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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.

Restyled 2014 Buick Regal adds AWD, Regal GS loses power

Although the current Buick Regal hasn't even been on the market for very long, General Motors is using the New York Auto Show to unveil an updated version of the sedan in a similar fashion to what we saw yesterday with the 2014 LaCrosse. Like the LaCrosse, all 2014 Regal models will be getting a new look both for the exterior and interior design, but the big news takes place under the sedan's skin.
Except for the base Regal eAssist, the Regal Turbo and Regal GS will both be adding the benefit of all-wheel drive, but there is no word as to how much weight this system will add to each car's curb weight. The Regal Turbo's 2.0-liter turbocharged four-cylinder has received a decent bump in output from 220 horsepower and 260 pound-feet of torque to 259 hp and 295 lb-ft; unfortunately, these same figures are carried over to the Regal GS, which means that car drops from 270 hp. Both turbocharged models (Regal Turbo and Regal GS) will now be offered with all-wheel drive and the ability of sending more than 90 percent of the engine's torque to the rear wheels.
In terms of styling, the 2014 Regal gets similar styling changes found on the updated Enclave and LaCrosse, including reworked fascias, scalloped headlights and a full-width chrome strip spanning between the new LED taillights. Inside, key changes were made to the Regal's cabin technology, such as the instrument gauge cluster and infotainment system. On the Regal and Regal Turbo, a new 4.2-inch color display is available for drivers to see information for the vehicle, navigation and audio systems, but the Regal GS' cabin is slightly different with an eight-inch configurable gauge display. One of the best changes may be the overall reduction in buttons on the center stack, creating a cleaner-looking and easier-to-use cabin.

GM cutting Chevy Sonic, Buick Verano production [UPDATE]

UPDATE: A previous version of this story indicated that Orion Assembly would be idled for seven weeks, from February 16 through April 6. This was incorrect. The factory will instead only be idled for the weeks of February 16 and April 6. The story has been edited to reflect this. General Motors has announced that the factory responsible for the Buick Verano and Chevrolet Sonic will be idled for the weeks of February 16 and April 6, with blame being placed on excess supply. The Orion Assembly plant, about 45 minutes north of GM's Renaissance Center headquarters, employs about 1,800 people, but they'll be given a pair of furloughs as inventories of the sub-compact Sonic and premium compact Verano reach 127 days and 84 days, respectively. That works out to 26,600 Chevys and 9,800 Buicks waiting for buyers. According to Automotive News, the compact Chevy sales bested the industry average in 2014, jumping up nine percent versus the the overall segment's eight-percent gain, while the Buick sedan's sales were down four percent. When asked about the shutdown, a GM spokesman told AN that it will "build to market demand," while also pointing out that the company did not comment on production plans. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Chevrolet GM buick encore orion assembly