General Motors posted a sharp rise in its second-quarter earnings today due to stronger US vehicle sales and cost-cutting.
The world's largest carmaker, said its earnings rose to $1.3 billion, or $2.43 per share, from $477 million, or $1.03 per share a year ago.
GM said in June it expected to earn $2.40 per share, including a loss of about 10 cents per share from its loss-making Hughes Electronics unit.
Excluding Hughes and an after-tax charge of $55 million or 10 cents per share, GM earned $1.5 billion or $2.63 per share during the quarter. Wall Street earnings estimates ranged from $2.25 to $2.52 per share, with a consensus forecast of $2.42, according to research firm Thomson First Call.
GM shares have outperformed its closest rival, Ford, by about 21 per cent since the beginning of the year.
Shares of both companies have been hit the past week over market fears of an economic slowdown, and concerns that they could face higher pension costs.