The global shortage of computer chips and other parts has forced General Motors to build 95,000 vehicles without certain components during the second quarter.
The Detroit automaker said Friday in a regulatory filing that most incomplete vehicles were built in June and expects most of them to be finished and sold to dealers by the end of the year.
Unsold vehicles accounted for 16 percent of GM’s total sales from April to June. The company said Friday it sold more than 582,000 vehicles during the quarter, up 15% less than a year ago.
In a statement to CBC News, a spokesman said only a small percentage of these vehicles, which will be completed at a later date, were reserved for Canadian dealers.
The company reaffirmed its year-over-year net revenue orientation of $ 9.6 billion to $ 11.2 billion with pre-tax earnings of $ 13 billion to $ 15 billion. For the first time, the company predicted it would earn between $ 2.3 billion and $ 2.6 billion before taxes in the second quarter. That was below analysts ’estimates of $ 3.70 billion, according to FactSet.
Chip shortages have plagued carmakers around the world since 2020, forcing many carmakers to temporarily close factories and cut production. The shortage has limited the supply of new vehicles to dealer lots in the United States to about one million, when in normal years it is about 4 million at any given time.
This has pushed prices to record levels and a limited selection of vehicles, but it has also brought great benefits to most carmakers.
In a prepared statement, GM said its U.S. production has been relatively stable since the third quarter of last year, but short-term outages for the parts continue.
“We are actively working with our suppliers to resolve issues as they arise to meet the accumulated customer demand for our vehicles,” the statement says.
Most car manufacturers have forecast a smaller improvement in chip shortages during the first half of the year, with much better supply from July to December.
GM shares fell slightly to $ 31.69 in trading on Friday morning, after the presentation was made public.