U.S. multinational vehicle company General Motors (GM) announced Wednesday that it had raked in a net income of $3 billion on a revenue of $32.5 billion in the first quarter of this year, as against $0.3 billion and $32.7 billion reported in the first quarter of 2020.

The U.S. automaker said in a news release that its net income margins in the first quarter were 9.3%. Out of its pre-tax earnings which totaled $4.4 billion, GM North America accounted for $3.1 billion, and GM International for $300 million.

GM attributed its strong performance to strong credit and residual value performance at GM Financial, and the industry recovery in China.

The automaker said it is expecting a net income of around 3.5 billion dollars in the first half of this year and a full-year net income of $6.8-$7.6 billion.

Although the company had noted before that the prevailing global semiconductor shortage may lead to a $1.5 billion to $2 billion hit to its earnings for the year, it said in Wednesday's news release that it still expects to see pre-tax profits of $10-$11 billion.

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