General Motors raises its profit forecast for the year after the company reported a 24% increase in profits to nearly $3 billion in the first quarter. This success was largely driven by strong US sales of pickup trucks, especially the Chevrolet Silverado and GMC Sierra, which gained market share in the US while competitors such as Ford Motor and Stellantis' Ram brand saw declines.

Despite Challenges in Overseas Markets, Including a Rare Loss in China Where GM Lost $106 Million and Is Increasingly Losing Market Share to Chinese Electric Car Brands, the Company Remains Optimistic. GM Chief Executive Mary Barra Reaffirmed Her Commitment to the Chinese Market and Announced Several New Model Launches, Including Another Electric Cadillac SUV. "The Market Dynamics Have Changed, Yet We Still See a Role for GM in the Luxury Premium Vehicles Segment," Said Barra.

The company has raised its forecast for pre-tax profit excluding special items by $500 million to $12.5 to $14.5 billion. GM shares subsequently rose by about 4% in midday trading on Tuesday.

GM's Financial Results Were Also Impacted by Production Declines in Other Asian Countries as Well as in South America, the Company's Third-Largest Market. Nevertheless, Adjusted Pre-Tax Profit Increased by About 2% to $3.9 Billion in the January to March Period. The Earnings Per Share of $2.62 Significantly Exceeded the $2.13 Forecasted by Analysts.

In a time when early efforts to sell a new generation of electric vehicles did not bring the desired success, GM has scaled back investments in its driverless car business, Cruise, improving the balance sheet by more than $100 million. After California regulators revoked the license for autonomous driving, commercial robotaxi operations were halted. However, GM has announced that Cruise vehicles are back on public roads in Phoenix with safety drivers, as a step towards resuming commercial service.

Barra emphasized that Cruise will eventually resume fully autonomous operations, although she did not mention a schedule. She also mentioned that GM is considering external investments to finance Cruise, which is about 80% owned by GM and has already received billions from Honda Motor, SoftBank of Japan, Walmart, Microsoft, and other investors.