3/31, 9:10 PM (Source: TeleTrader)
more TeleTrader news

GM to hit profit goals despite chip shortages

General Motors chief financial officer Paul Jacobson said on Wednesday during a Bank of America conference that the automaker had a "really strong" performance in the first quarter and is on track to achieve its forecasted profit range, despite the global semiconductor shortage.

A week ago, General Motors halted production on several plants in North America due to chip shortages. Earlier, it was reported that the United States President Joe Biden included $50 billion investments into the semiconductor industry in fears that China could take the lead.

In his speech, the General Motors CFO also said that plans to sell only electric vehicles by the year 2035 are a "goal", marking a shift in the company's narrative, which previously used the word "aspirations".

Breaking the News / LH