Market Updates
General Motors Lowers Earnings Outlook On Parts Shortages
Scott Peters
01 Jul, 2022
New York City
General Motors sold 582,401 vehicles in the second quarter, 15% fewer than a year ago, the company said in a press release today.
The automaker said supply chain disruptions have held up 95,000 vehicles lacking computer chips and certain components but vehicles are expected to be sold to dealers by the end of 2022.
General Motors also lowered its quarter earnings outlook on the supply chain disruptions and parts shortages.
The automaker guided net income in the June quarter to be in the range of between $1.6 billion and $1.9 billion and adjusted earnings to be in the range of between $2.3 billion and $2.6 billion.
The automaker said its market share increased one percentage point to an estimated 16.3% citing a J D Power survey.
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