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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.

2019 Cadillac XT4 interior has actual buttons, no more touch-sensitive panel

Cadillac makes some highly stylish cars that are excellent to drive. In the realm of infotainment, there was room for improvement. The CUE infotainment system is infamous for being complex and annoying. One particular sore point was the touch-sensitive panels used for basic functions and their unrefined, "haptic feedback" clunk. Thankfully, spy photos show that Cadillac is changing tack both with buttons and infotainment controls in general. As seen above, there don't appear to be any capacitive buttons in sight. Instead, the XT4 has the "piano-key" buttons that are in vogue now. The most prominent are metal-finish buttons that control climate settings indicated by corresponding symbols above the buttons. Below that are additional buttons for seat controls and at least one safety feature, the parking warning. These should be vastly easier to manipulate than tapping and hoping you've engaged the correct function. This doesn't mean there won't be any touch-sensitive controls available, but they've at least been minimized. Other physical controls we spotted are down on the center console near the shifter. It looks as though the CT6's odd touchpad won't be making an appearance in the XT4 as there seems to be a more conventional knob instead. If it's indeed for the infotainment system, it would be a redundant controller as the upper screen's home button and fingerprints would indicate it's very much touch-operated. Like other Cadillacs and GM products in general, it's safe to say that Apple CarPlay and Android Auto will be available and possibly standard. There are a couple other interesting additions besides the physical controls. There's a Near Field Communications (NFC) logo embossed in the dashboard, indicating the car will support NFC pairing of phones. The XT4 also dispatches the more traditional mechanical shifter for a more modern monostable joystick like the found in some Buicks, but with a different shape. We're currently expecting the XT4 to be revealed late in 2018. It will be based on the Chevy Malibu platform, it'll probably stick with turbocharged four-cylinder power, and offer front- and all-wheel drive. Related Video: Featured Gallery 2019 Cadillac XT4 spy shots View 19 Photos Image Credit: Brian Williams Spy Photos Cadillac Technology Infotainment Crossover SUV Luxury cue cadillac xt4 cadillac cue

The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.