- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
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.
X.M.Francisco--PC