The company said its adjusted earnings reached $2.7 billion, or $1.91 a share. That’s up from the $1.7 billion it reported a year earlier. Analysts surveyed by Refinitiv had been forecasting earnings per share of $1.85 in the quarter. The company also said it now expects to earn between $9.3 billion to $10.7 billion for the full year, significantly higher than its previous outlook of earnings between $8.4 billion $9.9 billion.
Demand for vehicles remains strong and prices are at or near record levels. GM’s global vehicle sales rose 12% to 1.6 million vehicles, and its revenue increased even more, rising 25% to $44.7 billion, topping forecasts by $2.1 billion. “The biggest driving force behind our financial results is customer demand for our vehicles,” said CEO Mary Barra in a letter to employees.