- General Motors’ manufacturing impacted by supply chain issues.
- Company anticipates being able to complete and sell the vehicles by the end of the year.
- Full-year outlook for net profits between $9.6 billion and $11.2 billion.
- GM also revealed a 15% decline in second-quarter sales compared to the same period in 2021.
On Friday, General Motors’ reported that a supply chain disruption in June impacted the manufacture of roughly 100,000 automobiles.
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“The timing of certain semiconductor shipments and other supply chain interruptions had an impact on wholesale vehicle volumes,” the business stated in a regulatory statement.
Approximately 95,000 automobiles, the majority of which were manufactured in June, lacked essential components. GM anticipates being able to complete and sell the vehicles by the end of the year.
The company expects its net profits for the three months ending in June to range between $1.6 billion and $1.9 billion. FactSet analysts predicted a number of $2.46 billion.
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The company confirmed its full-year outlook, predicting net profits between $9.6 billion and $11.2 billion.
Three months ago, GM was more confident about the flow of semiconductors. In April, the company projected a 25 to 30 percent increase in the amount of semiconductors between 2021 and this year, and anticipated that supplies would continue to improve in the second half of 2022.
GM also revealed on Friday a 15% decline in second-quarter sales compared to the same period in 2021.
In New York’s early trade, the stock was up 1.5%, correcting pre-market losses.
