Why GM profits dropped 40% in the second quarter

General Motors said Tuesday it’s moving to take more control over its supply chain in response to a dismal second quarter that saw profits fall 40% year-over-year as it shifts more towards EVs.
The automaker reported second-quarter net income of $1.69 billion, a 40% reduction from the $2.84 billion it earned in the same year-ago period. GM blamed its weak performance on a drop in North American production due to supply chain disruptions and semiconductor chip shortages that caused bottlenecks at its factories.
GM reported $35.76 billion in second-quarter revenue, beating the $34.6 billion that

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