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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.

2016 Cadillac ATS-V blasts into LA

The first details about the 2016 Cadillac ATS-V recently hit the web ahead of the official debut at the 2014 Los Angeles Auto Show. Now, the latest model to wear Caddy's high-performance V moniker is officially official, and the specs are even better than initial rumors suggested.
The latest figures actually give the ATS-V a hair more power than first believed, with 455 horsepower and 445 pound-feet of torque pumping out of the twin-turbocharged 3.6-liter V6. With a standard electronic limited-slip differential keeping rear wheels in check, Cadillac claims that the model sprints to 60 miles per hour in 3.9 seconds and on to a top speed of 185 mph. Buyers have two transmission choices that both offer launch control: a six-speed manual featuring Active Rev Match and no-lift shifting, or an eight-speed automatic.
Thoroughly revised suspension and braking systems should also mean that the ATS-V excels at more than just going in a straight line. The chassis itself receives extra bracing to boost overall stiffness by 25 percent over lesser ATS models. On top of that, a host of suspension upgrades front and rear, including third-generation Magnetic Ride Control dampers, mean quicker steering response and a tighter ride. Plus, Brembo six-piston calipers up front and four-pistons in the rear should bring rapid deceleration. To tune it all to the driver's whim, the Performance Traction Management system gives five settings to choose from for stability and traction control.

GM recalling another 2.7 million vehicles in five separate campaigns

The recalls keep rolling in from General Motors, evidently keen to avoid repeating the mistakes of the ignition-switch debacle and clean house. This time they're all coming at once, with five separate recalls announced together covering approximately 2.7 million vehicles.
The largest of the five actions involves over 2.4 million units of the previous-generation Chevrolet Malibu and Malibu Maxx, Pontiac G6 and Saturn Aura in order to fix brake light wiring harness, which have been found to be susceptible to corrosion. The recall is separate from the 56k Aura sedans which GM recently recalled over faulty shift cables, not to mention the previous massive recall of 1.3 million vehicles - some of them the same models - but appears to have resulted from the National Highway Traffic Safety Administration investigation that started with the G6 almost a year ago.
The second-largest campaign involves the 2014 Chevy Malibu, specifically those fitted with GM's 2.5-liter engine and stop/start system, approximately 140,000 examples of which has been found to have problematic brakes. The issue does not appear to be connected to the recall of 8k Malibu and Buick LaCrosse sedans (also involving brake woes) which we reported upon last week. Four crashes have been reported in such models, but GM admits it's not yet clear if the problem was a contributing factor in the accidents.