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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.

Even if GM does close all 5 of those plants, it'll still have too many

DETROIT — General Motors' monumental announcement on Monday that it will close three car assembly plants and two powertrain plants in North America and slash its workforce will only partially close the gap between capacity and demand for the automaker's sedans, according to a Reuters analysis of industry production and capacity data. Sales of traditional passenger cars in North America have been declining for the past six years and are still withering. After GM ends production next year at factories in Michigan, Ohio and Ontario, it will still have four U.S. passenger-car plants — all operating at less than 50 percent of rated capacity, according to figures supplied by LMC Automotive. In comparison, Detroit-based rivals Ford and Fiat Chrysler Automobiles will have one car plant each in North America after 2019. The Detroit Three are facing rapidly dwindling demand for traditional passenger cars from U.S. consumers, many of whom have shifted to crossovers and trucks. Passenger cars accounted for 48 percent of retail light-vehicle sales in the United States in 2014, according to market researchers at J.D. Power and Associates. This year, sedans will account for less than a third of light vehicle sales. That shift in turn has left most North American car plants operating far below their rated capacities, while many SUV and truck plants are running on overtime. The collapse in passenger-car demand is a challenge for nearly all automakers in the United States, including Japan's Toyota and Honda, which have the top-selling models in the compact and midsize car segments. Toyota executives said last month they are evaluating the company's U.S. model lineup. But Toyota also plans to build compact Corolla sedans at a new $1.6 billion factory it is building in Alabama with partner Mazda. The obstacles facing GM in its plans to close more auto factories became apparent on Tuesday as U.S. President Donald Trump threatened to block payment of government electric vehicle subsidies to GM. While it is not certain that Trump unilaterally has the power to do that, he made it clear he intends to use his office to pressure the company to keep open a small car plant in Ohio that GM says will stop building vehicles in March.

New Buick Envision model spotted in China, expected here this year

At GM Capital Markets Day in February, GM North America president Barry Engle said the U.S. market can expect "updated models of Chevrolet Equinox and Traverse, Buick Envision and Enclave, as well as GMC Terrain." We've seen the Equinox and Traverse, and although we weren't aware, we've seen the Envision. Buick showed an EV crossover concept in 2018 called the Enspire, and it was thought to preview an eventual production model called the Enspire that's been spotted in various places testing under heavy camouflage in the U.S. GM, in fact, applied to trademark the Enspire name twice in the U.S. The model's final production form got an early reveal in China thanks to the Ministry of Industry and Information Technology, and according to GM Authority, a branding redirection has led to the crossover being called the Envision. Assuming this is the model that comes to the U.S., it will share dealer space with the current Envision imported from China. Motor1 writes that Chinese site Auto Home alleges the name Envision S will distinguish the new product, and the tailgate in the low-res photo plausibly shows an S after the model name. That doesn't mean it would get the S suffix here, though. It's not clear if the coming crossover grows in size compared to the standard Envision the way the Encore GX expanded a touch over the Encore. The marquee difference will be that the new Envision is more luxurious in looks, equipment, and features. There are few details, but it's thought the Envision S sits on the same E2 platform as the Cadillac XT4, and will use the same 2.0-liter turbocharged four-cylinder in the Cadillac paired with the automaker's nine-speed automatic. In the XT4, that mill produces 237 horsepower and 258 pound-feet of torque, but across all its applications in the GM stable it makes anywhere from 230 to 237 hp.    What we can see is that the new CUV takes the Envision name in a more dynamic direction, starting with a trim upper front fascia that puts narrow headlights astride a wide grille clearly derived from the concept, the lower front fascia with chrome-lined outer intakes that recall the Aston Martin DBX. A diffuser-looking silver trim piece in front is mirrored in back. A sloping roof helps create the slim profile, leading to a trim backlight, thin taillights, and strong horizontals on the bumper that emphasize width.