GM’s profit plunged 40 percent as chip shortages hampered production

Higher prices for trucks and SUVs helped General Motors make a $2.4 billion profit in the third quarter, but income was 40% less than a year ago due to a shortage of new vehicles due to a global shortage of computer chips. Profits are down from $4 billion last year as sales plummet and the company loses market share in the United States, its most profitable country. GM shares fell 5% on the news. Excluding one-time items, the company earned $1.52 per share, beating Wall Street estimates of 98 cents.…

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