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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.

Buick could import Envision crossover from China

Reports about the Buick Envision's likely arrival in the US go back even before the midsize crossover's debut in China last year, but the brand still doesn't have a official decision about whether to bring it here. According to The Detroit News, the company is somewhat concerned about a poor consumer reaction to launching a Chinese-made model in this country. Even if Buick officials are slightly apprehensive about the public perception, the concerns might not hold back the Envision in US. An anonymous source also tells The Detroit News that the brand intends to launch the CUV early next year and wants to sell around 40,000 of them annually. However, the UAW is reportedly not happy about the possibility of a Chinese-produced model coming here. The Envision launched at the Chengdu Motor Show as a step between the compact Encore and three-row Enclave. Power comes from a 2.0-liter turbocharged four-cylinder with stop/start and 256 horsepower and 260 pound-feet of torque. Buick offers the CUV with a six-speed automatic and all-wheel drive. The interior features active noise cancellation and an eight-inch infotainment system. The Envision also seems like a natural fit for Buick in the US due to the obvious hole in its CUV lineup, and the abundant rumors suggest that the brand sees the possibilities for it. The company now needs to decide whether to take a chance here and offer a vehicle from China.

GM recalling 1.5M cars in China for faulty bracket

General Motors and its Chinese partners have announced their second recall in the People's Republic this year, following a 2,653-unit recall of the Cadillac SRX earlier this year. This latest recall affects nearly 1.5 million cars built between 2006 and 2012. It's not explicitly stated, but as there's no movement from the US NHTSA, we suspect that the cars in question were all Chinese-built rather than imports.
The vast majority of the affected vehicles are Buick Excelles (pictured), with 1.2 million units being recalled over a faulty bracket that's meant to secure the fuel pump. The Excelles in question were built between 2006 and 2012, while an additional 250,000 Chevrolet Sail superminis, built between April 2009 and October 2011, are being recalled for a similar reason.
According to the PRC's Administration for Quality Supervision, Inspection and Quarantine, the faulty bracket could crack and potentially cause a fuel leak.