General Motors makes record profit despite chip shortage

Chevrolet Silverado EV

General Motors (GM) can look back on the past year with satisfaction. Despite the chip shortage, the American group recorded a record profit of 10 billion dollars, converted €8.8 billion, in the books. Due to the small stocks, GM could choose to build more expensive vehicles and versions, on which the profit margins are greater. GM also expects a lot from the electric cars that the company has in the pipeline in the future.

GM last year had a turnover of 127 billion dollars, converted just under €113 billion. From this, the group distilled a profit of 10 billion dollars, converted €8.8 billion. Never before has the American car manufacturer, which has brands such as Chevrolet, Cadillac and GMC in its portfolio, achieved such a high profit. For the coming year, GM again expects black figures in that order of magnitude. The group states that stocks remain small, so that it can get good prices for its cars.

For the foreseeable future, GM expects a lot from the electric vehicles it brings to market. At the beginning of last year, GM literally and figuratively underlined that strategy with a new logo. GM’s EVs will be on its own Ultium platform. These include the recently unveiled Chevrolet Silverado EV (for which Chevrolet has already registered 110,000 orders), the electric GMC Hummer and the Cadillac Lyriq. The brand new delivery van brand BrightDrop can also count on great interest. GM also expects a lot from its subsidiary Cruise, a taxi company with self-driving cars in the future. By the end of the decade, GM believes Cruise will have $50 billion in annual sales.

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