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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.

GM will recall more than 3.3 million vehicles in China for suspension defect

BEIJING (Reuters) - General Motors' joint venture in China, Shanghai GM, will recall more than 3.3 million Buick, Chevrolet and Cadillac vehicles stating Oct. 20 because of a defect with the suspension system, China's market regulator said on Saturday. GM Shanghai said in a text message to Reuters that the suspension arm may be deformed under extreme operating conditions, but there are no known casualties related to the issue. The recall includes cars produced between 2013 and 2018, the State Administration for Market Regulation said in a statement. GM will contact those affected and repair the vehicles free of charge, it said. (Reporting by Josephine Mason and Hallie Gu; additional reporting by Yilei Sun; Editing by Shri Navaratnam and Michael Perry)Related Video: Image Credit: Qilai Shen/Bloomberg via Getty Recalls Buick Cadillac Chevrolet Safety

Autoweek divulges details on Presidential limo

Ever since the latest presidential limousine, also known as The Beast, debuted in 2009, we've wondered what's underneath that black Cadillac body. We already know a few details, like the fact it isn't a Cadillac at all, but a very heavy duty truck chassis from General Motors with a body that resembles a super-sized Caddy. Autoweek, however, has managed to extract new details from veteran Secret Service agents about the closely guarded presidential limo. Their methods, of course, are classified.
Designed to be a rolling office, bunker and escape pod all in one, the current presidential limo is far different from previous presidential state cars, which were heavily modified production vehicles. As we would expect, The Beast uses thick, military-grade body armor (eight inches on the doors), an armored fuel tank, special run-flat tires with Kevlar lining, an encrypted satellite phone, a fully sealed cabin with its own oxygen supply and a trunk full of weapons and medical equipment that includes a supply of the President's blood type (in case the car gets cut off from the ambulance that's always present in the President's motorcade).
The Beast also comes with a Halon fire-suppression system, night vision and is powered by a V8 engine, which we already knew runs on gas and not diesel, that returns an EPA-unfriendly estimated 3.7 miles per gallon. The Secret Service operates a fleet of 12 limos and each Beast costs $1.5 million. Lastly, AW estimates that the 18-foot-long state car weighs 15,000 pounds, and each Secret Service agent that drives the car must be specially trained to maneuver such a massive vehicle.