General Motors has reported a strong set of first quarter financial results that comfortably beat analyst expectations.

Company revenue was up by 8% year-over-year to $43 billion. EBIT adjusted earnings were put at $3.9bn (compares with $3.8bn in Q1 last year).

GM’s results were boosted by strong profitability in North America where product mix – solid truck sales – and high transaction prices continues to boost margins.

GM said it delivered double-digit EBIT margins in North America and said it gained retail market share with incentives much lower than the industry average.

The company also raised its 2024 guidance.

“This is a very good set of results,” said GlobalData analyst Jeff Schuster. “GM got a huge boost from its high-margin truck sales in North America. Transaction prices remain high and incentives activity in the US, while visible, is still pretty low. GM has a favourable sales mix right now.”

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GM said that in its EV business, it is seeing ‘good early sales momentum for vehicles like the Cadillac Lyriq’. 

CEO May Barra also said in a statement that the the cost of battery cells came down significantly as GM’s  Ultium Cells joint venture plant in Ohio ramped up production. “Lower raw material prices have also been a tailwind,” she said. “The second Ultium Cells plant, which opened this year in Tennessee, is ramping even faster by applying lessons learned in Ohio.”