Hyperdrive
GM Misses Profit Estimates as CEO Signals Concern on Economy
- Automaker reports weaker first quarter, reaffirms 2022 outlook
- CEO sees rebound in Chinese market after posting loss there
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General Motors Co. reported weaker second quarter profit than analysts’ estimates as semiconductor shortages kept production volumes in check. The automaker also warned it is bracing for tougher times ahead for the economy.
Citing “concerns about economic conditions,” Chief Executive Officer Mary Barra said in a shareholder letter Tuesday that GM is taking measures to guard cash flows and rein in costs by cutting discretionary spending and placing limits on hiring.