General Motors reports lower Q4 profits, sees solid 2022
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
-
Dawn of War 4 developers chose Adeptus Mechanicus for tactical variety
-
New Zealand and Tonga meet for place in Rugby League World Cup final
-
Italy face unbeaten South Africa in Turin Nations Championship match
-
Reports of unsafe AI-toy responses renew calls for child-safety rules
-
ChatGPT interactive interface feature tested across six custom tools
General Motors reports lower Q4 profits, sees solid 2022
General Motors saw lower fourth-quarter profits as the semiconductor crunch hit vehicle sales, but the company still scored record annual earnings, according to results released Tuesday.
The big US automaker earned a profit of $1.7 billion for the quarter ending December 31, down 38.7 percent from the final three months of 2020 as revenues dropped 10.5 percent to $33.6 billion.
But for the full year, GM reported a record $10 billion in profits and projected 2022 earnings of between $9.4 billion and $10.8 billion.
The semiconductor crunch intermittently curtailed production at several GM factories throughout 2021, resulting in lower inventories. But the silver lining in that dynamic has been higher retail prices that have boosted profits.
In a letter to shareholders, Chief Executive Mary Barra pointed to an "improving outlook" for chips, adding, "We expect our 2022 results will remain strong."
Barra also cited recent progress on GM's autonomous technology and its build-out of electric vehicle capacity, saying "We are expanding the scale, scope and profitability of our business."
Shares dipped 0.3 percent to $53.90 in after-hours trading.
P.L.Madureira--PC
