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DETROIT (Reuters) - General Motors Co on Wednesday said the global semiconductor chip shortage could shave up to $2 billion from 2021 profit, but the U.S. automaker’s highly profitable big pickups and SUVs won’t suffer any production cuts.
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After reporting a fourth-quarter profit of $2.8 billion and a 2021 profit outlook some saw as conservative, GM shares were down 4.5% in early trading.
Chief Executive Mary Barra, in a media briefing, said GM “won’t lose any production” of its high-profit full-size pickup trucks and SUVs, although the supply of computer chips “is still a bit fluid.”
However, she added, “we’re going to be able to meet the production schedules” for the year. GM officials have repeatedly stressed they will protect production of its highest profit vehicles.
Profits aside, GM s EV plans are driving a now-rising stock - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.