GM profits take $1 billion nosedive…

General Motors’ (GM) second-quarter net earnings plummeted 40% from 2021 amid the company’s push to produce more electric vehicles (EVs), according to a company earnings report released Tuesday.

GM said it was unable to deliver 95,000 vehicles to dealers due to a shortfall of computer chips and other parts that reduced its profits and left it with tens of thousands of unfinished vehicles, according to The Wall Street Journal. The car manufacturer reported its net income for the months of April through June was $1.69 billion, down from $2.84 billion in the same period from 2021.

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