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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 says it made CUE infotainment a lot better

We've never been huge fans of CUE, the Cadillac User Experience infotainment interface. It's been around a few years now, and the best thing we can say for it is that it now supports Android Auto and Apple CarPlay, making it easy enough to replace most of the interface with a familiar smartphone-based system. Now Cadillac has made some big upgrades to the system that should address at least some of our concerns. First and foremost, the system is claimed to be more intuitive, with a more logical interface design. Cadillac has added a Summary View that gives an overview of the climate, media, navigation, and phone all at the same time. The system will also be able to receive over-the-air updates, allowing Cadillac to make improvements more often and push them out to owners' cars, mush like Tesla and other automakers already do. The 4G LTE connection will also be used to connect the car with the cloud, where drivers can store and modify their own personalized set of settings. This My Driver Preferences profile will include things like contacts, navigation preferences, and recent destinations, and will also follow them from one car equipped with the system to another. That should come in handy for anyone subscribing to the $1,500-a-month Book by Cadillac vehicle subscription service, which allows participants to swap between cars when they choose. The cloud connection will also carry over to a new available navigation function, which Cadillac claims has a more intuitive, smartphone-like interface. It uses its data connection to provide current destination info and is supposed to learn a driver's habits, such as their preferred routes and frequent destinations, which the system will then attempt to offer up predictively – so the car should be able to know that you're heading home at 5:00. Additional apps for the system will be available through Cadillac's new Collection app store. And it's still compatible with Android Auto and Apple CarPlay. One sore spot that appears to have been improved is the digital gauge package, although Cadillac hasn't offered details on that extension of the system. The current iteration's ability to over-customize the interface (our personal favorite is the option to display a total of four speedometers between the head-up display and the gauge screen; see video below) and unintuitive controls make it difficult to use and learn, while the simulated gauges don't look particularly realistic.

Join Autoblog editors for a full video tour of the 2019 Detroit Auto Show

The 2019 North American International Auto Show might have been a little more quiet than past years, but there were still some pretty major reveals, including the Toyota Supra, new Ford Explorer, Shelby GT500, Subaru WRX STI S209 and Kia Telluride. We also saw some lovely concepts like the Nissan IMs and Lexus LC Convertible. Senior Editor Alex Kierstein, Consumer Editor Jeremy Korzeniewski and Senior Green Editor John Beltz Snyder join me, Associate Editor Reese Counts — with Social Media Manager Michael Dylan Ferrara behind the camera — on a long walk through the show. We discuss cars, poke around the stands, dress a bloody wound and answer your questions in the Facebook comments. For more Detroit coverage, you can check out Autoblog's picks for the best in show, listen to our podcast or look at the best images from all the reveals. Finally, don't forget to watch Editor-in-Chief Greg Migliore hand over our 2019 Technology of the Year award. Related Video: Green Detroit Auto Show Acura Cadillac Chevrolet Ford GM Hyundai Infiniti Kia Lexus Nissan RAM Subaru Toyota Volkswagen Truck Convertible Coupe Crossover Hatchback Minivan/Van SUV Videos Sedan facebook 2019 detroit auto show live