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."

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.”