GM reports $2.9bn income for 2nd quarter

General Motors has announced strong second-quarter net income to common stockholders of $2.9 billion, up 157 percent compared to $1.1 billion in the second quarter of 2015. 
Earnings per share (EPS) diluted was a strong $1.81, compared to $0.67 in the second quarter a year ago. 
EPS diluted-adjusted was a record at $1.86, up 44 percent compared to $1.29 in the second quarter of 2015. 
The company reported records for earnings before interest and tax (EBIT) adjusted of $3.9 billion and EBIT-adjusted margin of 9.3 percent. 
“This was an outstanding quarter for GM,” said Chairman and CEO Mary Barra. 
“Our results were generated by strong retail sales in the US, record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.”

• Volkswagen has appointed a new Brand Director to lead its Middle East operations at the automotive manufacturer’s regional headquarters in Dubai.
Andrew Savvas joins Volkswagen Middle East from Australia where he led the brand as Volkswagen General Manager Sales and Network Development. 
With over 16 years’ experience in the automotive industry, a proven track record of success across multiple business disciplines, and a strategic focus on customer centricity, Savvas joins the Middle East team to steer the Volkswagen brand following Thomas Milz, outgoing managing director for Volkswagen Middle East return to Wolfsburg. 
Commenting on his new appointment, Andrew Savvas, brand director Volkswagen Middle East, said: “The Middle East region offers new challenges and opportunities. There is a strong sense of purpose, energy and positivity among business leaders and consumers alike. The industry however, is going through a challenging shift. Whilst we cannot change the market, we can control how we treat our customers, who are our utmost priority.”

• Nissan has announced that the new Serena, scheduled to go on sale in Japan in late August, would come equipped with the company’s ProPILOT autonomous drive technology, offering convenience and peace of mind during highway mobility. 
ProPILOT is a revolutionary autonomous drive technology designed for highway use in single-lane traffic. 
Nissan is the first Japanese automaker to introduce a combination of steering, accelerator and braking that can be operated in full automatic mode, easing driver workload in heavy highway traffic and long commutes. Employing advanced image-processing technology, the car’s ProPILOT system understands road and traffic situations and executes precise steering enabling the vehicle to perform naturally. 
ProPILOT technology is extremely user-friendly, thanks to a switch on the steering wheel that allows the driver to easily activate and deactivate the system. 

• Hyundai has officially released its ground-breaking IONIQ range of alternative-fuel cars for sale. 
The IONIQ is the first Hyundai platform to be purpose-built for alternative-fuel drivetrains, and represents Hyundai’s flexible approach to moving its products toward zero-emissions technology. Instead of offering just one power source, the Korean carmaker is giving buyers a choice of three technologies within a single vehicle architecture: the IONIQ Hybrid, IONIQ Plug-in, and IONIQ Electric. 
With demand expected to exceed the initial supply, Hyundai hopes to begin shipments to the GCC by the end of 2016, starting with Hybrid and Electric versions. “There is a growing demand for cars that can minimize environmental impact, and most of us within the industry are aware that electric power is the future, but it is clear that different buyers and markets have very different needs,” said Mike Song, Hyundai’s Head of Operations for Africa and the Middle East.

Source: Arab News