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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 CT6 First Drive [w/video]

Cadillac moved to New York, renamed its cars and crossovers, and made cutting-edge technology one of its pillars. It's fighting hard to attract new customers and kill its outdated reputation as an old-man car brand in the United States. Change happens slowly, and then sometimes, all at once. Enter the 2016 Cadillac CT6. This is Cadillac's range-topping sedan. It's almost as long as the Mercedes S-Class and BMW 7 Series, yet in some configurations, it's lighter than their smaller siblings, the E-Class and 5 Series. The CT6 is a rolling showcase of General Motors' latest and best technologies, with potential breakthrough features like Super Cruise semi-autonomous driving waiting in the wings. It comes in a wide variety of flavors. The CT6 starts as low as $54,490 with a four-cylinder engine and rear-wheel drive, which is the car that Cadillac hopes will be cross-shopped with the mid-tier Germans. The top-end CT6 Platinum with all-wheel drive and the 404-horsepower V6 begins at $84,460, and it could make S-Class and 7 Series buyers rethink American luxury. Put simply, the CT6 means everything to Cadillac, but it will mean different things to its customers. It can be the executive chauffeur with all the backseat accouterments. Or it can be the massive yet somehow kinda sporty and nimble rear-wheel-drive sedan that weighs only 3,657 pounds. We tried both versions and came away impressed with both the strategy and the execution. It's a little strange to think that Cadillac doesn't offer a V8 in its biggest sedan. Taking the wheel on a sunny, cool day in rural San Diego County, we wonder if a 2.0-liter four-cylinder engine has what it takes to really move this giant. Our concerns quickly dissipate – this engine is also under the hood of the Chevy Camaro, and its 265 hp and 295 pound-feet of torque are more than up for the task. The big sedan handles curvy mountain roads adeptly. There's not a lot of roll for a car this size, even when we're aggressively whipping through tight turns. This poise comes from the CT6's rigid, lightweight aluminum and steel structure called Omega. We switch through the driving modes but settle on sport for the dash to the lunch spot. The steering is surprisingly tight and the brakes have strong response with little pedal travel. After a quick bite in an old mining town called Julian, we take off in the spotlight CT6, the Platinum trim, powered by the 3.0-liter twin-turbo V6. It's an enjoyable car to stretch out on the highway.

Cadillac moving to NY as separate business unit

Cadillac is under new leadership, and the automaker is committed to turning itself (back) into a global luxury powerhouse. It's got a strong product offensive (of products currently in showrooms, and much more on the way), and now it will have a new location to call home.
Following earlier speculation, GM has confirmed that it is moving Cadillac's base of operations from Detroit to New York. Lest you think it might rent offices in the Chrysler Building (which is, after all, one of the tallest in the city), the new Cadillac global headquarters will be located in the Soho area with a "multipurpose brand and event space in conjunction with modern loft offices." The company is still evaluating which staff will move along with it to Manhattan, and which will remain in Michigan where technical operations will still be based.
The move from Detroit to New York is the first major change being instituted by new Cadillac chief Johan de Nysschen, who previously undertook a similar shift in moving Infiniti away from Nissan headquarters to its own facility in Hong Kong. Ford had attempted a similar move in relocating its luxury portfolio under the Premier Automotive Group (which then included Lincoln, Mercury, Land Rover, Jaguar, Aston Martin and Volvo) from Dearborn to Irvine, CA, but ended up moving Lincoln (the last one still under the Ford umbrella) back to Michigan. Other luxury automakers like Audi (Volkswagen) and Maserati (Fiat) are headquartered away from their parent companies as well, but have a longer history of independent operation.