The automaker revealed in a Securities and Exchange Commission filing that approximately 95,000 vehicles in its inventory were manufactured without certain components, the majority of which were built in June.
Adding that "substantially all of these vehicles will be completed and sold to dealers before the end of 2022," with deliveries expected to occur through the second half of 2022. "We appreciate the patience and loyalty of our dealers and customers as we strive to meet significant pent-up demand for our products," GM North America President Steve Carlisle said in a statement. "We will work with our suppliers and manufacturing and logistics teams to deliver all the units held at our plants as quickly as possible."
GM expects total net income for the second quarter in the range of $1.6 billion and $1.9 billion, below FactSet estimates of $2.46 billion. Adjusted earnings are expected to be in the range of $2.3 billion and $2.6 billion. General MotorsAs of the time of publication, shares of General Motors have fallen approximately 48% year to date.While U.S. vehicle sales dropped on an annual basis, GM increased its sales and market share sequentially for the third consecutive quarter.
The company's commercial, government and daily rental deliveries climbed a combined 29%. Sales to commercial and government customers were 73% of the fleet sales mix. Commercial demand was especially strong for full-size vans, up 12%; full-size pickups, up 14%; medium-duty trucks, up 13%; and midsize pickups up 65%.
That's a lot. Down 15%
cringe
GENERAL MESS CORP. !
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