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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 seeks national mandate for zero-emissions cars

DETROIT — General Motors says it will ask the federal government for one national gas mileage standard, including a requirement that a percentage of auto companies' sales be zero-emissions vehicles. Mark Reuss, GM's executive vice president of product development, said the company will propose that a certain percentage of nationwide sales be made up of vehicles that run on electricity or hydrogen fuel cells. GM says a nationwide program modeled on such a requirement in California could result in 7 million electric vehicles, or EVs, on U.S. roads by 2030. California wants 15.4 percent of vehicle sales by 2025 to be EVs or other zero emission vehicles. Nine other states, including Maryland, Massachusetts, New Jersey and New York, have adopted those requirements. In January, California Governor Jerry Brown set a target of 5 million zero-emission vehicles in California by 2030. The Trump administration criticizes California's ZEV mandate, saying it requires automakers to spend tens of billions of dollars developing vehicles that most consumers do not want, only to sell them at a loss. Reuss told reporters that governments and industries in Asia and Europe "are working together to enact policies now to hasten the shift to an all-electric future. It's very simple: America has the opportunity to lead in the technologies of the future." A national mandate also would create jobs and reduce fuel consumption, CO2 emissions and "make EVs more affordable," Reuss added. GM, the nation's largest automaker, will spell out the request Friday in written comments on a Trump administration proposal to roll back Obama-era fuel economy and emissions standards, freezing them at 2020 levels instead of gradually making them tougher. Under a regulation finalized by the Environmental Protection Agency at the end of the Obama administration, the fleet of new automobiles would have to get 36 miles per gallon by 2025, 10 mpg higher than the current requirement. But the Trump administration's preferred plan is to freeze the standards starting in 2021. Administration officials say waiving the tougher fuel efficiency requirements would make vehicles more affordable, which would get safer cars into consumer hands more quickly. GM on Thursday said it doesn't support the freeze, but wants flexibility to deal with consumers' shift from cars to less-efficient SUVs and trucks.

Why Cadillac thinks it needs to succeed in Europe to sell cars elsewhere

Ward's Auto has taken an interesting look at the renewed focus General Motors is showing towards Cadillac in Europe. Susan Docherty, president and managing director of Chevrolet and Cadillac in Europe (pictured), says in order for the luxury brand to thrive in China, it first needs to succeed in the old country. The reason? Chinese buyers look to Europe for cues as to what's deemed worthy of the term "luxury." There are hurdles to the plan, however. In addition to the fact that the EU is flooded with high-end nameplates, GM doesn't necessarily have the distribution network in place to put buyers behind the wheel.
Combine that with persistent economic woes and Cadillac's checkered past marred by a lack of diesel engine options and a bankrupt distributor, and the road ahead for the brand looks like less of an uphill climb and more like a straight-up cliff face. But Docherty is optimistic and says she has a plan for the brand. We recommend heading over to Ward's for a closer look at the full read.