General Motors Co reported on Wednesday that fourth-quarter pretax earnings surged to $2.8 billion, driven by booming sales of expensive SUVs and pickups and strong earnings in China despite the slowing market there.

North America sales rose 8.6 percent in the quarter, as gasoline prices falling below $2 a gallon and low interest rates sent consumers to higher-margin trucks and SUVs. GM’s retail sales in China rose more than 14 percent despite economic woes in the world’s largest auto market. Those results offset ongoing volatility in South America.

GM’s revenue was flat compared with a year ago at $39.6 billion, boosted by a $3.9 billion benefit from a reversal of valuation allowances on tax assets in Europe. GM’s full-year net income in 2015 rose to $9.7 billion, or $5.02 per share adjusted, from 2014.

GM said it will pay most of its 49,600 United Auto Workers union-represented employees profit-sharing checks of $11,000 later this month, a record amount.

"We continue to strengthen our core business, which is laying the foundation for the company to lead in the transformation of personal mobility," GM CEO Mary Barra said in a statement.