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- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
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- Will AI one day win a Nobel Prize?
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- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
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General Motors Q2 profits fall 40% on supply woes, confirms forecast
General Motors reported a big drop in second-quarter profits Tuesday due to the grinding semiconductor shortage, although the automaker confirmed its full-year forecast amid strong pricing.
Profits fell 40 percent to $1.7 billion as the Detroit giant was unable to deliver more than 90,000 vehicles unfinished due to missing parts.
But the car manufacturer said production in the second half of 2022 would be "up sharply."
Revenues rose 4.7 percent to $35.8 billion.
GM reported sharply lower auto deliveries in all regions, including China, where government restrictions connected to the latest Covid-19 outbreak dented sales.
A silver lining has continued to be limited dealership inventories that has kept pricing strong. In the United States, the average price was up $6,600 compared with the year-ago period.
GM alluded to strong customer demand "with most vehicles turning immediately as they arrive at dealers," the company said in a powerpoint.
"We have been operating with lower volumes due to the semiconductor shortage for the past year, and we have delivered strong results despite those pressures," said GM Chief Executive Mary Barra in a statement.
Barra alluded to worries about a slowdown or recession, saying "we have modeled many downturn scenarios and we are prepared to take deliberate action when and if necessary."
Shares fell 1.3 percent to $34.08 in pre-market trading.
M.Mendoza--CPN