GM has announced its Q2 earnings [Analyst slides in PDF here], and the firm has recorded a healthy $2.5b profit for the quarter on strong North American performance and an end to losses from the European Opel division. In fact, on an EBIT (earnings before interest and taxes) basis, all of GM’s global divisions were in the black last quarter, although GM Europe and GM South America both recorded modest $100m gains and GMIO (which includes the lucrative Chinese market) recorded a $600m EBIT. The powerhouse continues to be GM North America, which recorded $2.2b in EBIT, continuing North America’s post-bailout importance as the driver of GM’s financial results. Globally, a $600m reduction in EBIT due to costs and “other” was offset by the same amount of gains in volume/mix, while pricing added a billion dollars to overall EBIT. And though fleet sales were up in North America, incentives for the quarter appear to have hit record lows. [Hit the jump for global deliveries and market share/fleet data, via GM's financial highlights release].