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General Motors has just announced its financial results for the first quarter of 2010 – and they’re looking good! Revenue for the quarter was $31.5 billion, operating income came in at $1.2 billion, and net profit was $865 million.
The sale of Saab had a favorable impact on the bottom line, spiking adjusted earnings before interest and tax (EBIT) to $1.7 billion.
Here’s the breakdown by region:
Cash flow from operating activities was $1.7 billion and – after an adjustment for capital expenditures of $0.7 billion – free cash flow was $1.0 billion. The company ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
The results make for a net income attributable to common stockholders of $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.
These are the results of a healthy company, especially an automaker coming out of bankruptcy. Stay tuned throughout the day as we analyze these results!
In the meantime, check out GM’s press release after the jump! (more…)
Six months before its introduction at the Paris Motor Show, the new Opel Zafira has been caught at the Opel headquarters in Rüsselsheim, Germany. Styling is expected to follow in the footsteps of the new Insignia, Astra, and Meriva. These spy shots show that the rear doors are still hinged in the front as opposed to the smaller Meriva’s back-hinged doors, or the sliding doors of the Ford Grand C-Max. Furthermore, the driver and front passenger sides feature a split A-Pillar and a triangle-shaped window.
The interior follows the blueprint of the Insignia and Astra, with a new center console and a high-placed screen. Also coming from the Insignia is a camera mounted in the rear view mirror that monitors road markings and traffic signs.
The new Opel Zafira will be based on GM’s global Delta II platform and will share many mechanical components with the Chevrolet Orlando. Expect a range of gasoline and diesel direct-injected Ecotecs, with a 2010 Paris Motor Show introduction in October and a 2011 sale date. A Vauxhall version will most likely follow, if not coincide with that of the Opel.
[Source: Autobild.de (in German)]
The web is rampant with speculation in guessing the technology company that will be OnStar’s partner in the service’s relaunch this summer. If a Motor Trend report is to be believed, the company in question is none other than web giant Google.
MT says that General Motors would outright buy (read: license) its Android mobile operating system for in-car use. The operating system is the basis for Google’s Android smartphone ecosystem and other devices such as upcoming Android-based netbooks and tablets. While certain outlets believe that Andorid can’t be GM’s system of choice because of Google’s business model with the software, it should be noted that Android is a form of Linux – an open-source software – and is thus very flexible. This means that Google and GM could agree to adapt Android in such a way that would exclude advertisements. Currently, smartphone manufacturers using the Android OS get the software for free from Google, which plans to bring in revenue with mobile ads. (more…)
In a recent study measuring green efforts of the top 15 global automakers, Ocean Tomo, LLC lauded the management at General Motors, saying that The General had above-average quality and newer technology than the other 14 companies combined (no, that’s not a typo). Over half of the 1,300 patent filings made by GM during 2009 were for environmentally-beneficial technology. That said, GM’s research for all things green is continuing at even faster paces.
A large portion of GM’s green innovation is made up of R&D for electric vehicles, among which is the upcoming Chevy Volt. GM’s Vice President of Global Research and Development Alan Taub confirmed this, describing that “electrification is requiring us to reinvent the DNA of the automobile, requiring massive amounts of innovation.”
In addition to advancements in electrification, GM is also making headway with diesel and lean-burning engines. For example, platinum is used in the purification of exhaust gases, but GM has discovered that perovskite can do the same job while not being subject to the high cost or variation in price that plagues platinum. Another important innovation that General Motors is currently working on involves a material called shape memory alloy or SMA. It is used to recover heat by changing shape at higher temperatures. This heat would otherwise be wasted and can improve the fuel efficiency of vehicles.
Today’s auto industry may depend on innovation, especially when it reduces dependence on natural resources and moves the world toward renewable energy. The quantifiable data described above clearly shows the ways in which General Motors leads the industry in this regard. If we didn’t say it before, we’ll say it now – this is the best time to be a General Motors fan! (more…)
Just a quick heads up that GM will release information regarding its first quarter results on Monday, May 17, 2010. The General will follow up with a conference call later on in the day hosted by GM Vice Chairman and CFO Chris Liddell. He will provide a review of the company’s progress, followed by a question-and-answer session.
We will be on tap to bring you the latest news surrounding the first-quarter results. Liddell has previously expressed enthusiasm that GM will turn a profit in the first quarter of 2010. The entire GM Authority team is just as hopeful, especially given that GM’s initial public offering is very much tied to the company’s performance in this time period.
Stay tuned to GM Authority – The Ultimate General Motors Fan Site – over the weekend and next week as we learn more!
Standard on every new General Motors vehicle, OnStar is that service (and company) that’s so useful yet known by so very few. The GM subsidiary, however, is looking to change this and make the service more appealing to customers.
OnStar could be getting new functions such as integration with smartphone devices (apps) that would allow customers to check on their vehicles remotely. New features could include the ability to perform tasks such as locking and unlocking doors and starting the engine – all remotely as well. We already know that the Chevy Volt will be available with similar features, so it may be safe to say that it may only be a matter of time before the rest of the GM line-up gets the smartphone app treatment. But the good news doesn’t end there – we now have more than just hope and speculation to base this on.
In a recent interview, OnStar chief Chris Preuss told CNN Money that General Motors has partnered with a major technology company to help bring added services to market. While he didn’t reveal the company by name, we are always game for a round of speculation. (more…)
Click the image to watch the video
This may be the best Chevy commercial series… ever! Genuine Chevrolet gets the point across very effectively – that at some point, you probably have had and/or driven a Chevy in your life. But given what has happened with GM over the last few years, they may not have gotten the message themselves. Watch the ads right after the jump! (more…)
GM LS3 Engine in a 2008 Chevrolet Corvette
GM has had – and continues to have – an impressive track record with its small block V8 engines. Looking at the V8 juggernauts such as the 556-hp LSA behemoth featured in the acclaimed CTS-V models, The LS3 that produces the growl in the Chevrolet Camaro SS, or even the dynamic Vortec 6.2L V8 that is heart of the Cadillac Escalade. GM’s small block powerplants display a practically unrivaled combination of power and fuel economy. And now, onto the news that gets even better…
GM’s next-generation small blocks (the gen 5) will feature a lovely invention called direct injection, one of the key components that makes the upcoming Chevy Cruze achieve 40 mpg on the highway without the slightest help of an electric battery. The new engines will also feature what GM is calling an “advanced combustion system. While it’s not clear exactly what that may be, it sounds interesting. The engine block will be exclusively composed of aluminum and – like the current generation – will be capable of running on E85 ethanol. Also carrying over from the current generation is variable valve timing. These combined attributes are all in an effort to exceed the upcoming (stingy) CAFE regulations. What’s more, GM’s plants all over the U.S. and Canada are going to get to be updated from becoming more flexible and quality-oriented.
The tab currently comes out to $890 million, with the Tonawanda, engine plant making in New York making up $400 million of the bill. The investment may sound like an awful lot, but considering the 1,600 total jobs that will be created (or brought back), as well as the updates to the facilities are very welcome. Add to that the the fact that the engines will be featured in practically every GM model with a V8 option – the investment seems very much worth it.
Press Release:
GM To Invest $890 Million To Build Cleaner, More Fuel-Efficient Engines
2010-04-27
* Five plants receive work: Tonawanda, N.Y.; Defiance, Ohio; Bedford, Ind.; Bay City, Mich. and St. Catharines, Ontario, Canada
* Investment creates or retains about 1,600 jobs
* New engines to save more fuel through direct injection technology and advanced combustion system design
DETROIT – General Motors will invest more than $890 million which will create or retain more than 1,600 jobs in five North American plants to produce a new generation of fuel efficient small block truck and car engines. The investment consists of the following:
* Two plants will support the engine production:
o Tonawanda, N.Y. – an investment of $400 million resulting in more than 710 jobs
o St. Catharines, Ontario – an investment of $235 million resulting in approximately 400 jobs (click here for Canada release)
* Three plants will support engine casting and component production:
o Defiance, Ohio – an investment of $115 million resulting in up to 189 jobs
o Bedford, Ind. – an investment of $111 million resulting in about 245 jobs
o Bay City, Mich. – an investment of $32 million resulting in over 80 jobs
The investments include facility renovation and installation of new, highly flexible engine machining and assembly equipment and special tooling designed for manufacturing efficiency and engine quality. At the casting facilities, investments include expansion of semi-permanent mold and precision sand casting technologies that result in a high degree of dimensional accuracy and material strength properties needed to support the newer, more efficient engines in GM’s product portfolio.
“GM is investing in our plants, restoring and creating jobs and making progress toward our vision of designing, building and selling the world’s best vehicles,” said Mark Reuss, president of GM North America. “These latest investments show our commitment to improving fuel economy for buyers of every GM car, truck and crossover and giving them the best possible driving and ownership experience.”
The next generation small block engine family will have unprecedented fuel efficiency through direct injection and an all-new advanced combustion system design. The new engine family will rely exclusively on aluminum engine blocks, which are lighter and contribute to the improved fuel efficiency. In addition to being E85 ethanol capable, these engines are being designed with the capability to meet increasingly stringent criteria emissions standards expected throughout this decade.
Specifics about the engine capabilities as well as product applications will be shared at a later date.
Since the launch of the new GM last July, the company has announced investments of more than $2.3 billion at 22 facilities in the U.S. and Canada. These investments restored or created more than 9,100 jobs, and they demonstrate a strong commitment to GM’s future and to the United States and Canada.
Since we’re so electrified about the Chevy Volt and its Voltec technology, it may seem that some may have forgotten about another – perhaps even more important – alternative-energy project that General Motors has been working on since 2007. Project Driveway, an international campaign for hydrogen fuel cell technology, has been GM’s research project on hydrogen power running for the last three years. 119 Chevy Equinox crossovers outfitted with hydrogen fuel cell motors have thus far racked up more than 1.3 million miles worldwide. Since the inception of the Equinox hydrogen test units, however, advances in fuel cell technology have more or less made them obsolete.
That being the case, General Motors is in the process of developing a second-generation fuel cell motor that will have less moving components, is nearly 220 pounds lighter (or one Eric Bentley), and uses a third less platinum (a precious metal that some rappers wear in their mouth). Plans are also in the works to make the liquid hydrogen storage components more compact, thereby reducing the set up from a cumbersome three tanks to just two. What’s more, the updated motor is being designed to fit in an engine bay of a typical four-cylinder engine. If that sounds like a dream come true, we should remind you that the only emission of a hydrogen fuel cell-powered engine is water.
So why is GM working so diligently on hydrogen tech? The answer is rather simple – GM wants a “production intent” fuel cell program by 2015. What that means could be interpreted in more ways that one, but it seems safe to say that The General isn’t going to throw hundreds of millions of research and development funds into an all-new hydrogen fuel cell motor just for the sake of a PR gimmick. Given the constant issues surrounding gasoline fuel, including greenhouse gas issues and a rapid population conversion to neo-hippieism, more sustainable long-term energy solutions need to be presented than just the temporary bridge of hybrid technology – and GM is hard at work on making them a reality.
[Source: Motor Trend]
Buick is dropping its CX, CXL, and CXS trim levels, brand executives announced at last week’s Buick Immersion Program at GM’s Tech Center, where General Motors mapped out the keys to Buick’s continued success to employees who work with the premium brand.
“It isn’t befitting a premium brand. No other premium brand has those designations,” said Craig Bierley, Buick-GMC director of advertising and sales promotion. “It implies a hierarchy — that there’s a cheap one, a middle-level one and a really, really nice one.”
Instead, Buick will reconfigure the line-up, current and future, to have packages with increasing content levels for the 2012 model year. Customers will also be able to select major features such as navigation systems, sun roofs, and larger wheels in an a-la-carte fashion.
Mr. Bierley also said that the change will likely result in Buick increasing content in base models, including large color displays for electronics and cabin control. This would most likely increase the price of the base models, he said.
This is a step in the right direction for Buick in becoming a true premium brand to fight the likes of Lexus and Mercedes. Both of these brands have non-trim level packages that can be configured with different options, so the GM Authority crew welcomes Buick’s decision wholeheartedly.
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