image credit: Unsplash

GM reports $3.3B first-quarter net profit despite semiconductor chip shortage

May 5, 2021


General Motors says it will finish the year strong, in part because of its strategy in dealing with a worldwide shortage of semiconductor chips.

In an unusual move, GM CEO Mary Barra issued a Letter to Shareholders simultaneously with GM’s first-quarter earnings results Wednesday. In it, Barra said GM expects to have a strong first half with adjusted earnings before interest and taxes of around $5.5 billion and GM is reaffirming its full-year guidance, “based on what we know today,” coming in at the higher end of the $10 billion to $11 billion EBIT-adjusted range that it shared earlier this year.

Read More on USA TODAY