General Motors (NYSE:GM) has raised its yearly profit projection after a strong performance in its primary automotive sector during the second quarter.

The company has revised its net income attributable to shareholders forecast to a range of $9.3 billion to $10.7 billion, surpassing the previous guidance of $8.4 billion to $9.9 billion.

In the three months ending on June 30, revenue surged by 25% year-on-year to reach $44.75 billion, surpassing the estimated $41.92 billion. This growth was primarily attributed to market share gains in the U.S. and higher prices.

Supply chain constraints, which had weighed on returns in recent quarters, also continued to ease, supporting volumes.

The company stated that a resurgence in its joint venture operations in China, as COVID-era restrictions eased, played a significant role in boosting deliveries in North America. Notably, GM reported a substantial 18.8% increase in U.S. deliveries, reaching 691,978, marking its highest level since 2020 earlier this month.

GM reported a $792 million charge related to new commercial agreements with LG Electronics (KS: 066570) and LG Energy Solution (KS: 373220). Nonetheless, the company remains committed to taking additional steps to reduce costs and improve electric vehicle margins in the future.

Quarterly net profit rose to just under $2.6B, an increase of more than 51%.

Shares in GM rose in premarket trading on Tuesday.