General Motors, buoyed by first-quarter earnings that beat Wall Street forecasts, raised its full-year guidance on a foundation of strong sales and expense cuts, including employee buyouts.

The Detroit-based automaker reported $40 billion in first-quarter revenue, up 11% year-over-year and eclipsing the forecasted $38.96 billion. Adjusted pretax profit reached $3.8 billion, down from $4 billion year-over-year.

For 2023 overall, GM raised adjusted earnings forecast to $11 billion to $13 billion.

GM announced early this year that it will make $2 billion in structural cost reductions by the end of next year, including the employee buyouts. It has also been buying out some Buick dealers.

In highlighting upcoming “opportunities,” CEO Mary Barra said in a letter to shareholders that GM is now second in the U.S electric-vehicle market behind Tesla. She said it plans to make 400,000 electric vehicles from 2022 through the first half of 2024 and will grow its EV lineup. Meanwhile, it will stop making the Chevrolet Bolt this year, though the model had a third consecutive record quarter.

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