GM posts record earnings despite chip shortage
CNN
General Motors reported record earnings for 2021, despite struggling with a shortage of computer chips and other parts that crimped its ability to build and sell all the cars and trucks it wanted.
Quarterly earnings reached nearly $2 billion, excluding special items, topping the consensus forecast of $1.7 billion from analysts surveyed by Refinitiv. That allowed the company to earn $10.4 billion for the year, excluding special items, up from $7.1 billion a year earlier.
The company achieved those results despite being forced to temporarily close various factories throughout the year due to the industry-wide parts shortage. The number of vehicles it sold fell to 6.3 million worldwide, down 8% from 2020 and a decline of 18% from the pre-pandemic sales of 2019.