- General Motors Co (NYSE:GM) provided a business update for 2Q22 and said its vehicle wholesale volumes were impacted by the timing of certain semiconductor shipments and other supply chain disruptions.
- The company said it had approximately 95 thousand vehicles in its inventory, manufactured mostly in June, without certain components.
- GM expects to complete and sell those vehicles to dealers before 2022-end.
- The auto giant expects Q2 net income of $1.6 billion – $1.9 billion and adjusted EBIT of $2.3 billion – $2.6 billion.
- For FY22, GM reaffirmed its net income outlook of $9.6 billion – $11.2 billion and adjusted EBIT guidance of $13.0 billion – $15.0 billion.
- The company continues to expect FY22 adjusted EPS of $6.50 – $7.50.
- Q2 Sales: GM reported sales of 582,401 vehicles in the U.S. during Q2, down 15% year over year. Electric vehicle sales were over 7,300 units.
- GM finished the month with 247,839 vehicles in dealer inventory, including units in-transit to dealers.
- GM plans to gradually improve the production of the Cadillac LYRIQ and GMC HUMMER EV Pickup in the second half of 2022.
- Also Read: Toyota Cuts July Production Citing Parts Shortage
- Price Action: GM shares are trading lower by 0.09% at $31.73 on the last check Friday.
- Photo Via Company
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