General Motors reports huge 157% profit jump

General Motors Co's profits more than doubled in the second quarter, alongside strong demand for truck and SUV products.

The huge car manufacturing company posted net profit for the quarter at a remarakable increase of 157%, leading the Detroit auto maker to raise its annual guidance despite concerns about the financial impact of the Britain's vote to leave the European Union.

GM Thursday said it posted net income attributable to common shareholders of $2.9 billion, up from $1.1 billion in the same period a year ago. The company said operating profit equaled $1.86 per share, soundly beating Wall Street expectations of $1.49 a share.

Rising sales in China and improved conditions in Western Europe are thought to have contributed to the increase. GM posted a roughly $100mn profit in Europe, the first quarterly profit in the area since 2011.

Doubts still remain however for the company's European standings following the UK vote to leave the bloc, as an exit would be a body blow to production and activities there.