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General Motors drives home a confident outlook for 2022
General Motors announced yesterday evening that it expected a 2022 operating profit of $13bn (£9.6bn) to $15bn (£11bn), citing an improving outlook for semiconductor chips used in its vehicles.
This is good news for investors, who have been keeping a watchful eye on shortages and supply issues when analysing car maker stocks. Fourth-quarter net income was $1.67bn (£1.23bn) and operating profit was $2.8bn (£2.1bn).
GM posted a 2021 operating profit of $14.3bn (£10.6bn) and a net income of $10bn (£7.4bn).
The forecast for the Detroit company was in line with many Wall Street predictions, but missed the mark for revenue expecations.
Shares fell more than three per cent during after hour trading.