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General Motors posts record earnings, but global sales fall

General Motors started the year with record success. The automaker's $2.7 billion in adjusted earnings before interest and taxes was its highest ever in in the first quarter of 2016, up from $2.1 billion in from the same time period a year earlier. Net income grew to $1.95 billion, which was more than double the $953 million in the same period last year. The company's figures also beat analysts' predictions, according to the Detroit Free Press. Despite the financial growth, global sales actually decreased by 2.5 percent to 2.36 million vehicles. "We're growing where it counts, gaining retail share in the US, outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," CEO Mary Barra said in the company's financial announcement. GM did well in North America with an adjusted EBIT of $2.3 billion, up from $2.2 billion last year. Sales in the region also grew 1.2 percent to 800,000 vehicles. According to The Detroit Free Press, the company has been especially successful at selling more expensive models in the US. The company's average vehicle was $34,600 in Q1, about $3,000 more than the industry average. Elsewhere in the world, GM also showed improvement. Europe practically broke even after losing about $200 million last year, and Opel and Vauxhall sales grew 8.4 percent to more than 300,000 vehicles for the quarter. South America only lost $100 million, which was half as much as Q1 2015's $200 million loss. China remained flat at $500 million of income. Cadillac volume jumped 6.1 percent there, and Buick's deliveries increased 22 percent, thanks to the Envision crossover's success. GM Reports First-Quarter Net Income of $2.0 Billion 2016-04-21 EPS diluted of $1.24; First-quarter record EPS diluted-adjusted of $1.26 First-quarter record EBIT-adjusted of $2.7 billion GM Europe posts break-even performance DETROIT – General Motors Co. (NYSE: GM) today announced first-quarter net income to common stockholders of $2.0 billion or $1.24 per diluted share, compared to $0.9 billion or $0.56 per diluted share a year ago. Earnings per share diluted-adjusted for special items was a first-quarter record at $1.26, up 47 percent compared to the first quarter of 2015. The company set first-quarter records for earnings and margin, with earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent.

2017 Buick Encore freshens up for New York debut

Buick has rolled in to the New York Auto Show this year with a revised version of the Encore, bringing with it a series of revisions to what's billed as "America's most popular small SUV." Most obvious is the new front end that adopts the brand's latest design language with a fresh grille and headlamps – full LEDs on top-spec models. The taillights are also new, the exhaust tips are now chromed, the door mirrors color-keyed to the bodywork, and of course it all rides on a new set of wheels. The updates continue inside, where you'll find new trim, new gauges, and an eight-inch color touchscreen display to run the IntelliLink system that now supports Apple CarPlay and Android Auto as well as OnStar 4G LTE with on-board wifi. Buyers will be able to choose between five trim levels and between front- or all-wheel drive. There are three new exterior paint choices as well. The Encore is based closely on the European-market Opel Mokka, which was similarly revealed in updated form at the Geneva Motor Show just last month. In Buick guise, the Encore has only been on the market now for three years, but already stands as the brand's top seller. Last year it alone accounted for nearly one in every three vehicles Buick sold, and has risen 34 percent so far this year as well. Subtle though they may be, these updates ought to keep the Encore at the top of its game for another few years to come. View 5 Photos Related Video: 2017 Buick Encore Gets Latest Tech, Sculpted Design New LED headlights, Apple CarPlay, Android Auto for Buick's best-seller 2016-03-22 NEW YORK – Buick today introduced the new 2017 Encore, strengthening the appeal of America's most popular small SUV with more refined styling and new connectivity technology – including available Apple CarPlay and Android Auto compatibility. A new front-end appearance and a new premium interior highlight the visual refinements, while Apple CarPlay and Android Auto are supported by a next-generation IntelliLink system featuring an 8-inch-diagonal color touch screen. Push-button start, keyless unlock via the exterior door handles and an 8-inch color touchscreen highlight the Encore's roster of new standard features. "The Buick Encore created the premium small SUV segment and remains the top choice for customers seeking premium features and dependability coupled with timeless design," said Duncan Aldred, vice president of Buick Sales, Service and Marketing.

GM seeks to exempt Buick Envision from U.S. auto tariffs

General Motors is seeking an exemption to a 25 percent U.S. tariff on its Chinese-made Buick Envision sport utility, the automaker said on Thursday, in a move to prevent the key model in the brand's U.S. lineup from becoming a victim of the U.S.-China trade war. The midsize SUV, priced starting at about $35,000, has become a target for critics of Chinese-made goods, including leaders of the United Auto Workers union and members in key political swing states such as Michigan and Ohio. The Envision, assembled only in China, last year accounted for about 19 percent of Buick brand sales in the United States. GM said in a statement that it filed the request on July 30 with the U.S. Trade Representative. An official notice was posted on Thursday on the regulations.gov website, which is tracking requests for exclusions from the so-called Section 301 tariff on certain imported goods from China. GM, the largest U.S. automaker, argued in its request that Envision sales in China and the United States would generate funds "to invest in our U.S. manufacturing facilities and to develop the next generation of automotive technology in the United States." GM said the "vast majority" of Envisions, about 200,000 a year, are sold in China. About 41,000 were sold last year in the United States. Because of the lower U.S. sales volume, "assembly in our home market is not an option" for the Envision, which competes with such midsize crossover vehicles as the Jeep Grand Cherokee and the Cadillac XT5. GM has taken other steps to soften the blow of tariffs, which hit just as the automaker had lowered the price of the Envision to make it more competitive. Ahead of the July 6 start for higher import tariffs, GM shipped in a six-month supply of Envisions at the much lower 2.5 percent tariff rate. Envision sales from April through June plunged to just 7,000 vehicles, while inventories climbed to more than 13,000 vehicles at the end of June. At the current sales rate, the Envision supply should be enough to keep many dealers stocked through the end of the year. GM had lowered prices by as much as $2,500 on the 2019 models, which it started shipping in late April. That means Buick's 2,000 U.S. dealers should have lower-priced Envisions to sell well into the fall. "The previous price point was too high" on the 2018 Envision, said Casey Clark, sales manager at Serra Buick GMC Cadillac in Washington, Michigan, in an interview.