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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 cutting production at two plants

General Motors is continuing to adjust to excess supply of some of its brands' models. To get production more in line with the vehicles' actual demand, the automotive giant is idling two of its factories in North America in the coming months. The Orion Assembly plant is going to be down from March 9-13, according to an anonymous plant worker and another insider speaking to Automotive News. The factory builds the Chevrolet Sonic and Buick Verano, but there are plenty of both models sitting on dealer lots, including 216 days worth of Sonics, according to AN. The factory already had two idle periods announced to reduce the excess. In addition, downtime is scheduled at GM's "Flex" line at the Oshawa, Ontario, Canada, plant from April 13-17. This affects supply of the Chevrolet Camaro, Impala, Buick Regal and Cadillac XTS. Among them, the automotive giant has the largest supply of Regals ready for dealers with 213 days worth of them, according to AN. The future for the whole Oshawa factory is cloudy in general, though. There are rumors that it could close entirely in the future because the Camaro is leaving and the Regal and XTS might not last much longer than 2017. The Canadian government and the labor union there intend to put up a fight, though. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing Buick Cadillac Chevrolet GM orion assembly oshawa plant idle

2020 Cadillac XT5 leaks onto web, adopts elements from smaller XT4

Cadillac just showed the new XT6 at the 2019 Detroit Auto Show, but today's news covers its smaller brother the XT5. A couple of leaked images on GM Authority along with information about the cars squirmed its way onto the web for the 2020 mid-cycle refresh, and we have the details for you. In looking at the shots here, not much has changed. The mesh grille is the most obvious update, adopting the same look as the compact XT4 crossover. Its lower grille has ever-so-slightly grown in size, and the headlights and taillights get new internal LED designs. Yawn. Better news comes out of the powertrain side. Information from the leak suggests GM's updated 2.0-liter turbo four-cylinder will be tapped for duty. As of now, the 2.0-liter offered in international markets has not been an option in the U.S. That could very well change this time around, since it's already being used in one Cadillac — see our first drive of the XT4 with this engine for the full breakdown on its improved refinement and efficiency. The 3.6-liter V6 will undoubtedly carry over, but it'll be getting the GM nine-speed automatic also paired to the new four-cylinder. This should be a marked improvement over the Aisin-based eight-speed torque converter it makes do with now. We weren't exactly blown away by the Cadillac XT6's interior, but expect styling elements from the slightly newer Caddy SUV to make its way to the XT5, too. A reveal for this updated crossover should be on its way soon, as GM will most likely be selling the updated 2020 XT5 before the year is done. We asked GM if it could confirm or deny any of the information in this report, and will update when we hear back. Related video: