DETROIT — General Motors' net income plunged 39 percent in the fourth quarter to $1.7 billion as the global microchip shortage continued to hamper production, but the automaker said it achieved a record full-year operating profit and expects to roughly match that performance in 2022.
For all of 2021, GM's net income surged 56 percent to $10 billion. Adjusted earnings before interest and taxes rose 47 percent to $14.3 billion, hitting the range it previously projected, as revenue increased 3.7 percent to $127 billion.
The automaker said it expects its 2022 adjusted earnings "to remain at or near record levels," between $13 billion and $15 billion.
GM's fourth-quarter profit in North America decreased 17 percent to $2.2 billion. For the year, North America profit rose 14 percent to $10.3 billion.
Shares of GM were up 1 percent to $54.60 in after-hours trading.
The company's U.S. light-vehicle sales fell 43 percent in the fourth quarter to a new post-bankruptcy low as the chip shortage forced the automaker to add production downtime at some plants. On the year, GM's sales were down 13 percent to 2.20 million, according to the Automotive News Research & Data Center, falling behind Toyota Motor North America for the first time.