General Motors’ revenue falls 40% on losses in China, shortage of parts

General Motors Net profit fell 40% in the second quarter, hurt by losses in China and supply chain issues that left the company with tens of thousands of unfinished vehicles it couldn’t sell during the period.

GM executives reaffirmed the automaker’s full-year earnings outlook, saying they expect production to rise sharply in the second half as chip shortages ease and consumers continue to pay top dollar for new vehicles.