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General Motors Q2 profits fall 40% on supply woes, confirms forecast

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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 automaker was unable to deliver more than 90,000 vehicles unfinished due to missing parts. But the car manufacturer enjoyed strong pricing and said production in the second half of 2022 would be “up sharply.”

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Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.

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