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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 lays off 450 at Lansing Grand River Assembly

General Motors will lay off 450 employees at its Lansing Grand River factory, The Detroit News reports, which is 100 more than the company said it'd be letting go last month. Lansing Grand River Assembly currently builds the Cadillac ATS and CTS, both of which have suffered sluggish sales, with the smaller sedan down 20 percent through last month and the larger model down 2.3 percent, The Detroit News reports. "We are adjusting plant production capacity to better align with market demand. Beginning in January 2015, the plant will operate on a single shift," a GM statement read, before explaining that not all the laid off Grand River employees will be jobless. Of the employees that have been laid off to make room for the single work shift, around 200 will transfer to the Lansing Delta Township factory, home of the Lambda-platform crossovers, GM's statement confirmed. The News expects this one-shift arrangement to continue until at least late next year, when the Alpha-platform Chevy Camaro transitions from General Motors' Oshawa, Ontario factory to Lansing. Cadillac President Johan de Nysschen said at last month's LA Auto Show, "It may not necessarily be permanent, a time may come when we've gained momentum and we can reinstate it. But for now, the adjustment to production capacity is in alignment with our plans for 2015."

Junkyard Gem: 1997 Cadillac Catera

GM's Cadillac Division was having a tough time in the early 1990s, with an onslaught of Lexuses and Infinitis pouring across the Pacific to steal their younger customers while high-end German manufacturers picked off their older customers. Flying an S-Class-priced model between assembly lines in Turin and Hamtramck hadn't worked out, so why not look to the European outposts of the far-flung GM Empire for the next Cadillac? That's how the Catera was born, and I have found a rare first-year example in a North Carolina car graveyard. Across the Atlantic, GM's Opel and Vauxhall were doing good business with prosperous European car buyers by selling them the sleek rear-wheel-drive Omega B (whose platform also lived beneath the Holden VT Commodore in Australia). Here was a genuine German design that competed with success against BMW and Audi on their home turf! So, the Omega B was Americanized and renamed the Catera. Opel wasn't a completely unknown brand to Americans at the time, since its cars were sold here with their own badging through Buick dealerships from the middle 1950s through the late 1970s (for a much shorter period, American Pontiac dealers attempted to sell Vauxhalls). Even after that, plenty of Opel DNA showed up in the products of U.S.-market GM divisions. The Catera was by far the most affordable Cadillac for 1997, with an MSRP starting at $29,995 (about $59,113 in 2024 dollars). Being a genuine German car, it looked much more convincingly European than the DeVille ($36,995), Eldorado ($37,995) and Seville ($39,995). Inspired by the ducks on the Cadillac emblem (they were really supposed to be martlets, mythical birds with no feet and occasionally lacking beaks), Cadillac's marketers went after youthful car shoppers with a whimsical animated duck named Ziggy. For the 21st century, the birds were removed from the Cadillac emblem in order to attract California buyers under 45 years of age. As we all know, the Catera flopped hard in the marketplace. What sold well in Europe turned out not to translate so well in in North America, especially when bearing the badges of such a historically prestigious brand. The Catera's engine was a 54-degree 3.0-liter V6 rated at 200 horsepower and 192 pound-feet. Just as had been the case with its predecessor, the Allante, no manual transmission was available.