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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 new Opel Insignia might be a great Buick, but it's a sad Holden Commodore

Since the first shots of the uncovered Opel Insignia hit our inboxes, we've been filled with excitement for the new sedan. It looks great, it should come to America with little to no visual changes as the Buick Regal, and we might even get a wagon version. Unfortunately, there's a lead lining to this silver cloud, and it comes to us from Down Under. You see, the Opel Insignia is also undergoing a re-badging job in Australia to become the new Holden Commodore. It's replacing the beloved rear-drive Commodore (with an optional V8 and ultra-high performance HSV variants) with a front-drive-based platform offering four- or six-cylinder engines. This is depressing news considering the Zeta-platform underpinning the Commodore VF spawned the Pontiac G8, Chevrolet SS, and fifth-generation Camaro. Knowing this was going to happen doesn't help much either. What makes it all worse is that the new Commodore doesn't have a shred of unique styling in the bodywork. That's not an exaggeration. A new grille with a Holden lion badge instead of an Opel lightning bolt badge is the only change. See for yourself in the Insignia gallery below. Not only did GM erase a unique Australian model, it didn't even allow the brand to give the car a distinct shape. It's sort of like when Ford planned to replace the Mustang with the Mazda-derived Probe. The Probe wasn't that bad for the time, but it was no Mustang. At least in that case the Mustang survived. View 12 Photos Before we get ourselves too down, we should mention that there are reasons to be hopeful for the future. For one thing, the new all-wheel-drive Commodore/Insignias will come with a version of the GKN-developed rear differential found in the Focus RS and Range Rover Evoque, which is pretty neat on its own. And Opel/Vauxhall have always had wild performance versions of the Insignia and its Vectra predecessor. The last one made 325-horsepower and had all-wheel-drive. A new one would likely produce much more, since one of the available V6s makes 308 horsepower. Then imagine all of that extra hypothetical horsepower hooked up to the all-wheel-drive system that introduced us to "drift mode." Not only that, but rear-drive Holdens may not be completely dead yet. A Belgian man announced his intention to buy an old Holden factory along with the tooling and rights for the car once it was discontinued. His plan is to continue producing the old model after Holden is done with it.

Malaise Era Junkyard Gem: 1979 Buick Electra Limited

In the fall of 1973, the Arab members of OPEC shut off the oil taps, and Detroit got busy making many of their full-sized land yachts a lot smaller. By model year 1977, the downsized fifth-generation Buick Electra was ready to go ... just in time for the 1979 Iranian Revolution to squeeze the supply of the black stuff even further. You won't see many of the 1977-85 Electras these days, but I spotted this faded but solid '79 Limited sedan in a Denver self-service yard last week. General Motors must have bought up the entire world's supply of blue velour around this time, because you'll see this stuff in just about every car they made for the following decade or so. By this time, GM was doing a lot of mixing-and-matching with engines from its various divisions, which meant you could buy an Oldsmobile 88 with a Chevrolet 350 V8 engine, a Chevrolet Monza with a Buick 231 V6 engine, or— as in this case— a Buick Electra with an Oldsmobile 350 V8 engine. Do you want to know how many horses this engine delivered to this 3,631-pound car? 155 horsepower out of 5.7 liters of engine displacement. Times were tough during the Malaise Era. Related Video: Featured Gallery Junked 1979 Buick LeSabre in Colorado Junkyard View 20 Photos Buick Automotive History Luxury Classics Sedan malaise era