reports a 725-day supply - General Motors has created the Demonstrator Allowance Program to billow the sails on that slow moving ship, giving dealers $5,000 to promote ELR test drives.
A dealer with one ELR in its test fleet that racks up 750 test driven miles between May 1 and June 2 earns the fifty Benjamins, a dealer with two ELRs in the test fleet will get one hundred Benjamins. That will be added to summer incentives for dealers that pay $2,000 for units sold in July and $1,000 for units sold in August, while on the customer side, Cadillac has put "customer discount certificates" worth $3,000 on the hood for buyers and lessees.
Cadillac suggests this is about raising awareness of the ELR, but the question is how much dealers will be able to do for a car that observers - and buyers, apparently - still consider highly overpriced.

Cadillac CTS-V, ATS-V special editions celebrate IMSA titles

This was Cadillac's first year of competition for its DPi-V.R. Daytona Prototype race car in the IMSA Endurance Championship, and it brought home both the manufacturer title and driver title. To celebrate the occasion, Cadillac has created special editions of its fastest road cars, the CTS-V and ATS-V, and their defining features are stickers. Yes, the most unique part of these special Cadillacs is a decal package. But it is an attractive one, with white, gray, silver and red accents inspired by the race car. They're complemented by either a black or white paint job and red side mirrors. The rear quarter windows also get little stickers of the race car's silhouette. Though the stickers are the defining trait of these special-edition cars, they aren't the only features. The CTS-V and ATS-V each come bundled with an array of other features such as a sunroof, the carbon fiber exterior accent package, and a red and black interior that features red-accented carbon fiber trim and Recaro seats. Available as additional options are an eight-speed automatic for the ATS-V, a performance data recorder and a suede steering wheel and shift knob. The other neat tidbit is that, if those extra features are must-haves, the IMSA edition ATS-V is the way to go. The $72,190 price for the sedan is almost $2,000 less than an equivalent standard ATS-V sedan. The regular ATS-V sedan also isn't available with the red and black interior. The special-edition ATS-V coupe starts at $74,390, which is a little over $1,000 more than an equivalent normal ATS-V coupe. Unfortunately for CTS-V buyers, the IMSA edition model, at $105,730, is pricier than optioning up a regular CTS-V. So in that case, you'll have to decide whether the decals and exclusivity are worth it. Related Video: Featured Gallery 2018 Cadillac CTS-V and ATS-V IMSA Championship special editions View 13 Photos Image Credit: Cadillac Cadillac Coupe Luxury Performance Sedan cadillac ats-v