G.M. Profit Falls 40 Percent as Costs Rise and Chips Are Lacking

General Motors said its profit fell by 40 percent in the three months ending in June amid rising costs and an ongoing computer chip shortage, which has limited production for automakers around the world.

The company reported $1.7 billion in profit for the second quarter, down from $2.8 billion in the same period in 2021. Revenue rose by more than 4 percent, to $35.8 billion from $34.2 billion a year ago.

G.M. sold 817,000 cars and light trucks worldwide in the second quarter, up from 760,000 in the year-ago period.

Article source: https://www.nytimes.com/2022/07/26/business/general-motors-earnings.html