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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.

Buick Encore GX expected to come to the U.S. alongside the popular Encore

When we posted on Buick unveiling the Encore GX at Auto Shanghai 2019 as a longer-wheelbase version of the Encore, we though the GX trim could supplant our local Encore. According to Automotive News, citing "sources familiar with the plans," Buick will sell both the Encore and the Encore GX here. Brand boss Duncan Aldred told Buick dealers in January to expect a new model this year, and it appears the slightly larger subcompact crossover is that product. GM Authority reported the same news in March, the outlet saying that Buick intends to re-create in the U.S. the "model family" strategy the carmaker employs in China. Over there, our rebadged Verano sold as the first-generation Excelle, Excelle GT and Excelle GX, the GX being the wagon version of the sedan. When the Excelle trio moved a less expensive platform for the second generation, Buick introduced a Verano model in China in both sedan and Verano GS hatchback forms. AN reported that Buick is also planning a smaller three-row Enclave for China. The Encore GX differs fundamentally from both the Chinese- and U.S.-market Encores. Our Encore, a rebadged Opel/Vauxhall Mokka, rides on the Gamma II platform. The second-generation China-market Encore rides on GM's new Global Emerging Markets (GEM) platform, an updated version of the Gamma II for regions like China and Latin America. The Encore GX rides on the Vehicle Strategy Set - Front (VSS-F) architecture. AN wasn't sure yet where our U.S.-market Encore GX will be built, but doesn't expect it to come from China. The Encore GX here will slide into the lineup between the $23,200 Encore and $31,995 Envision. Whereas the Chinese model aims to stop hemorrhaging Encore sales in China, our version will want to expand the Encore success story. Since it went on sale in 2013, the model has posted double-digit sales increases here every year save for last year. In 2018 the model sold 93,073 units, accounting for 47 percent of brand sales. There's no reason to doubt the Encore GX will boost that number.

Junkyard Gem: 1957 Buick Special Riviera Sedan

While I find plenty of 1950s Detroit cars in quick-inventory-turnover self-service wrecking yards during my travels, they tend to be the ordinary post sedans that were built by the millions during the heyday of the three-on-the-tree manual transmission and nuclear-attack symbols on car radios. The more sought-after convertibles, coupes, and four-door hardtops are tougher to find in such yards, which makes today's 1957 Buick Special Riviera in a yard in northeastern Colorado an A-List Junkyard Gem. During the late 1950s, the Special ranked at the bottom of the Buick prestige hierarchy just below the more upscale Super and Century. Of course, this was the era of Alfred Sloan's "Ladder of Success" and the lowliest Special outranked even the nicest Olds Ninety-Eight on the Swank-O-Meter. If you were the Buick-driving Joneses and your neighbors had proletarian Chevrolets, aspirational Pontiacs, or petit-bourgeois Oldsmobiles, they were failing to keep up with you… but then you'd see a new Cadillac and feel intense envy for your victorious rival. The Ladder of Success collapsed later on, when the top-trim-level Chevy Caprices began to compete against their Cadillac Calais big brother, but it was still standing tall in 1957. The Riviera name ended up being used for its own distinct model starting in 1963 and continuing nearly into our current century, but in 1957 it was a trim level designation, used to indicate a Century or Special sedan with the then-radical pillarless hardtop design. This car listed at $2,780, which comes to a cool $27,630 in 2021 dollars. That price included the 364-cubic-inch (6.0-liter) Buick Nailhead V8 engine, rated at 250 horsepower and enough torque to peel 1957's rock-hard bias-ply tires right off their rims. The Special had a three-on-the-tree column-shift manual as standard equipment, but the original buyer of this car sprang for the extra $220 ($2,185 today) to get the Dynaflow transmission. While the shift indicator looks just like the ones on GM cars equipped with the two-speed Powerglide, the Dynaflow was an odd beast used only in Buicks; while it had gears for two forward speeds, the driver had to select low gear manually. Otherwise, a complex torque converter rig provided an experience something like today's CVTs (though with better smoothness and much more wasted power), in which the car stayed in high gear all the time and used the torque converter to multiply as needed.