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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.

2013 Opel Cascada

The Future Buick Verano Convertible?
I wasn't wearing a pedometer while in Germany covering the Frankfurt Motor Show this year, but it's safe to say I walked more than a few miles between press conferences, shooting cars and trekking back to the media center on the first day alone. For this reason, it didn't take much convincing from General Motors for me to duck out of the Messe a day early and drive some of its latest Opel models. No, this didn't include the all-new Country Tourer, but I was able to drive the Opel Mokka (our Buick Encore), the Opel Adam and the Opel Cascada.
I focused most of my driving time behind the wheel of the Cascada, which went on sale in Europe earlier this year, since rumors are swirling that a Buick version of this convertible "could happen soon." Buick hasn't had a convertible since the Reatta, and GM has been lacking a non-performance, budget-minded convertible since the Pontiac brand - and its G6 - was dropped, so adding the Cascada to Buick showrooms could further help the reemerging brand compete in the near-luxury segment. Although the weather was too chilly (and occasionally rainy) to enjoy the Cascada with its top down for very long, I was able to clock a fair bit of drive time behind the wheel on roads ranging from the autobahn to tight roads in small, quaint villages.

Why Buick's Encore wasn't a Chevy

Buick is taking a gamble with its 2013 Encore. General Motors' near-luxury brand has enjoyed great success attracting conquest buyers to its larger Enclave crossover, but it has never offered something quite like this small CUV.
Very early signs suggest that the gamble might be working. According to Mark Reuss, President of General Motors, the automaker expected about 1,500 initial orders from its dealers for the Encore, but it's tracking closer to 9,000 units. Alluding to the fact that historically, Buick has shared similar products with GM's other brands, Reuss says that Buick dealers are "thrilled to have an exclusive." The automaker already markets almost identical models in other markets as the Opel/Vauxhall Mokka and Chevrolet Trax, but The General's other brands won't offer a twin to the new baby Buick.
The new Encore is based on the Gamma architecture that underpins the Chevrolet Sonic, and it shares the economy car's available turbocharged 1.4-liter four-cylinder engine. With standard front-wheel drive and available all-wheel drive, GM says its Encore will be pitted against competitors like the BMW X1 and Audi Q3, both of which are much more expensive but also much more powerful.