General Motors (NYSE:GM) reported its Q1 results, with revenue coming in at $35.98 billion, compared to the consensus of $37.01 billion, while EPS of $2.09 beat the consensus estimate of $1.68.

Analysts at Deutsche Bank view Q2 results as somewhat better-than-expected driven by strong used and new car prices. More surprising was the reiteration of 2022 EBIT guidance, despite considerably higher commodities costs (now seen as a $5 billion headwind, up from $2.5 billion prior). The company expects the full 2022-year EPS to range from $6.50 to $7.50, compared to the Street estimate of $6.70.

Given the Industry data suggesting vehicle pricing has remained strong and the company can directly control the magnitude of its discretionary investments, the analysts raised their 2022 EBIT estimate from $13.4 billion to $14.1 billion (translating to $7.10 EPS).