The big US automaker earned a profit of US$1.7 billion for the quarter ending Dec 31, down 38.7% from the final three months of 2020 as revenues dropped 10.5% to US$33.6 billion.

But for the full year, GM reported a record US$10 billion in profits and projected 2022 earnings of between US$9.4 billion and US$10.8 billion.

The semiconductor crunch intermittently curtailed production at several GM factories throughout 2021, resulting in lower inventories.

But the silver lining in that dynamic has been higher retail prices that have boosted profits.

In a letter to shareholders, chief executive Mary Barra pointed to an “improving outlook” for chips, adding, “We expect our 2022 results will remain strong”.

Barra also cited recent progress on GM’s autonomous technology and its build-out of electric vehicle capacity, saying, “We are expanding the scale, scope and profitability of our business.”

Shares dipped 0.3% to US$53.90 in after-hours trading.