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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.

Almost half of US Cadillac dealers say no to ELR plug-in hybrid

If you've got $75,995 (or so) burning a hole in your pocket and a hankering for the new Cadillac ELR, you'd better call your local dealer before you burn up shoe leather and gasoline to head down there. According to a report on Edmunds, only about 56 percent of the brand's 940 dealers have signed up to carry the premium plug-in hybrid. As much as we'd like to see the more affluent among us driving on electricity, we can certainly understand the dealers' apparent lack of enthusiasm. The article cites costs of up to $15,000 for tools and training to sell the ELR. Show floor real estate is another consideration for dealers who aren't enthusiastic about sacrificing space for a for a vehicle with initial sales – just 46 units nationwide in the first two months, but that volume is expected to increase – that are as mediocre as our first drive impressions. Still, for those locations that co-habitate with Chevrolet dealers who already participate in the Volt program, the extra expenditure shouldn't be too onerous. The two vehicles share the same basic electro-mechanical drivetrain, so those dealerships should have most of the needed infrastructure already in place. The bulk of ELR sales, according to Cadillac's global marketing director Jim Vurpillat, are expected to be in along the coasts, in places like California, Miami and New York. Featured Gallery 2015 Cadillac ELR: First Drive View 25 Photos News Source: Edmunds Green Cadillac Electric cadillac elr

2018 Cadillac CT6 Drivers' Notes | Super Cruiser

The 2018 Cadillac CT6 showcases General Motors' impressive Super Cruise feature. It's the next milestone on the way to an autonomous future, though GM is being conservative about promoting Super Cruise's considerable prowess. It helps the driver, GM says. Does it work? Our editors have been testing one this week as the calendar turns and the temperatures drop in Michigan. Also, the CT6 is a really nice car. Here's what we think. Senior Editor, Green, John Beltz Snyder: Super Cruise, man. On Wednesday night, I rode home in a 2018 Cadillac CT6 with Super Cruise. I say "rode," but I was sitting in the driver's seat. I spent more time with my hands off the steering wheel than on it. It was super relaxing. Once I got on the highway, I set the cruise control, waited for the steering wheel icon to show up on the instrument cluster, and hit the button on the steering wheel that looked like a steering wheel (pretty meta, to be honest). The top section of the wheel illuminated in a green arc, and I felt the weight of the steering lift as the car began driving itself. I put my feet flat on the floor, rested my hands on my knees, and just watched the road while listening to a podcast ("The Dollop," if you were wondering). To be honest, I had trouble concentrating on the audio, as my thoughts were captivated by the way the car managed the road and traffic around me. Sure, I had to change lanes on my own and take over steering on interchanges and surface streets, but when the AI took the reins, it had my complete confidence. Perhaps just as surprising, the CT6 was also a blast to drive manually. It felt super smooth, with plenty of power and poise. I enjoyed bending it through 50-mph curves almost as much as I enjoyed being driven. Almost. Editor-in-Chief Greg Migliore: Super Cruise just works. I was blown away how easy it was to use and how well it just did what it was supposed to do. Merging into the teeth of rush hour traffic in metro Detroit, I braced for the worst. I figured I'd be stuck in bumper-to-bumper gridlock and Super Cruise would never get deployed. Frankly, I was cynical Super Cruise would work. But then I was able to hit the 70-mph speed limit and figured, well, let's just see about this thing. Like John, I did the two-steps to set up SC, and boom, it worked. It trailed the cars in front of me at a proper distance. It braked naturally to a stop and then resumed speed. It slowed down when a Jeep Grand Cherokee cut me off.