General Motors on Wednesday reported first-quarter net income of $3 billion and said it still expected to earn as much as $11 billion in adjusted earnings for the full year despite the microchip shortage that is hampering production industrywide.

GM's earnings in North America increased 43 percent from a year earlier to $3.1 billion, despite the automaker having to shut down output at some plants. The company said it expected continued downtime in the coming months because of the shortage but that it would be profitable in the second quarter on an adjusted basis.

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GM Profit For First Quarter Jumps To $3 Billion Despite COVID And Supply Chain Issues

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