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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.

Junkyard Gem: 1973 Cadillac Eldorado

The 1971-1978 Cadillac Eldorado was a gloriously ridiculous personal luxury coupe, packing a monstrous 500-cubic-inch V8 (that's 8.2 liters for you freedom-hating metric types) under its acre-sized hood for the first five years of production. Fuel economy was comfortably into single-digit territory, which meant you had to be a real high roller to be able to feed a new Eldo after OPEC turned off the oil spigot. I found this '73 in a Denver wrecking yard earlier this spring. View 18 Photos This car appears to have been sold new in Denver, and the extensive bodywork and sanded areas indicate that it was someone's project car prior to coming to the end of the line. The front-wheel-drive system used in the Cadillac Eldorados and Oldsmobile Toronados of this era was known as the Unified Powerplant Package, and it used a longitudinally-mounted engine feeding a chain-drive setup that proved to be amazingly sturdy and reliable. So sturdy, in fact, that it was used in gigantic front-wheel-drive GMC motorhomes. Everyone agrees that these cars are cool, but few are willing to rescue a rough example and take on the difficult and expensive job of a full restoration. This one isn't rusty, but that wasn't enough to save it. Related Video:

C7 Corvette won't spawn new Cadillac XLR [w/video]

Between the new 2014 Chevy Corvette Stingray and the even newer Cadillac Elmiraj Concept shown off at Pebble Beach, we were already expecting some sort of chatter of a Cadillac XLR redux. During an in-depth C7 Corvette discussion with Tadge Juechter, the car's chief engineer, Fox News asked if a Corvette-based, Bowling Green-built Cadillac will be built off the C7. Non-spoiler alert: the answer is no.
Juechter says that General Motors has "no intent" on transforming this car into a Cadillac product since the C7 has been optimized for the Corvette buyer, a consumer that's generally a different sort of person than a Cadillac intender who might also be cross-shopping a Mercedes-Benz SL-Class or BMW 6 Series.
While we're not ready to write off a future XLR altogether, we assume that the Corvette Cadillac experiment is most likely never going to happen again. The interview with Juechter is posted below, but the XLR discussion comes in at the 9:00 mark.