DETROIT (AP) — Vehicles were scarce due to a global shortage of computer chips, but that drove prices up and helped General Motors increase its net income 56% last year.
The Detroit automaker said Tuesday that it made $10.02 billion for the full year. And it predicted record pretax earnings in 2022 of $13 billion to $15 billion and net income of $9.4 billion to $10.8 billion.
Excluding one-time items, GM made $7.07 per share for the year, beating analyst estimates of $6.83, according to FactSet. Full year revenue of $127 billion fell short of estimates of $128.7 billion.
In the fourth quarter, GM made a $1.7 billion net profit.
GM's sales in the U.S., its most profitable market, fell 13% for the year, and it was unseated by Toyota as the nation's top-selling automaker for the first time. The company lost almost 3 percentage points of market share, which fell to 14.6%
But GM's average vehicle sales price rose almost 20% in the fourth quarter from a year ago to nearly $54,000 as it sold more loaded-out trucks and SUVs, according to Edmunds.com.
Nearly all automakers have been forced to cut production due to the global semiconductor shortage, leaving few new vehicles on dealer lots.