General Motors (GM) is reporting a significant increase in profits for the first quarter of 2024, on the back of strong sales for its gas-powered vehicles.

According to numbers released by GM April 22, the auto manufacturer reported nearly $3 billion of profit in Q1, a 24% increase from that period in 2023. The company says that was largely driven by sales of gas-powered trucks and SUVs in North America.

GM remains confident in its electric vehicle offerings, highlighting "good early sales momentum" and boosts to profitability, credited to lower costs for battery cells as production has ramped up. The company says it increased its battery module production 300% over the last six months, and expects to double its current capacity by the end of summer. In total, GM says it sold nearly 9,400 EVs in Q1, up from the 8,413 it sold in those months last year. 

GM chief financial officer Paul Jacobson told CNBC April 22 that the company plans to produce around 200,000 to 300,000 EVs in 2024.