General Motors said on Friday that new car sales in the second quarter fell 15% year-on-year as a global shortage of computer chips continued to limit automakers’ production.
The company sold 582,401 cars and light trucks Compared to 688,236 in the same period of the previous year from April to June.
GM said the factory owns 95,000 vehicles manufactured without certain electrical components that are in short supply due to a shortage of chips. We will install the parts as they become available and ship them to the dealer.
Steve Carlyle, Executive Vice President and President of North America, said:
GM said in a filing with the Securities and Exchange Commission that most of the 95,000 missing parts were produced in June. Backlogs are expected to impact second-quarter net income and are projected to be between $ 1.6 billion and $ 1.9 billion. Analyst forecast consensus compiled by Bloomberg showed revenue of $ 2.4 billion.
The company plans to ship almost or all of its 95,000 partially completed vehicles by the end of the year. Full year outlook Net income is between $ 9.6 billion and $ 11.2 billion.
The company’s stock price rose 1% in late-night trading.
GM also reported that quarterly sales of electric vehicles increased from less than 500 in the first quarter to more than 7,300.
The Chevrolet division sold 6,945 Bolt EVs from 358 in the first quarter. GM recently resumed production of bolts after being shut down for several months due to a defect in the car’s battery pack. Due to a defect, GM recalled all 140,000 bolts it manufactured to replace the battery pack.
The company’s GMC division sold 272 Hummer luxury electric trucks, up from 99 in the first quarter.
GM has also begun shipping electric delivery vans to FedEx and other customers, and has begun production of the Cadillac Lyric, an electric sports utility vehicle. All Lyriq of the 2023 model have enough orders and we started ordering the 2024 model from June 22nd.
The battery plant built by GM in Lordstown, Ohio with LG Energy Solutions is scheduled to begin production in August, the company said.