General Motors needs more gas in the tank. The $83 billion U.S. automotive giant reported operating profit above analyst estimates on Wednesday, and said earnings will be higher than it previously suggested. Its shares fell 4% anyway. GM is selling every car it can make, while wrestling with a shortage of microchips, but its declining market share in North America implies rivals, like electric vehicle king Tesla , are less affected .
One problem is that GM recently laid out big plans to invest in making electric vehicles. If its spending doesn’t change, but the number of cars it can sell falls, the company’s profitability could suffer.
Already, GM’s targets suggest that its operating profit for the fourth quarter will be lower than the third quarter. If supplies of chips and other components don’t pick up, GM will have to decide whether it will trim its investment ambitions to defend its profitability – an unenviable trade-off. Europe’s payments hopeful is a work in progress
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