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GM reports 40% drop in third-quarter profits due to chip shortage Updated: 2021-10-28 21:19:01 KST

The automotive industry has been one of the hardest hit due to the global semiconductor chip supply shortage.
On Wednesday, local time, American auto company General Motors posted a third-quarter profit of $2.4 billion U.S. dollars, which is 40 percent lower than the same period last year.
GM's high prices, mainly for their pickup trucks and large SUVs, helped ease losses amidst factory closures.
But GM CEO Mary Barra is confident that with their new electrification plan, the automaker will "absolutely" take the number 1 spot for electric vehicles in the U.S. by 2025, aiming to surpass Tesla.
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