General Motors said profits fell by 40% in the three months to June amid rising costs and a shortage of computer chips that were limiting production by automakers around the world.
The company’s second-quarter profits fell from $ 2.8 billion in the same period in 2021 to $ 1.7 billion. Revenue increased more than 4% from $ 34.2 billion in the year-ago quarter to $ 35.8 billion.
GM sold 817,000 vehicles and light trucks worldwide in the second quarter, up from 760,000 in the year-ago quarter.
In a statement, GM CEO Mary T. Barra said, “In the past year, semiconductor shortages have reduced production and despite such pressure, we have achieved strong results. I have. “
She added that GM is taking steps to control costs, save cash and limit employment in light of uncertain economic outlook. “We have also modeled many recession scenarios and are ready to act cautiously when needed,” she said.
The company has reiterated its forecasts of $ 9.6 billion to $ 11.2 billion in profits this year.