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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.

The 2018 Buick Regal is now a hatchback and a wagon

Buick has long been General Motors' most traditional brand. With the launch of the 2018 Regal, it's now arguably GM's most risk-taking brand. Buick is turning its midsize staple into a hatchback, called the Regal Sportback, and a wagon, the Regal TourX. Revealed Tuesday afternoon at GM's historic Design Dome in Warren, Mich., the cars will go on sale in the fall after next week's public debut at the New York Auto Show. "At Buick we can try things other people haven't tried," GM product chief Mark Reuss said. The wagon – though Reuss was reluctant to call it one – is a longer (3.4 inches), higher-riding (0.6 inches) version of the Regal Sportback. It's the first Buick wagon since the 1990s Roadmaster, and it's aimed at the seemingly never-satiated crossover market in the United States. View 12 Photos The TourX will compete against the Volvo XC60 Cross Country, Audi A4 Allroad, Subaru Outback, and BMW 3 Series wagon. The Buick offers up 73.5 cubic feet of storage space behind the front seats and is all-wheel drive only. Power comes from a turbocharged 2.0-liter four-cylinder making 250 horsepower and 295 pound-feet of torque that teams with an eight-speed automatic transmission. "It's something that is very different and very beautiful, and it's a good alternative for Buick to try," Reuss said. The Sportback, meanwhile, offers the same four-cylinder and eight-speed trans as the TourX in AWD trim. The Sportback also offers a front-wheel-drive model that uses a four-cylinder paired with a nine-speed automatic, and the engine is rated at 250 hp and 260 lb-ft in that setup. With swoopy creased styling, the Regal Sportback offers a slightly different riff on the crowded sedan segment, which GM says still has three million annual retail sales. On a side note, Saab fans might feel some old wounds at the sight of the hatchback Buick, as the 5-door 9-3 was axed by GM in an attempt to make the model more mainstream before the brand's demise. Both models will offer front pedestrian braking, lane keeping assist, adaptive cruise control, OnStar and seven-inch or eight-inch touchscreens with Apple CarPlay and Android Auto. As expected, the Regals are based on the Opel Insignia, and they will be built in Ruesselsheim, Germany. Reuss said GM plans to build the Regals there after the company sells Opel to PSA. He also said GM isn't concerned about potential border/import taxes that could be levied by the Trump Administration. "I don't know what the border tax is," he said.

Mysterious white powder discovered at GM Orion Assembly

Workers at General Motors Orion Assembly Plant in Orion Township, MI uncovered a mysterious white powder in two different parts of the factory earlier this week, raising concerns about worker safety. "We can confirm that an unknown substance (white powder) was found on the floor outside of Gate 6 at Orion Assembly on Monday, August 29. On Tuesday, August 30, we had a second report of a bottle containing a similar substance found inside the plant," GM spokesperson Dayna Hart told The Oakland Press via email. GM stressed that incident didn't disrupt operations at the plant, and that the company was taking steps to ensure the safety of the sprawling factory's workers. That did include, an anonymous worker told The Oakland Press, closing off parts of the factory for two full days, as drug-sniffing dogs and crews in haz-mat suits descended on the area. "A sample of the substance has been sent to a laboratory for identification and results are expected later this week," Hart said. "All findings and actions have been shared with our employees." Orion Assembly currently builds the Chevrolet Sonic and Buick Verano, and will eventually be responsible for production of the new, all-electric Chevy Bolt early next year. Related Video: