- All-round Ashwin powers India to big Test win over Bangladesh
- NZ chase 275 to win first Sri Lanka Test after Patel bags six
- Ashwin bags six wickets as India hammer Bangladesh in first Test
- Nascent French government under pressure on multiple fronts
- Angry French cognac makers see red over Chinese tariffs threat
- Protect the prosciutto: Italy battles swine fever
- UN holds 'Summit of the Future' to tackle global crises
- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
General Motors lifts 2022 profit forecast after mixed Q1
General Motors lifted its 2022 net income forecast Tuesday following a mixed quarter as it benefitted from strong consumer demand amid high vehicle prices despite lingering supply chain problems.
The big US automaker now sees 2022 net profit of between $9.6 billion and $11.2 billion, up slightly from the prior range.
Net income in the first quarter dipped three percent to $2.9 billion on an 11 percent jump in revenue to $36 billion.
GM's auto deliveries declined in all its operating regions in the wake of supply chain shortages, especially a crunch of semiconductors that has curtailed production intermittently at some factories.
Chief Executive Mary Barra told reporters the chip supply remains "volatile" but had improved compared with the fourth quarters.
But tight vehicle inventories have enabled GM to lift prices, especially on popular trucks and crossover vehicles, the company said.
Executives said they have not seen evidence rising inflation and interest rates are preventing sales overall.
"We continue to see a strong pricing opportunity because there is strong demand for our product," Barra said on the conference call.
Among GM vehicles, the Chevrolet Silverado averaged $51,240 during the quarter, while the GMC Canyon went for $41,660. Both vehicles were up more than nine percent compared with 2020, according to data from Edmunds.com.
GM's earnings per share topped analyst expectations, but revenues lagged.
GM shares edged up 0.1 percent to $38.09 in after-hours trading.
J.Horn--BTB