General Motors on Wednesday said its net income fell 40 percent in the third quarter to $2.4 billion and North American profits plunged by more than half as the microchip shortage severely disrupted production.

But the automaker said it now expects its full-year adjusted earnings to come in at "the high end of our guidance," CEO Mary Barra said in a letter to shareholders.

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General Motors Profits Plummet 40% In 3rd Quarter Amid Chip Shortage

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