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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.

Saturn Vue ignition switch leads to new group of GM recalls totaling 312k

General Motors has another spate of recalls to announce. This time they cover 312,280 vehicles worldwide, including 269,041 of in the US, in a total of six campaigns. In 2014, the automaker has recalled 29,079,765 vehicles worldwide, with 25,754,356 of those in the US.
The largest among them covers 215,243 units of the Saturn Vue from 2002-2004 model years worldwide, 202,115 in the US. It's possible for the for the key to be removed even when the ignition isn't in the OFF position. The company knows of two crashes and one injury caused by this problem. Dealers are checking the parts and replacing the ignition cylinder and key set, if necessary.
Next is 72,826 models worldwide (48,059 vehicles in the US) of the 2013 Cadillac ATS four-door sedan, 2013 Buick Encore and 2013 Chevy Trax in Canada. It's possible that the for lap belt pretensioner to retract but not to lock, which could increase occupant movement during a crash. Both front, outboard lap belt pretensioners are being replaced, and a stop-sale is in effect on unsold models until the problem is repaired. There are no known crashes or injuries, though.

Weekly Recap: Ford GT inspires guitar, foosball table, sailboat

Ford design vice president Moray Callum had just wrapped up a briefing on the interior of the Ford GT last month, but something seemed out of place. He grinned and pointed behind him, "You might be wondering why I have a boat behind me," he said mischievously. It was there because Ford set its designers on a mission to stretch and showcase their talents: design non-automotive objects inspired by the interior of the GT supercar. Callum received quite a response, too. His team produced a guitar, a foosball table (yeah bro!), a racing sailboat, a Wi-Fi speaker and some furniture. As the veteran design chief explained, "It's a really great exercise both to highlight our designers' talents, but also to really see how our design philosophy can work and how you can use it and get a common response back from a worldwide design team." Guitar View 25 Photos The objects have been on display this week at the Salone del Mobile furniture and fashion design fair in Milan, Italy, where Ford has had a presence for three years. There's also a light exhibition that apparently was inspired by the GT, as well. While this might seem a little far-fetched for the automaker, Ford said exhibitions like the Salone del Mobile give its designers another way to be creative and ultimately produce striking interior style. Ford wants this to be a differentiator, as research shows consumers are placing emphasis on the layout and features inside when they're making a decision about buying a new car. It's a little light hearted – but it's also potentially big business. Other News & Notes Cadillac CT6 platform could be used for Buick General Motors product chief Mark Reuss said the Cadillac CT6 platform could be used for a large Buick, though "not yet," Automotive News reported. The underpinnings can accommodate rear-wheel or all-wheel drive and would give Buick the large flagship it lacks. The report jibes with comments Reuss made at a roundtable with Autoblog and other reporters at the New York Auto Show. When asked if Buick had space for a large car on the CT6 chassis, he replied, "Yeah, I think it does. Yeah, I think we do." Buick has revamped its lineup in recent years with attractive crossovers and small and midsize sedans, but hasn't added the proverbial flagship that's yearned for by enthusiasts. Buick surprised industry observers with the stylish Avenir concept at the Detroit Auto Show earlier this year that raised the possibility of a halo sedan.