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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.

GM, UAW poaching Nissan workers in Tennessee

General Motors and the United Auto Workers are going on a recruitment drive at the Spring Hill factory in Tennessee, and they're hoping to poach some skilled workers from Nissan's nearby plant in Smyrna, TN. The General and the union even bought a billboard advertising for industrial electricians near the Japanese automaker's facility, according to the Daily News Journal. The reason for the billboard was simple. "GM was short of electricians," said Tim Stannard, the president of the UAW local at Spring Hill, to the Daily News Journal. The factory currently builds the Chevrolet Equinox but has a contract to assemble the next generation of Ecotec engines and the Cadillac XT5, which replaces the SRX. Thanks to the $185-million deal, employment there is expected to double by May 2016, according to Stannard, with roughly 1,800 additional union jobs. Beyond just several billboards, GM has job postings online for the Spring Hill plant looking for workers with specific skills. There has already been some interest in the positions among Nissan employees, Stannard indicated. According to a recent study by the Center for Automotive Research, the average GM worker currently makes $58 an hour, including benefits. Comparatively, Nissan pays an average of $42 an hour with benefits. The General's number could change in the coming weeks because its contract with the UAW is about to expire, and higher wages are among the major negotiating points.

Cadillac CT6 V-Sport wants to take prisoners with 550-hp 4.2L TT V8

With the refresh of the Cadillac CT6 for 2019, Cadillac welcomes the first CT6 V-Sport as well as a new trim strategy. The changes at the front for the CT6 lineup don't appear substantial viewed head-on, one needs a side view to appreciate the greater three-dimensionality. Thinner headlights and a thinner bumper above a slightly larger lower front intake emphasize the mesh grille, and the vertical LED DRLs make more dramatic statements thanks to those narrower headlights. By angling the main units back toward the rear of the sedan, the CT6 now has a certified, sculpted snout. The rework appears to add substantial overhang, but overall length only increases by a tenth of an inch, to 204.1 inches. What's under the V-Sport's probing hood is just as interesting as the redesign and the sporting thrust: A clean-sheet design of a 4.2-liter DOHC twin-turbo V8. In the V-Sport, the engine produces 550 horsepower and a Bentley-esque 627 pound-feet of torque. As an optional engine elsewhere in the CT6 range, the same engine produces 500 hp and 553 lb-ft. The displacement, specs, plus the fact that "each engine will be hand-built at the Performance Build Center in Bowling Green, Kentucky" indicate this was one of the rumored powerplants for the mid-engine Corvette. The coming sports car was tipped to get a 4.2-liter and 5.5-liter DOHC twin-turbo V8. Based on the position of the turbos in this engine vs. their positions in the previous CAD drawings, we assume the drawings represented the 5.5-liter. (Note: Cadillac said Corvette will not get the new 4.2-liter twin-turbo engine.) The 4.2-liter item features an aluminum block, heads, and pistons, direct injection with a 9.8:1 compression ratio, cylinder deactivation, cylinder oil jets, and a variable-pressure oil system. The twin-scroll turbochargers capable of 20 pounds of boost sit in the 90-degree vee, working alongside twin water-to-air intercoolers, twin throttle bodies, and twin electric wastegates. Cadillac says 90 percent of torque arrives at 2,000 rpm and loiters through 5,200 rpm. Power gets sent through GM's 10L90 ten-speed automatic transmission and on to the standard all-wheel-drive system. Cadillac didn't list 0-to-60-mph times in its press release, but engineers have track-worthy alacrity in mind for the CT6 V-Sport.