General Motors posted a 56% jump in net income in2021, though it wasn’t enough to keep its top spot as the top-selling automaker in the United States.  

GM reported a net profit of $10 billion for 2021 and reported full-year pretax profit, which strips out nonrecurring items, rose 47% to hit a record $14.3 billion.

The automaker’s revenue rose 3.7% in 2021 to $127 billion, despite production cuts resulting from the computer-chip shortage and a lack of new inventory on dealership lots. Fourth-quarter profit slid 39% as supply chain shortages took a toll on factory output in 2021.

GM forecasts earnings of $9.4 billion and $10.8 billion in net income in 2022. This forecast assumes demand remains steady and there are no significant economic or supply-chain challenges, reported the automaker.

Analysts expect Ford Motor Co. also will report strong profits when it releases year-end. In October, it boosted its sales forecasts from $10.5 billion to $11.5 billion.