General Motors has reported a revenue rise but a softening of profits for the first quarter of 2023 but nonetheless hiked its full year forecast.

Q1 revenue was US$39,985m, up 11% on Q1 2023’s $35,979m, net income was down 18.5% to $2,395m ($2,939m) and EBIT-adjusted was off 6% to $3,803m from $4,044m.

The automaker’s updated guidance: net income of $8.4bn-$9.9bn, compared to the previous outlook of $8.7bn-$10.1bn, including $0.9bn of charges related to the voluntary staff cuts programe; EBIT-adjusted of $11bn-$13bn, compared to $10.5bn-$12.5bn.