General Motors today said its earnings jumped 34 percent in the first quarter, defying a slowdown in the U.S. market with stronger retail sales of SUVs and crossovers and growth at its financing arm. GM’s net income of $2.6 billion was the most of any first quarter since its 2009 emergence from bankruptcy. It also set first-quarter records for revenue, pretax profit and profit margins, both globally and for North America.
The results, posted a day after Ford Motor Co. reported a 35 percent decline in its first-quarter profit, illustrate a growing divergence between the two largest Detroit automakers’ strategies and performance, as both companies struggle to generate enthusiasm on Wall Street.
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