GM beats on earnings as Lyft investment pays off and pickups drive profits

on Tuesday reported a higher-than-expected quarterly profit, driven mostly by highly lucrative pickup truck sales in the U.S. market.GM beat estimates for first-quarter earnings, with positive results coming despite a 7 percent decline in US new-vehicle sales in the first quarter, in which its pickup trucks were outsold by smaller rival Fiat Chrysler Automobiles.

The company had around four months supply of its Chevrolet Silverado pickup truck on the ground as of the beginning of April. The all-new Silverado was launched last year. "My confidence in the year ahead remains strong, driven by our all-new full-size truck launch and our ongoing business transformation," CEO Mary Barra said in a statement.

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