General Motors reported today that it was profitable in the first quarter of 2010, recording $31.5 billion in revenue and $1.2 billion in operating income. The portion of income belonging to common stockholders was $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.
A year ago, GM lost nearly $6 billion on revenue of only $22.4 billion, as sales plunged and the company hurdled toward bankruptcy. The profit is the Detroit automaker’s first since 2007 and the first since it emergence from bankruptcy last year.
The company has greatly restructured its operations, eliminating four of its brands and introducing more attractive models to its lineup. More details on the announcement can be found in the press release below.
GM Reports First Quarter 2010 Results
GM achieves net income of $0.9 billion and EPS of $1.66
DETROIT, Mich. – General Motors Company today announced its first quarter 2010 results, marked by revenue of $31.5 billion and operating income of $1.2 billion. Net income attributable to common stockholders was $0.9 billion, resulting in earnings per share on a diluted basis of $1.66.
GM’s first quarter adjusted earnings before interest and tax (EBIT) was $1.7 billion, after adjusting for the favorable impact of the sale of the Saab brand.
GM North America had EBIT in the first quarter 2010 of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe had a loss before interest and taxes of $0.5 billion; an improvement of $0.3 billion from the fourth quarter. GM International Operations posted EBIT of $1.2 billion, up $0.5 billion from the fourth quarter.
Cash flow from operating activities was $1.7 billion and after adjusting for capital expenditures of $0.7 billion, free cash flow was $1.0 billion. GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
“We’re pleased with our first quarter performance, in particular achieving profitability,” said Chris Liddell, vice chairman and chief financial officer. “In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM.”
African Company Mobius Makes World’s Cheapest SUV [Video]
Conjure up an image of the world’s cheapest SUV and Mobius Motors will likely be the last company on your mind, but this is a company on a mission. Based in Nairobi, Kenya, it has spent most of its existence trying to put Africa on wheels.
The Mobius Two is the company’s second attempt at an ultra-affordable SUV. To keep weight down, its body is built from aluminum and carbon fiber. To make repairs easy, its simple construction consists of a tubular steel platform that can be welded back together when broken. The engine, likely to be a Toyota-sourced four-cylinder gasoline engine, is said to be familiar to local mechanics and light on gas.
With an expected price-tag of $6,000, this SUV is bare bone and strictly about getting from point A to point B. You’d be barking up the wrong tree if you like your ride to be stylish and to have air conditioning or glass side windows. Instead, what you get is a very roomy vehicle that can seat up to six to eight adults, depending on the configuration, and haul up to 1,100 pounds.
Affordable, durable and versatile — this SUV looks to be just right for the rural parts of Africa and even the cities.
Mazda and Fiat Team-up to Develop New Roadster
We here at FbaPPs have argued that the Fiat / Chrysler alliance is in need of a third partner to ensure its long-term viability, and have speculated that Mazda could be that likely candidate. With the announcement that Fiat and the Japanese automaker will teamed-up to work on an all-new roadster, we think this might be the beginning of a long-term relationship.
The non-binding Memorandum of Understanding between the two automakers calls for the development of a new rear-wheel-drive roadster based on the next-generation MX-5 (Miata) for Fiat’s Alfa Romeo brand and for Mazda. The two models will be distinctly differentiated by brand-specific design-themes, as well as their own proprietary engines. Despite their differences, both will be manufactured at Mazda’s Hiroshima, Japan, plant.
“This agreement clearly demonstrates our commitment to Alfa Romeo and the determination to grow it into a truly global brand. By partnering with Mazda, we will be co-operating with the recognized leader in compact rear-drive vehicle architectures in order to deliver an exciting and stylish roadster in the Alfa Romeo tradition. We are appreciative of this collaboration with Mazda and look forward to maintaining a fruitful and continuous relationship.” said Fiat CEO Sergio Marchionne.
According to reports, the Alfa Romeo version, which is expected to go on sale in 2015, will revive the classic Alfa Romeo Spider. A design study of the Spider is pictured above.
All-new 2013 Hyundai Santa Fe Pictures Revealed
Hyundai has released two computer-generated pictures of the all-new 2013 Hyundai Santa Fe crossover ahead of its official debut at the 2012 New York Auto Show. Judging from the pictures, the new Santa Fe looks to adopt the Korean automaker’s Fluidic Sculpture design theme, although things have been toned-down relative to what we see on cars such as the Hyundai Tuscon, Sonata and Elantra.
As a matter of fact, Hyundai calls the new design “Storm Edge,” saying it’s an evolution of the “Fluidic Sculpture” theme. A sporty, more aggressive look suggests that the Santa Fe will go upscale to better compete with the likes of the Ford Edge, Nissan Murano and Jeep Grand Cherokee.
There is little indication that the new Santa Fe will feature a two-row or three-row setup, but with the New York Auto Show just one month away, we won’t have to wait long to find out.