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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 planning more Vsport models

There's a new intermediate class of luxury performance cars emerging. Audi has been doing it for years with its S-line bridging the gap, in many cases, between the standard fare and the full-on RS performance range. BMW's getting in on it with the M Sport line slotting in below the full M models. And now Cadillac is joining the fun with its Vsport offerings.
Models like the CTS Vsport and XTS Vsport are packing a new 3.6-liter twin-turbo V6 with 410 or more horsepower (along with bigger wheels and brakes) to slot in between the standard model and any impending V variant. Well, it appears Cadillac isn't about to stop there.
Speaking with The Detroit News, Cadillac product chief Hampden Tener revealed that, based on the response to the XTS Vsport, the brand is planning more Vsport models. He did not, however, indicate which would be the next to get the slightly sportier treatment. With the full ATS-V expected to pack a version of the same engine powering the aforementioned XTS and CTS Vsport models, an ATS Vsport would have to pack a smaller engine to fit in below. That only leaves the SRX crossover, Escalade SUV and the upcoming ELR hybrid. Food for thought.

2021 Cadillac CT5 Review | Is the price (and size) right?

The Cadillac CT5, which was brand new for the 2020 model year, took the place of the CTS in General Motors’ luxury sedan portfolio. Its mission is the same as the car it replaced: compete on equal footing with the German trio of Audi, BMW, Mercedes-Benz along with Japanese brands Acura, Infiniti and Lexus. But it does so with a radically different package than the CTS. In place of the sharp corners and angular greenhouse of its predecessor is a smoother sedan with a flowing fastback shape. The new CT5 is also around $10,000 cheaper than the CTS it replaces, despite the fact that the two are within a few inches in exterior dimensions. So while it may be sized similarly to the cars it used to compete with, including the BMW 5 Series and Mercedes E-Class, it's now priced like a 3 Series or C-Class.  Clearly, Cadillac thinks this refined strategy will position the CT5 to better compete against those established luxury players. The car itself drives quite well and is stylish, well equipped, and that price-to-size ratio gives it a unique proposition to attract buyers away from the Europeans. What's new for 2021? The CT5 finally gets CadillacÂ’s Super Cruise semi-autonomous technology for 2021. It's the latest version that includes Lane Change on Demand functionality, but itÂ’s only available on Premium Luxury and V-Series trim levels. CaddyÂ’s sport sedan also gets a 12-inch digital gauge cluster with multiple themes, including a Track theme on the high-performance CT5-V. A new Diamond Sky special edition package will be offered on Premium Luxury CT4 and CT5 models, adding interior and exterior styling upgrades along with all-season run-flat tires on unique wheels. Additional updates include wireless Apple CarPlay and Android Auto, and a console-mounted rotary infotainment knob that enables left and right clicks to more easily navigate the infotainment system. 2020 Cadillac CT5 View 22 Photos   What's the CT5Â’s interior and in-car technology like? The Cadillac CT5 interior can best be described as “nice enough.” Unfortunately, "nice enough" isnÂ’t quite good enough to compare favorably with Audi, BMW, Mercedes-Benz or Volvo. We'd say it's not good enough to compare with cross-town rival Lincoln, either, but they won't be selling sedans in 2021.