General Motors boosts profit outlook as supply chain troubles ease

GM is also wrestling with rising costs for commodities used in its vehicles

General Motors Co expects full year adjusted pre-tax profits will reach about $14 billion, higher than the previous forecast, the automaker's Chief Financial Officer Paul Jacobson said during a presentation.

GM had previously forecast full-year adjusted pre-tax profits at $11.5 billion to $13.5 billion. GM shares were up more than 2.5% in mid-afternoon trading following Jacobson's statement.

GM's financial performance is benefiting from strong consumer demand, high prices for new vehicles and more stability in supplies of semiconductors, Jacobson said.

However, GM's vehicle production and inventories won't get back to normal until late 2022, Jacobson cautioned.

Tight inventories support higher prices, but GM and