General Motors (GM) reported net income to common stakeholders of $2bn (€1.38bn) in Q1 2016, up from $0.9bn in the same period in 2015.

"The earnings increase was driven by improved year-over-year results in all reporting segments, including breakeven performance in Europe," the company wrote.

The manufacturer’s net revenue grew from $35.7bn in Q1 2015 to $37.3bn in Q1 2016. Holding exchange rates constant, net revenue was $2.9bn higher than the first quarter of 2015.

GM Financial’s earnings before tax were at last years’ levels of $0.2bn.

Chairman and chief executive officer at GM Mary Barra, said: "We’re growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China.

"This strong quarter also reflects the excellent progress we’re making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility."