GM Q1 earnings are on fire- thanks to the Silverado, Sierra, and hot-selling full-size SUVs. The company recently announced that first-quarter revenue clocked in at $32.5-billion. That’s compared to $32.7-billion at the same time last year.

The company also announced a net income of $3.0-billion, a net income margin of 9.3%, and has nearly $42-billion in cash on hand.

GM Q1 Earnings Are Huge Thanks To Silverado / Sierra & Full-Size SUVs
2021 Cadillac Escalade

The GM Q1 earnings results are great news for a company in the middle of a strategy pivot. As billions are invested into GM’s all-electric future, the financials are keeping up and providing the fuel to fire up GM’s next decade of vehicle research and development.

Mary Barra, the company’s CEO addressed GM Q1 Earnings In  Letter To Investors:

These strong results demonstrate once again the underlying strength of our business, especially in North America and China, and at GM Financial. We continue to execute our strategy and make significant progress on our transition to an all-electric future with the growth opportunities it creates. said that “Buoyed by robust demand in the U.S. and China, the Detroit-based automaker posted adjusted profit of $2.25 a share, beating a consensus estimate of $1.08. GM attributed the healthy performance to booming sales of full-size and higher-margin sport utility vehicles and pickup trucks.”

GM Q1 Earnings Are Huge Thanks To Silverado / Sierra & Full-Size SUVs
2021 GMC Yukon Denali

The “blowout” earnings come at a time when most of the auto industry is crippled by a semiconductor chip shortage. But unlike many of its competitors, GM isn’t as exposed to the shortage and has been able to divert chips from less popular models up too quickly selling full-size trucks and SUVs.

Still, the company has only half as many vehicles in stock as it did this time last year and many dealerships are faced with a severe shortage of models to sell.