GM reports big increase in profits on sales of gasoline-powered cars
General Motors on Tuesday reported a big profit increase for the first three months of the year, based on the strength of its gasoline-powered vehicle business, and raised its outlook for the rest of the year.The company has seen slow growth in electric vehicles, but robust sales of internal combustion vehicles, particularly pickup trucks, helped boost its profits to $3 billion in the first quarter, a 24% increase over the same quarter. period of one year ago. GM also said it now expects to make profits of $10.1 billion to $11.5 billion this year, compared with a previous forecast of $9.8 billion to $11.2 billion.“We are maximizing the strength of our ICE business, growing our electric vehicle business and improving profitability,” GM Chief Financial Officer Paul Jacobson said on a confer...