GM’s profit plunges 40 percent as chip shortage slams production

Photo caption: GM has said it expects to produce about 200,000 fewer vehicles in the second half of this year compared with the first half. Photo credit: Getty Images. Article by Associated Press. New York Post – October 27, 2021.

High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit, but the income was 40% lower than a year ago due to short supplies of new vehicles because of a global computer chip shortage.

The earnings fell from $4 billion last year as sales slumped and the company lost market share in the US, its most profitable country. Shares of GM were down as much as 5% on the news. […]

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