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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 CT6 will get high-res streaming video rearview mirror

Cadillac is preparing a big upgrade to the humble rearview mirror, adding a streaming video function that it claims will improve a driver's field of vision by 300 percent. The new system will debut on the 2016 CT6 flagship. The streaming system, which eliminates the visual obstructions caused by passengers, headrests and the rear pillars, relies on a 1280-by-240-pixel TFT display and a high-definition camera to reduce glare and improve visibility in low-light conditions. That camera even addresses one of the big annoyances of today's camera systems, by adding a hydrophobic coating to keep the camera lens clear. The system can easily be switched off at the press of a button, at which point the driver has a simple electrochromatic mirror at his disposal. "The closest comparison to this kind of rear vision would be driving a convertible with the top down," Travis Hester, the CT6's executive chief engineer said in a statement. "The streaming video is a significant enhancement for the luxury customer interested in purposeful technology." Scroll down for the press release from Cadillac. Cadillac Adds Streaming Video to Enhance Driver Vision and Safety Display eliminates visual obstructions, increases rearward vision by 300 percent 2014-12-18 DETROIT – Cadillac late next year will add high-resolution streaming video to the function of a traditional rearview mirror, removing obstructions of passengers, headrests and the vehicle's roof and rear pillars. The streaming video mirror improves field of vision by an estimated 300 percent, or roughly four times greater than a standard rearview mirror. "The closest comparison to this kind of rear vision would be driving a convertible with the top down," said Travis Hester, Cadillac CT6 executive chief engineer. "In addition to the increased field of view, the technology eliminates any rear seat, rear pillar or passenger obstructions, allowing the driver an unimpeded view of the lanes behind and traditional blind-spots," Hester said. Thanks to a high dynamic range, the camera's video feed reduces glare and allows a crisper image in low-light situations, versus a traditional glass electrochromatic, or auto-dimming, rearview mirror. The in-mirror display is an industry-leading 1280 by 240-pixel TFT-LCD display with 171 pixels per inch, combined with a HD camera designed specifically to enhance rear view lane width and maximize low-light situations.

Super Bowl LVII car commercial roundup: Watch them all here

Fewer automakers than usual spent money advertising during Super Bowl LVII. In total, there were only five traditional ad spots from three big OEMs. A number of car-adjacent ads aired during the Big Game, too, and we’ll bring you those ads in this roundup alongside the more obvious ones. WeÂ’ve compiled all of the automotive-related commercials for you here in this post so you donÂ’t have to go searching for them elsewhere. Read on below to see what aired as the Kansas City Chiefs defeated the Philadelphia Eagles. Ram's Super Bowl spot offers a cure for 'Premature Electrification' This commercial revealed the new electric Ram Rev pickup, and itÂ’s themed like a prescription ad for an antidote to "Premature Electrification.” A concerned narrator in the Ram spot asks if you're afraid that going electric too soon will mean "you might not be able to last as long as you like," and there's a guy on a pier who's going to need some new equipment if he wants to catch fish. We're also told there are "options being designed to extend range in satisfying ways," so if this truck isn't right for you, you have choices. All the commercial's missing is a silly medical marketing name and six seconds of speed-reading gibberish about side effects like intestinal bleeding and death. Which are two more good things. Jeep 4xe Super Bowl commercial highlights modern version of 'Electric Boogie' JeepÂ’s “Electric Boogie” commercial follows the Wrangler 4xe and Grand Cherokee 4xe in a variety of simulated off-road situations. Though fun, the soundtrack is the real star of the show. The songÂ’s original artist, Marcia Griffiths, was joined by Grammy winner Shaggy, Jamila Falak, Amber Lee, and Moyann on the track. The modernized re-recording celebrates 40 years since GriffithsÂ’ original track, and Jeep says the track is available for streaming now. Kia returns to the Super Bowl with the tale of 'Binky Dad' This year, Kia follows the adventure of "Binky Dad" in his quest to fetch his daughter's lost pacifier, which naturally takes him over just about every bit of terrain you might encounter upon leaving the civilized confines of Southern California for the not-so-civilized mountains of ... probably also California. It features the refreshed 2023 Kia Telluride, which probably doesnÂ’t need much advertising to see these days, but Kia went for it with the strong three-row SUV anyway.