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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.

Gimp Pimp and Aqua Volvo at 24 Hours of LeMons | Car Club USA

Car Club USA heads to Sonoma, CA where the Gimp Pimp Cadillac and Aqua Volvo will take on all the crazy, sub-$500 competition at the 24 Hours of LeMons endurance race. "Over the last 30 years, car racing has gotten extremely serious and extremely expensive and it just seemed like there was a real need to make it accessible again," said LeMons founder Jay Lamm. The result is a series of endurance races across the US and Australia where all you need to join the fun is a junky car and some basic safety equipment. "It's just fun, compared to pro racing," said Wendy Epstein, driver of a 1979 Volvo 242 in bright "Aqua Volvo" livery. "24 Hours of LeMons is a form of racing that is designed to be cheap and easy, and anybody can do it," said Bill Manfroy, driver of the Gimp Pimp, a 1996 Cadillac SLS with some important modifications. "Part of what makes the Gimp Pimp Cadillac so special is that it does have hand controls, so it gives access to people like me that ordinarily get to race." "Which makes it perfect for LeMons." Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Motorsports Weird Car News Cadillac Volvo Driving Racing Vehicles Car Club USA Videos Original Video viral video

Cadillac CT6 to be lighter than CTS, get PHEV model

Cadillac is suddenly one of the most talked about automakers in the US with Johan de Nysschen taking control. The brand claims that it eventually wants to become, once again, the standard of the world. One of the first vehicles to actually prove whether that's possible is its upcoming CT6 flagship sedan. We still don't know what the production version looks like undisguised, but other important details are falling into place. The latest big news sheds some light on the Caddy's powertrain and some estimates of its weight and size.
General Motors product chief Mark Reuss dropped the details at the automaker's Global Business Conference. According to The Detroit News, he revealed that the CT6 would use a twin-turbocharged, 3.0-liter six-cylinder engine with an eight-speed automatic transmission, and a plug-in hybrid would be an additional option. He reportedly claimed it would be the most "powerful six-cylinder gas engine in the segment" and said the hybrid could get around 70 miles per gallon.
Reuss also revealed that the CT6 would be about 53 pounds lighter than the current CTS, despite being about 8 inches longer, according to The Detroit News. If that's the case, the new flagship is about 203.5-inches long, which is 1.5-inches more than the XTS.