GM profits more than double on record N. America earnings

DETROIT (AP) — General Motors' first quarter profit more than doubled as all of its business units posted improved numbers including record pretax earnings in North America.

After paying $60 million to settle stockholder lawsuits over an ignition switch debacle, GM earned $1.26 per share.

GM nearly broke even in Europe for the quarter, made strong profits in China and narrowed its losses in challenging South America en route to record pretax profits of $2.7 billion for a first-quarter.

Chief Financial Officer Chuck Stevens said there's a lot of "negative sentiment" on the auto industry from investors.

[...] he said average prices per vehicle in North America improved, which he attributed to trucks and new products such as the Chevrolet Malibu and Camaro.