Monday, August 8, 2022
HomeAutoGM Quarterly Sales Fall Amid Shortage in Computer Chips and Other Parts

GM Quarterly Sales Fall Amid Shortage in Computer Chips and Other Parts

General Motors said on Friday that its new-vehicle sales fell 15 percent in the second quarter from a year earlier as the global shortage of computer chips continued to limit automakers’ production.

The company sold 582,401 cars and light trucks from April to June, compared with 688,236 in the same period a year ago.

G.M. said its factories were holding 95,000 vehicles manufactured without certain electric components that are in short supply because of the chip shortage. It plans to install the parts when they become available and then ship those vehicles to dealers.

“We will work with our suppliers and manufacturing and logistics teams to deliver all the units held at our plants as quickly as possible,” said Steve Carlisle, executive vice president and president, North America.

In filing to the Securities and Exchange Commission, G.M. said most of the 95,000 vehicles missing parts were produced in June. It said the backlog would affect second-quarter net income, which it projected to be $1.6 billion to $1.9 billion.

Because the company expects to ship most or all of the 95,000 partly completed vehicles by the end of the year, it reaffirmed its full-year outlook for net income of $9.6 billion to $11.2 billion.

This is breaking news. Check back for updates.



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments