U.S. multinational vehicle company General Motors (GM) announced that it had raked in a net income of 3 billion U.S. dollars on a revenue of 32.5 billion dollars in the first quarter of this year, as against 0.3 billion dollars and 32.7 billion dollars reported in the first quarter of 2020, Trend reports citing Xinhua.
The U.S. automaker said in a news release that its net income margins in the first quarter were 9.3 percent. Out of its pre-tax earnings which totaled 4.4 billion dollars, GM North America accounted for 3.1 billion, and GM International for 300 million.
GM attributed its strong performance to strong credit and residual value performance at GM Financial, and the industry recovery in China.
The automaker said it is expecting a net income of around 3.5 billion dollars in the first half of this year and a full-year net income of 6.8-7.6 billion dollars.
Although the company had noted before that the prevailing global semiconductor shortage may lead to a 1.5-billion-dollar to 2-billion-dollar hit to its earnings for the year, it said in Wednesday's news release that it still expects to see pre-tax profits of 10-11 billion dollars.