It has been reported that GM will be bringing back the Buick Regal GS. Based on the concept from Detroit this past year, the Regal GS should sport a 2.0L turbocharged 4-cylinder with close to 255 horsepower and a 6-speed manual tranny, pushing power to all four wheels, GM predicts 0-60 in under six seconds. Rear-wheel drive would have been a trick feature, though. The adjustable Recaros will most likely be lost from the concept, most likely due to keeping the price below 40K.

General Motors have just announced that they have posted a $865 million profit for the first quarter of 2010.

The $1.66-per-share profit was far better than a loss of $6 billion, or $9.78 per share, for the same period last year.

It’s also a sign that GM may be able to back up CEO Ed Whitacre’s forecast of a full-year profit.

The U.S. government loaned GM about $50 billion to stay in business. GM has repaid $6.7 billion and hopes to pay back the rest with a stock sale. The government now owns 61 percent of the company.

General Motors announced yesterday it will recall 1.3 million vehicles in an effort to address power-steering issues linked to 14 crashes. The Pontiac G5 and Chevrolet Cobalt are the only U.S. models affected. [AutomotiveNews]

General Motors Co. has been reported to be dropping plans for a Cadillac-badged version of the Chevrolet Volt.

Apparently a Cadillac version of the Volt would be too weighed down by the expected luxury and comfort features to replicate the Volt’s 40-mile electric-only driving range without extensive extra cost, a Bloomberg report said. Sources suggested achieving even a 20-mile driving range solely on battery power might require $30,000 of added cost, the report added.

The loss of the proposed Cadillac variant of the Volt casts more doubt on the near-term applicability of the Volt’s battery-intensive, series-hybrid design.

Some GM executives had argued a Cadillac version of the Volt would help reduce costs – mostly centered around the expensive lithium-ion batteries – and speed wider adoption of the Volt’s technology.

General Motors Chairman and CEO Ed Whitacre said at a Monday morning press conference that the automaker has no announcement regarding Saab despite media reports swirling around the globe that a deal to sell the Swedish automaker to Spyker is imminent.

“As of today, we have not changed our direction on the wind-down (of Saab),” Whitacre told reporters in Detroit. “There have been advanced talks but we do not have a deal to announce this morning. If and when that changes, we’ll let you know. And that’s my only comment on that issue.”

General Motors’ China’s sales are up 60 percent year-on-year, and The General wants to keep the momentum going at its Chinese outpost. Automotive News China reports that the Guangzhou Auto Show will play host to the unveiling of the market-specific Cadillac SLS and Buick Excelle XT, the latter described as a four-door “coupé-like sedan.”

The Excelle XT will take a place between the Excelle and the new Regal. The Cadillac gets 3.0-liter and 3.6-liter engines with GM’s SIDI technology that also grace Australia’s new Holden Commodores. The luxury sedan, a lengthened version of our STS with a superior interior, will also be China’s introduction to OnStar.

General Motors confirmed Tuesday that its planned sale of Swedish automaker Saab to Koenigsegg Group AB has collapsed with Koenigsegg terminating the sale.

What’s next for Saab has yet to be determined.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” GM President and CEO Fritz Henderson said in a statement issued by GM. ”Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB.

“Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week,” Henderson added.

The failed sale of Saab comes within weeks of GM’s halted sale of Germany’s Opel, though in that case, it was GM that decided not to sell Opel.