GM reports higher profits, sees limited hit from chip shortage

New York (AFP) – Strong US demand for trucks and SUVs boosted General Motors’ fourth-quarter profits and the company on Wednesday projected higher earnings despite up to a $2 billion hit from the global semiconductor shortage. The results capped a rollercoaster year for GM and other US automakers that were forced to shut down plants last spring due to the coronavirus pandemic, resulting in a massive hit to second-quarter sales. But GM saw a surprisingly hot market in the second half of the year. Carmakers now are dealing with another unexpected problem in the wake of Covid-19: a global shortag…

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