Hobbled by chip, other shortages, GM profit slides 40% in Q2

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — General Motors’ second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and caused the company’s U.S. sales to fall more than 15%. The Detroit automaker said it made $1.67 billion from April through June, in part because it couldn’t deliver 95,000 vehicles during the quarter because they were built without one part or another. Last year it made $2.79 billion. The company said it made an adjusted $1.14 per share, falling short of Wall Street estimates of $1.27. Revenue was $35.76 billion for the quarter, beating estimates of $33.9 billion, according to FactSet. Like other automakers, GM has been forced to slow its factories since late in 2020 largely due to a global shortage of semicondutors.