GM profits soar in 2021 despite global chip shortage

General Motors reported on Tuesday that its profits rose significantly last year as higher car prices helped the automaker overcome a shortage of computer chips that has disrupted production. cars worldwide.

The company made $10 billion in profit for 2021, up 55% from 2020. Revenue rose to $127 billion, from $122.5 billion a year earlier.

In a statement, the company said it expected to make between $9.4 billion and $10.8 billion in profits this year.

“Given the improving outlook for semiconductors in the US and China, we expect our 2022 results to remain good.” GMCEO of Mary T. Barra said in a letter to shareholders.