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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.

Is this GM's next electric crossover?

GM made headlines this week when CEO Mary Barra presented the company's electrification and automation plans at the Barclays Global Automotive Conference in New York. "We are committed to a future electric vehicle portfolio that will be profitable," Barra said, which could be taken as a jab at Tesla. In the presentation ( PDF here), though, we see a new vehicle in a slide titled "Leveraging existing BEV platform to expand in near term." The vehicle, seen above, accompanied the captions "New CUV entries" and "two entries by 2020." Is this a sneak preview of an upcoming electric crossover from GM? The image seems too realistic and intentional to be a random placeholder. If this is, indeed, an upcoming battery-electric CUV based on the Bolt, the question remains: Will it be a Chevy or a Buick? It has no visible badging, but it shares DNA from both brands. As Inside EVs points out, though, it does bear a resemblance to the Chevrolet FNR-X concept unveiled in Shanghai earlier this year. With two CUVs on the way, it's not unthinkable that there could be a version for each brand. In addition to this slide, the presentation includes plans for an "All new multi-brand, multi-segment platform" launching in 2021. The all-new modular battery system will cost less than $100 per kWh, providing higher energy density and faster charging. The platform will host at least nine different vehicles, including a compact crossover, seven-seat luxury SUV and a large commercial van. GM has said it will launch 20 new EVs by 2023, and that it targets 1 million EV sales per year by 2026. Many of those sales will be in China. Related Video:

Buick officially launches the redesigned 2021 Envision

The 2021 Buick Envision is officially official. Yes, that Envision — the one we showed you back in May 2020 — is now for sale, and we now have all of the finer details about the redesigned crossover, which is lower, wider and more technologically robust than its predecessor.  One could argue that we already knew the most important thing about Buick's updated CUV: It looks good. The same couldn't necessarily be said of its previous incarnation, which, like several of GM's outgoing small crossovers, could be charitably described as inoffensive, but often merely looked frumpy and incoherent.  2021 Buick Envision Avenir View 25 Photos Rather than the flow-for-flow's-sake design of the outgoing model, the 2021 boasts a more chiseled, angular look, especially in Avenir guise. It also boasts a redesigned cabin and a new suite of standard tech features, including standard forward collision warning, front pedestrian braking and rear park assist. Optional goodies include a HUD, wireless Android Auto and Apple CarPlay, and a hands-free power liftgate. Avenir models bake in several of the standard Envision's optional upgrades, including heated and ventilated front seats, a massaging driver's seat and heated outboard rear seats. It also offers an optional adaptive suspension.  “The all-new 2021 Envision is a tremendous opportunity for the brand,” said Duncan Aldred, global vice president for Buick and GMC. “With strong, differentiated designs, and a combination of advanced technologies and premium appointments, it will stand apart in one of the industryÂ’s most competitive segments.” Buick has also nailed down the specs on the Envision's updated powertrain. The 2.0-liter turbo engine will make 228 horsepower and 258 pound-feet of torque. Front-wheel drive is standard, with GM's twin-clutch all-wheel-drive system available as an upgrade. Both models get a nine-speed automatic gearbox.  As confirmed previously with the release of Buick's 2021 order guide, the Envision starts at $32,995 (including destination) and is available at dealers now. We expect to get our hands on one for a more thorough evaluation some time in the coming months. Stay tuned.