General Motors has reported a doubling of net income in the third quarter to US$2.8bn (up 104% and a new record) as it continued to benefit from strong truck demand in the US as well as buoyant vehicle sales in China.

GM also posted revenues for the third quarter up 10.3% to US$42.8bn, a new record for the company.

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CEO Mary Barra highlighted the strong performance in the US and China. “Our record third quarter, led by strong performance in the U.S. and China, reflects our determination to deliver on our commitments. We will continue executing our plan to deliver earnings that enhance shareholder returns,” she said.

GM said operating profit excluding one-time factors works out at US$1.72 a share (non-GAAP), comfortably ahead of analyst expectations of around US1.45 a share.

In Q3, GM claimed it grew US retail market share faster than any other OEM, up 0.4 of a percentage point vs. last year, with an ATP of US$35,700 – almost US$5,000 higher than the industry average.

In the cumulative period of the year so far to the end of September, GM sold 2.2m vehicles in the U.S. and increased retail share 0.5 points – more than any full-line OEM. In China, deliveries increased 9% to a record 2.7m vehicles. Cadillac increased sales in China by 79% in the third quarter compared to last year, led by growth of the new XT5.

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In Europe, Opel/Vauxhall posted a 5.1% sales increase. Through Q3, GM said it delivered breakeven results in Europe ( EBIT-adjusted loss of US$0.1bn) and an improvement, “despite the impact of Brexit”.

Outlook

GM said that based on its anticipated strong business results for the second half of the year, the company expects full-year earnings per diluted adjusted share at the high end of its previously-stated range of $5.50 – $6.00.

“Strong bottom line performance this year puts us solidly on track to deliver on our annual earnings outlook, and our cash generation has allowed us to complete our initial share buyback ahead of schedule,” said Chuck Stevens, GM’s CFO.

While GM’s Q3 results were undoubtedly good, analysts are sure to voice concerns over the outlook amid signs of a topping out of the US vehicle market and economic/market slowdown ahead in China – particularly in 2017.

See also: GM to take $400m Brexit hit in H2