Hyperdrive
GM Lifts Forecast on Strong Sales, Chip-Shortage Workarounds
- Chip situation has stabilized enough to ease production losses
- CFO says vehicle inventory to stay lean in 2022, aiding prices
This article is for subscribers only.
General Motors Co. expects to earn about $14 billion in pre-tax profit this year, more than its previous guidance to Wall Street analysts, the automaker’s chief financial officer said.
Sales have been strong and GM has been able to mitigate lost production caused by a semiconductor shortage, CFO Paul Jacobson said during an event hosted by Credit Suisse on Wednesday. The Detroit-based company had previously projected earnings of $11.5 billion to $13.5 billion before interest and taxes.