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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 reveals futuristic EV crossover in Detroit

Cadillac just revealed a futuristic EV crossover model at an off-site event before the Detroit Auto Show. The vehicle doesn't have a name now, but Cadillac says that and additional information will be revealed closer to the car's launch. Any sort of specifications, range and things of that matter are not available right now. Although, Cadillac mentions we can expect both two- and all-wheel drive and for it to be sold globally. What we know for sure is that this vehicle is meant to preview an actual production model at least somewhat resembling this one. As we look at the two photos, this vehicle looks a bit concept-like but probably won't need a whole lot of change to make it production-ready. When that production will start, Cadillac doesn't make any mention of either. GM said on Friday that Cadillac "will be at the vanguard of the company's move toward an all-electric future." This reveal is the first vehicle related to that goal since the statement only a couple of days prior. We contacted Cadillac in an attempt to understand a bit more about where this car stands in the concept versus production car realm, and will update when we learn more. For now, take a gander at what Cadillac says represents the future of its brand. Related video:

Cadillac CT6 Plug-in Hybrid is dead for 2019

Plug-in hybrids seem to have it hard at Cadillac. First there was the ELR flop, and now Cadillac is killing off the CT6 Plug-in Hybrid. The news of the hybrid's demise was first broken by GM Authority, and we received a statement from Cadillac confirming that it would be discontinued. With it disappearing for the 2019 model year, the CT6 Plug-in was only around for two model years, the same as the ELR. The Cadillac representative we contacted didn't say exactly why the CT6 Plug-in is being discontinued. All that was mentioned was that focus for the new model year would be on the refresh and the CT6-V. We would guess the hybrid is gone due to slow sales, but General Motors doesn't break out individual trims and powertrains in its quarterly delivery reports, so we can't say for sure. We're a bit disappointed that the CT6 hybrid is going away. We were pleased with its fuel economy and refinement when we had an opportunity to drive one, and its only real sacrifice was a smaller trunk. On the plus side, Cadillac's statement to us said that there are definitely additional electric vehicles coming to the brand, noting that some of the 20 promised electric vehicles from GM by 2023 will be Cadillacs. Related Video: Featured Gallery 2017 Cadillac CT6 Plug-in Hybrid View 15 Photos Image Credit: Cadillac Cadillac Hybrid Luxury Sedan cadillac ct6 cadillac ct6 hybrid