Like its peers in the auto industry, GM has been forced to slash production during 2021 despite strong demand, due to widespread semiconductor shortages. While the semiconductor supply situation remains volatile, General Motors currently expects chip availability to improve steadily over the course of 2022, reports the Motley Fool.
CFO Paul Jacobson said its chip supply has improved relative to expectations, enabling incremental production. He told investors last Wednesday that 2022 should be another strong year for GM.
“Auto demand remains robust, which will help the company to offset cost pressures with higher pricing, particularly given that supply will remain tight throughout the year. That would enable normal production in 2023, potentially positioning GM for record revenue and earnings in that year from meeting pent-up demand and rebuilding dealer inventories,” reports The Motley Fool.
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