General Motors‘ net income rose 15 percent in the fourth quarter to $2 billion, and the company posted a record pretax profit for the year as vehicle sales and supply constraints improved.

The automaker also said in a Tuesday statement it expects to generate similar or slightly lower earnings in 2023.

In the fourth quarter, revenue surged 28 percent to $43.1 billion. Adjusted earnings before interest and taxes in the quarter rose 34 percent to $3.8 billion.

GM said its full-year EBIT of $14.5 billion, up 1.3 percent, was a company record. Its net income for all of 2022 slipped 0.8 percent to $9.9 billion as revenue rose 23 percent to $156.7 billion.

GM’s fourth-quarter adjusted profit in North America soared 69 percent to $3.7 billion.

Shares in GM rose 5 percent to $38.09 in premarket trading.

“GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions,” CEO Mary Barra said in a letter to shareholders. “We expect that our momentum will help us deliver strong results once again in 2023.”

This story will be updated.