General Motors is pivoting its business to capitalize on the Trump administration's policy changes, with Wall Street responding positively. The Detroit automaker on Tuesday raised its full-year profit forecast and reported higher revenue despite high gas prices and the fact that Americans are buying fewer cars.

Executives touted plans to pour billions into expanding U.S. production of GM's biggest vehicles, while rolling out new pickups, high-end, gas-powered Cadillacs and military trucks. It is capitalizing on regulatory rollbacks championed by Trump that have allowed GM to dial back its most ambitious plans for money-losing electric vehicles while doubling down on profitable pickup trucks and SUVs.

Even Trump administration moves that initially boded poorly for GM—costly automotive tariffs and attacks on Iran that drove up gas prices and at first rattled its stock price—have left the automaker largely unscathed or hobbled its rivals more.