General Motors said it made $2.9 billion in the first three months of the year, down 3 percent from the same period a year ago, when it had a $3 billion profit.
The automaker has been slowed by the continuing shortage of computer chips, which has hindered auto production around the world and has raised prices of new and used cars. G.M. is also spending heavily to bring out new electric vehicles and build factories for those cars and their batteries.
The company reported first-quarter revenue of $36 billion, up nearly 11 percent from a year earlier. G.M. sold 831,000 vehicles globally in the quarter, 10,000 more than in the first three months of 2021.
“Our confidence is strong as we accelerate our transformation, even in the face of a challenging macro environment.,” G.M.’s chief executive, Mary T. Barra, said in a statement. “We have taken the time to do E.V.s right,” she added.
G.M. has plans to introduce more than 20 electric models in the United States by 2025, but it is being upstaged this week by Ford Motor, which said on Tuesday it had started producing an electric version of its F-150 pickup truck. G.M. is expected to start making an electric Chevrolet Silverado pickup truck next year.
G.M. plans to begin producing batteries at a new factory in Lordstown, Ohio, this summer and is building three more battery plants in the United States. The company has recently started making an electric GMC Hummer truck and an electric luxury sport-utility vehicle, the Cadillac Lyric. It also resumed making the Chevrolet Bolt this month after working to fix a defect in the car’s battery. G.M. plans to start making electric delivery vans at a plant in Canada by the end of the year.
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