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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.

Weekly Recap: New bosses try to jump-start Cadillac and Lincoln

Both of America's domestic luxury brands seem to be stuck in neutral.
It's ironic that Cadillac and Lincoln got new bosses within days of each other this month. It's also a commentary on the fact both of America's domestic luxury brands seem to be stuck in neutral.

Cadillac scraps three-row CUV plans

Crossovers are one of the hottest automotive segments on the planet. Apparently, the idea of mixing the practicality of a station wagon with the looks of an SUV appeals to people whether they are in Cleveland or Shanghai because nearly every automaker is jumping into the market. So it was no surprise when early rumors suggested Cadillac was planning two, new CUVs to fit above and below the SRX. But things might have changed since then.
New rumblings indicate Caddy is taking a different route. Instead of two crossovers, only the compact is on the way, and the larger, three-row CUV on the Lambda platform to sit between the SRX and Escalade may be a goner. According to Ward's Auto, General Motors thinks that the other three-row, Lambda vehicles like the Buick Enclave and GMC Acadia compete too closely with the proposed Cadillac. The decision comes fairly close to the 2017 intended production date.
As far back as 2010, this Lambda-platform based CUV was considered highly likely for production. However, Cadillac Senior Vice President Bob Ferguson was somewhat cooler about it when he discussed the new crossover briefly last year. He said the model could use the Escalade name, despite its unibody chassis, but no decision had been made yet to actually produce it.