GM expects $500M tariff refund

General Motors reported a strong start to the year, with first-quarter core profits rising 22% to $3.9 billion.

The company credited robust demand for its internal combustion trucks and SUVs, which have offset slower-than-expected growth in the electric vehicle market.

GM also revealed it expects a $500 million refund for tariffs paid last year, following a landmark Supreme Court decision that invalidated several of the Trump administration's trade levies.

Despite the positive news, the automaker warned that ongoing supply chain disruptions and rising raw material costs remain a concern for the second half of the year.