DETROIT — Common Motors‘ web earnings plunged 39 % within the fourth quarter to $1.7 billion as the worldwide microchip scarcity continued to hamper manufacturing, however the automaker mentioned it achieved a report full-year working revenue and expects to roughly match that efficiency in 2022.

For all of 2021, GM’s web earnings surged 56 % to $10 billion. Adjusted earnings earlier than curiosity and taxes rose 47 % to $14.3 billion, hitting the vary it beforehand projected, as income elevated 3.7 % to $127 billion.

The automaker mentioned it expects its 2022 adjusted earnings “to stay at or close to report ranges,” between $13 billion and $15 billion.

GM’s U.S. light-vehicle gross sales fell 43 % within the fourth quarter to a brand new post-bankruptcy low because the chip scarcity pressured the automaker so as to add manufacturing downtime at some vegetation. On the 12 months, GM’s gross sales have been down 13 % to 2.20 million, in keeping with the Automotive Information Analysis & Knowledge Middle, falling behind Toyota Motor North America for the primary time.

On the finish of the fourth quarter, GM stock, together with autos in transit to dealerships, stood at 199,662, up from 128,757 three months earlier, GM mentioned. That is nonetheless fewer than half as many because it had on the finish of 2020 and one-third of its inventory on the finish of 2019.

“GM’s gross sales and market share within the closing quarter of 2021 strongly mirrored the corporate’s deep wrestle within the face of the continuing disruption to produce chains created by the chip scarcity, and conceding its gross sales crown to a different automaker for the primary time in many years probably rubbed salt within the wound,” Jessica Caldwell, Edmunds’ govt director of insights, mentioned in a press release. “GM manufacturers had a more durable time protecting clients within the fold with much less autos and choices obtainable.”

Though gross sales have been down, autos bought for a lot increased costs. Within the fourth quarter, GM’s common transaction value was $50,149, up 15 %, whereas incentives fell 65 % to $1,813 per car, in keeping with TrueCar.