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General Motors Warns it has 95k Vehicles in Inventory Without Certain Components

Stock Markets Jul 01, 2022 09:18
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© Reuters.

By Senad Karaahmetovic

General Motors (NYSE:GM) issued a warning today that it is still suffering from a shortage of key components. As a result, the company has around 95,000 vehicles in its inventory that were manufactured without certain parts.

“General Motors Company’s vehicle wholesale volumes were impacted by the timing of certain semiconductor shipments and other supply chain disruptions,” the company said in a filing.

“We expect that substantially all of these vehicles will be completed and sold to dealers before the end of 2022.”

GM said it expects to report net income in the range of between $1.6 billion and $1.9 billion and EBIT-adjusted to be in the range of between $2.3 billion and $2.6 billion for the three months to June 30.

General Motors also reported a Q2 vehicle sales decline of 15% as it sold 582,401 units.

Still, the carmaker reaffirmed its full-year guidance.

Shares are down 2% in pre-open Friday.

General Motors Warns it has 95k Vehicles in Inventory Without Certain Components
 

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